Solve an argument

What level of income would a couple need to get a mortgage of 280k approximately.

Thanks

Wesser

80 k

bmwguy

mariaalice wrote: »

What level of income would a couple need to get a mortgage of 280k approximately.

Thanks

70-80k in solid permanent jobs assuming no other loans

Squall Leonhart

Max borrowing is 3.5x salary, single if sole applicant or combined if joint application.

In your case 80K income required to borrow 280K.

Got in to slight disagreement with someone who is of the opinion that there is no where 'decent' in Dublin that a couple on 'average salaries' could buy.

Squatman

Im assuming youd need 28k deposit, plus cost of solicitors fees, and stamp duty, and some other incidentals that i dont know about on top of your 80k combined salaries

Tails142

they'd be right

Tails142

Tails142 wrote: »

they'd be right

All depends how you define decent area.

Geuze

2015 average earnings from employment in Ireland was 45,075.

So typical Dublin earnings would be higher.

2016 data is due out tomorrow.

PokeHerKing

mariaalice wrote:

What level of income would a couple need to get a mortgage of 280k approximately.

A mate of mine just went sale agreed on a 320K gaff. He's on 45K the missus is in 23K.

bmwguy

mariaalice wrote: »

Got in to slight disagreement with someone who is of the opinion that there is no where 'decent' in Dublin that a couple on 'average salaries' could buy.

I was going to massively disagree with your friend but I filtered daft to show 3 bed properties under 325k in Dublin and there are only 30 properties although some of them are developments with more than 1 property.

Some areas in Dublin are massively overpriced compared to others for what they offer. Won't mention which don't want to get into that debate.

GB FAN GALWAY 30

PokeHerKing wrote: »

A mate of mine just went sale agreed on a 320K gaff. He's on 45K the missus is in 23K.

You'd be needing a few savings in the background there to be comfortable I reckon god forbid a job loss or anything!

davindub

Geuze wrote: »

2015 average earnings from employment in Ireland was 45,075.

So typical Dublin earnings would be higher.

2016 data is due out tomorrow.

Problem is that the average takes no account of the spread of incomes. Half could be on 90k the other half earn 0.

Wesser

Depends what you mean as decent. Some ' bad ' areas have pockets that are gorgeous and have nice back gardens.

baldbear

We got 4 times our salary Feb 2016. The rules suited us because we had some savings.

Got a place in a "nice " area too. Compromise was the key.

myshirt

Tails142 wrote: »

they'd be right

They would, but they wouldn't be getting any gold stars.

PokeHerKing

mariaalice wrote:

All depends how you define decent area.

Or what you consider an average wage.

Squatman

baldbear wrote: »

We got 4 times our salary Feb 2016. The rules suited us because we had some savings.

Got a place in a "nice " area too. Compromise was the key.

was compromise really the key? or was haveing savings, earnings and a favourable risk profile the key?

Michael D Not Higgins

PokeHerKing wrote: »

A mate of mine just went sale agreed on a 320K gaff. He's on 45K the missus is in 23K.

That's not the mortgage though. That's the sale price. If they were first time buyers they'd need a 10% deposit, so a max mortgage of 288 which leave an LTI of 4.2, for which they'd need to qualify for an exemption from the Central Bank rules with their mortgage bank.

It's also possible they have a larger deposit which brings the income multiple down.

evolving_doors

PokeHerKing wrote: »

A mate of mine just went sale agreed on a 320K gaff. He's on 45K the missus is in 23K.

How much of that 350k is mortgage?
Was that gaffe in dublin?
In a decent area.....?

PokeHerKing

Michael D Not Higgins wrote:

That's not the mortgage though. That's the sale price. If they were first time buyers they'd need a 10% deposit, so a max mortgage of 288 which leave an LTI of 4.2, for which they'd need to qualify for an exemption from the Central Bank rules with their mortgage bank.

Gebgbegb wrote:

How much of that 350k is mortgage? Was that gaffe in dublin? In a decent area.....?

First time buyers. Only the 10% deposit. So 32K give or take.

House is in clondalkin. The good part of so I'm told...

They didn't have to jump through any hoops to get that approval as far as I'm aware either.

Michael D Not Higgins

PokeHerKing wrote: »

First time buyers. Only the 10% deposit. So 32K give or take.

House is in clondalkin. The good part of so I'm told...

They didn't have to jump through any hoops to get that approval as far as I'm aware either.

It's not so much jumping through hoops, you apply and ask for an exemption and it's either granted or not. Looks like they were good candidates for an exemption.

draiochtanois

This post has been deleted.

Geuze

2016 earnings data published just now.


Average earnings = 36,919, up 400 from 2015

Average for full-time workers = 45,611

Average in industry = 44,821

Squatman

does the minimum deposit value increase to 20% over 350k? or what is the deal?

Michael D Not Higgins

Squatman wrote: »

does the minimum deposit value increase to 20% over 350k? or what is the deal?

The minimum deposit for first time buyers is 10%, minimum for everyone else is 20%. There are exemptions on this, 5% (by value) of FTBs and 20% (by value) of SSBs.

Also Buy to Let is 30% deposit, and some banks enforce 25% deposit for one bed apartments regardless of first time/second time buyer status.

Samuel T. Cogley

Plenty of decent areas* with houses (just about) under 280K. It's not normal in the majority of comparative markets for people to own just one home either, they'd usually build up some equity then move - not so common in Ireland.

*Lucan, Blanchardstown, Kilbarrack, Swords among them.