Help with mortgage amount

youandme13

Hi.

I'm just looking with help of working out the value of houses we should be looking at?

I'm on 26k plus bonuses and partner will be on 27k.

We are both first time buyers, so is deposit 10% aswell..

Really grateful for any help.

Thanks!

The central bank rules are 3.5 times your combined salary.

(26 + 27) * 3.5 = €185.5k <- this is how much the bank should lend you.

Add in the 10% deposit and you get (185.5 / 0.9) = €206k <- this is around the value of property in total.

Keep in mind you'll also need 1% of that to pay your stamp duty and you'll have to pay legal feels and other fees to the govt so you'll probably need an extra €5k to cover all that.

LirW

If you're in Dublin looking for that budget you'll have it tough to find anything that's somewhat spacious (don't wanna be a downer).
While elsewhere 200k can buy you something really nice.

It all depends on where you're looking.
Also shop around with the solicitor costs, they can vary a lot.

youandme13

Thanks so much for your replies.

We're from Dublin but realise we won't get anything here so looking in the surrounding counties. Have seen some lovely 4 beds in Wexford, Meath and Kildare that would be above 400k here. It's mad!

LirW

Southern part of Wicklow (I live there and I absolutely love it) and the area of Gorey are brilliant with some reasonable property for your budget. It all depends how willing you're to commute.
Do your research on the area, moving in a new area can be overwhelming.

Good luck!