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Mortgage amount

  • 25-07-2020 10:12pm
    #1
    BANNERMAN98
    Registered Users, Registered Users 2 Posts: 246 ✭✭


    Hi, just wondering if this question can even be answered simply but I'm looking to see what is the max mortgage I can get with a 27k deposit. Not first time buyer.


Comments

  • #2
    Time
    Registered Users, Registered Users 2 Posts: 993 ✭✭✭Time


    BANNERMAN98 wrote: »
    Hi, just wondering if this question can even be answered simply but I'm looking to see what is the max mortgage I can get with a 27k deposit. Not first time buyer.

    Are you a first time mortgager? If not then you need a 20% deposit so it'll be 5 x 27k (135k) subject to the 3.5 times income rule. So if you around 44k you'll get that.


  • #3
    BANNERMAN98
    Registered Users, Registered Users 2 Posts: 246 ✭✭BANNERMAN98


    Time wrote: »
    Are you a first time mortgager? If not then you need a 20% deposit so it'll be 5 x 27k (135k) subject to the 3.5 times income rule. So if you around 44k you'll get that.


    I had my name on a mortgage but had it removed in 2012 so I don't believe I'll be a first time buyer again.


  • #4
    Time
    Registered Users, Registered Users 2 Posts: 993 ✭✭✭Time


    BANNERMAN98 wrote: »
    I had my name on a mortgage but had it removed in 2012 so I don't believe I'll be a first time buyer again.

    No you wouldn't be, first time buyer is a bit of a misnomer, its really first time mortgagor


  • #5
    claire!!!
    Registered Users, Registered Users 2 Posts: 6 ✭claire!!!


    your salary multiplied x 3.5 times


  • #6
    ted1
    Registered Users, Registered Users 2 Posts: 23,901 ✭✭✭✭ted1


    Time wrote: »
    Are you a first time mortgager? If not then you need a 20% deposit so it'll be 5 x 27k (135k) subject to the 3.5 times income rule. So if you around 44k you'll get that.

    Is it really a 27k deposit ?
    OP have you budgeted for solicitor fees and stamp duty ?


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  • #7
    ted1
    Registered Users, Registered Users 2 Posts: 23,901 ✭✭✭✭ted1


    Time wrote: »
    Are you a first time mortgager? If not then you need a 20% deposit so it'll be 5 x 27k (135k) subject to the 3.5 times income rule. So if you around 44k you'll get that.

    Is it not 4 *27k =108k mortgage + his 27k making up 100% Of the property price


  • #8
    ted1
    Registered Users, Registered Users 2 Posts: 23,901 ✭✭✭✭ted1


    claire!!! wrote: »
    your salary multiplied x 3.5 times

    Providing he is single. With dependants partners or kids he won’t get that


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