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06-05-2021, 23:06   #46
JustAThought
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There is some junior cert level eye watering gibberish on here.

OP - keep saving, follow your dream. I eas chatting to a guy parked outside the neighbours house today & he was waiting to view the home. I was so happy for him - I knew the area he currently lived in and he kept saying with delight he was ‘going up in the world’ and moving on in life. It was brilliant to listen to someone talking about how they had never dreamed to be able to buy there & was now hoping to make it happen and would be able to bid if he liked it. It was so refreshing to hear. Ordinary old fashioned excitement & achievement & pride in what he had done with hard work & determination.

Don’t give up - keep on keeping on. You’ll soon be there.
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06-05-2021, 23:44   #47
Rachiee
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Originally Posted by brainboru1104 View Post
Where are you getting this from? I'm a single buyer right now and I'm approved for more than that.
Central Bank lending criteria 3.5 x 60,000
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07-05-2021, 01:04   #48
Tork
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From the Central Bank's website

Quote:
Loan-to-Income limits
The LTI limit restricts the amount of money you can borrow to a maximum of 3.5 times your gross income. So for example, a couple with a combined income of €100,000 you can borrow up to a maximum of €350,000.

Once again banks and other lenders have the freedom to lend a certain amount above these limits. In any one calendar year they can give an allowance to:

Up to 20% of the value of mortgages to first-time buyers
Up to 10% of the value of mortgages to second and subsequent buyers
Unless somebody knows something I don't, single people can borrow up to 3.5 times their gross income.

OP, don't pay any heed to what other people say. This is your life and your decision to make. Back in the mid-2000s I was in a position to buy my first home but I decided against it because I believed the property bubble was about to burst. That didn't stop me from having well-meaning relatives in my ear, urging me to buy before it was too late. Rent was dead money, I was paying somebody else's mortgage, there's never a bad time to buy a house etc. As it turned out, I was right and I was safer renting when the economy went to hell in a handcart. I didn't hear a peep out of these relatives after that. I know that some of my cousins/their kids ran into problems with their jobs or saw the value of their houses take a nosedive. What I'm trying to say in a roundabout way is that you'll have no shortage of people offering opinions on what they think you should or shouldn't do. This isn't their decision to make - it's yours. It's your life and you are the one who has control over what you do with it. From now on it'd be better to keep your cards close to your chest and quietly continue to save.

As you can see, buying a first home is doable. You'll need to cut your cloth to suit your measure but I'm sure you'll get there. The one thing I'd advise you to do from now is to get your bank accounts and credit card statements into a "mortgage friendly" condition. If you have any overdrafts or loans, clear those if you can. Set up a direct debit and ensure a fixed amount of money goes from your current account to a savings one every month. Avoid online gambling or anything else that might attract attention. When the time comes to buy a home, you'll need to leave around €5k aside to cover solicitor's fees, surveyor etc.
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07-05-2021, 07:24   #49
bubblypop
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Originally Posted by Tork View Post
From the Central Bank's website

Unless somebody knows something I don't, single people can borrow up to 3.5 times their gross income.

.
They can get an exemption to the rule.
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07-05-2021, 10:43   #50
Tork
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They can get an exemption to the rule.
They can, yes.
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08-05-2021, 20:01   #51
SnuggyBear
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It's 3.5 your salary max. Then they stress test that number so you may not even get the max. Best to talk to the bank really.
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10-05-2021, 21:53   #52
salonfire
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Quote:
Originally Posted by bubblypop View Post
I'm a single buyer and I'm approved for 5 times my salary.
You know well you are in a more privileged position than most with a multitude of allowances, guaranteed increases, overtime and secure job so know that 5x approval is the very rare exception.

Dunno why throwing it out there as if it is a regular thing is helping the OP

Last edited by salonfire; 10-05-2021 at 22:22.
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10-05-2021, 22:41   #53
bubblypop
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Originally Posted by salonfire View Post
You know well you are in a more privileged position than most with a multitude of allowances, guaranteed increases, overtime and secure job so know that 5x approval is the very rare exception.

Dunno why throwing it out there as if it is a regular thing is helping the OP
I dont have guaranteed increases or overtime, I don't know where you get that impression.
Which btw, are not all accepted by all lenders.
How would I know whether it's a rare exception or not? I'm merely telling the OP my experience.
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10-05-2021, 23:15   #54
Tork
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I lurk in the Accommodation and Property forum here. The 5 times thing isn't dished out like popcorn. Maybe our OP, if they're still reading, might get the 5 times their salary when the time comes. It'd be more prudent to operate on the basis that they'll get 3.5 times their salary.
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