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Talking to an experienced mortgage consultant in IFG Financial allows you to immediately access the most competitive mortgage rates on the market.
There is no exact answer to this. The amount that you can borrow will vary greatly from institution to institution. A good rule of thumb is about 4-5 times your salary. If there are two of you, multiply your combined salary by the same.
Lenders use different ways to evaluate how much they will lend you. They will take into account the following factions:
- your income, the type and security of your job
- whether you are borrowing on your own or with someone else
- your savings and outstanding loans
- your credit history
- whether anyone will act as guarantor by agreeing to repay the loan if you are not able to borrow
- the value of the property you want to buy.
Most lending institutions will not let you borrow more than 92% of the value of the property you plan to buy, so you should have some amount of savings prior to loan application. You will also have to meet other costs such as legal fees and possibly stamp duty before you even considering other expenses such as renovation, redecoration or furnishing.
While it’s tempting to borrow as much as possible, you need to make sure you will be able to cope with future events such as higher interest rates, the arrival of children, illness or redundancy. Hense it might be a good idea to include a regular amount for 'unforeseen expenses' in your budget.
For the best first time buyer deals in the marketplace, call 1850 38 39 40 today or email info@ifgfinancial.ie and talk to an IFG Financial Broker.
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