**We’re in the process of trying to sell our two bedroom apartment, which is too small for our growing family (2 adults + 2 kids). While I am keen to get the sale through as quickly as possible, I am quite worried that we won’t qualify for a new mortgage. I have no problems renting, while we build up a savings history, but just hypothetically speaking, do you think there is a chance any lender would give out a mortgage based on the following:
Current property sold for €140k, mortgage left to pay € 50k, leaving a “profit” of €90k. Consider selling & buying fees of €10. Cash left over €80k
Current salary €45,000, with take home pay €2,800 monthly. Partner stay at home parent no income, but also no childcare costs.
New house for € 167k, with the cash from previous sale, the total mortgage required would be €87k.
No current saving history, but finished paying a large consolidation loan this month. So have history of being able to pay up to €1,400 mortgage / loans a month.
50% LTV, stress tested to 6.5% over 20 years that’s 650/month, 23% net disposable on mortgage.
No problem in theory.
Thanks. That definitely makes sense, love the “in theroy” bit 
Which would you recommned, going directly to the banks or using a broker?
Banks. Again in theory it should be fine but expect reems of info to be handed over.
You pass the classic Discostu 2.5 times salary multiplier so should be fine, should being the operative word. Let us know how you get on
What ages are you?
AIB only lend up to age 65.
BOI lend up to age 70 and I think the other lenders do also.
We have the exact same income as you and were offered a mortgage of €100k from BOI but only 69k from AIB earlier this year.
We only wanted €80k which we got from BOI. So I’m not entirely sure they would have given us the full €100k to be honest.
They just wanted evidence of our deposits/savings. We only save €140 a month from the children’s allowance into a child’s fund and are overdrawn a wee bit the end of every month. Our mortgage is only for 18yrs.
Our mortgage was less than half the full price of the house.
I found it handier to go to my local BOI and build the relationship with an actual real person, so that I could drop in the various documents etc. I found with AIB I had to ring the call centre and get passed around from billy to jack each time, and then submit stuff through the post was tedious. If you build a relationship with a real person they will help you out I find and take a personal interest in getting you the approval.