Money Maximising Advisors Limited

  Make Your Dream of Homeownership a Reality with a Public Sector Mortgage in Ireland! If you’re employed in the Irish public sector, you may be eligible to borrow significantly more with a  Public Sector Mortgage . Let’s take a look at how two public service professionals, Pat and Mary, benefited from this opportunity to boost their borrowing limit. Pat holds a Clerical Officer post in the Department of Health (Grade 7, Point 4), earning an annual salary of €53,904. Mary works at the Department of Education as a Clerical Officer (Grade 4, Point 6), with a salary of €36,215. Here’s what many don’t realise:  According to Central Bank guidelines, first-time buyers can borrow up to four times their qualifying income. With the Public Sector Mortgage, however, the qualifying income calculation includes three increments above their current salary grade — as well as guaranteed allowances and overtime. Let’s break it down: Pat’s qualifying income:  €61,975 (includes €3,360 i...

Thinking of buying your first home in Ireland? If you work in the public sector, there are several ways to boost your mortgage potential. From government schemes like the Help to Buy initiative to the First Home Scheme, there’s a lot you could be eligible for. Let’s take a closer look at how a couple made it work. Case Study: Meet Tom and Sarah — both are employed in the civil service, each earning €45,000 annually and currently on point 5 of the pay scale. Their expected progression to point 8 will bring their income to €52,000. What does this mean for their mortgage? Lenders can consider projected salary increases up to three pay scale points above their current one. As a result, their borrowing capacity increased by €28,000. As first-time buyers, Tom and Sarah qualified for both the Help to Buy scheme and the First Home Scheme. They had €10,000 saved, which also contributed to their home purchase. Here’s the breakdown of how they funded their €498,000 home: €416,000 — secured throug...