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Low income mortgages

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  • 12-08-2010 8:11pm
    #1
    sarah_mol
    Registered Users Posts: 37 ✭


    Does anyone know if a bank would consider someone earning less than €20,000 a year for a mortgage? There is a property I've seen for €140,00 that would need a lot of work, and I'd love to buy it and do it up gradually. I could live at my mother's during this time, so I wouldn't have rent or bills (other than a small contribution).

    • I have been in my job 3 years (I was living abroad before this)
    • I have never been in financial difficulty

    Would it be worth my while taking to someone at a few banks, or would I just be turned away?


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    #2
    3DataModem
    Registered Users Posts: 3,957 ✭✭✭3DataModem


    Do you mean €14,000 or €140,000?


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    #3
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,905 Admin ✭✭✭✭✭Toots


    Most banks will only do 90% or 92% finance, so for your property you'd need to have about €14k saved up as a deposit.

    The absolute max a bank will lend is 4.5 to 5 times your salary, so you couldn't get a mortgage for €126k. The most you'd qualify for is about €90k or so, I think. Best bet really is to give a few banks a ring, like BOI or EBS, ask to speak to the mortgage advisor and see do they reckon it'd be worth submitting an application. TBH, I'd say it's unlikely they'll do anything for you, but it can't hurt to ask.


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    #4
    petermurp
    Closed Accounts Posts: 21 ✭petermurp


    Most banks have minimum income requirements as well as minimum property value requirements.


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