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What are the chances of getting mortgage?

  • 13-05-2012 12:03pm
    #1
    xLollyx
    Registered Users Posts: 34 ✭


    I'm living at home in my parents house and on salary of €23,500 per annum. My partner also lives at home and has started a job on €19,000 per annum. He was out of work for 2-3 years after loosing his job.

    We're not looking to get a mortgage any time soon (possibly in the next 2-3 years) but we were wondering what the possibility of getting a mortgage would be for us. Friends have started renting and not bothering with looking into mortgages. But I find that renting is throwing away money if you ever want to buy.

    We're kind of between minds at the moment.. If to just forget the possibility of a mortgage, not to bother saving - and just go straight to renting or to save to our hearts content.. and apply for a mortgage in a few years...??

    Could anyone let me know what the first time buyers mortgage is like, on our salaries would it even be possible?? I've read on other threads people with salaries €40,000 up are getting refused mortgage :/

    Thanks,
    Lolly :)
    Tagged:


Comments

  • #2
    Atlantic Dawn
    Registered Users Posts: 81,016 ✭✭✭✭Atlantic Dawn
    M


    You will first need about 10-15% of the purchase price as a deposit, if you don't have this you will have zero chance. How much are you thinking of getting a mortgage for?

    Check this calculator here out about how much you will have to repay...
    http://www.aib.ie/personal/mortgages/First-Time-Buyer-Package


  • #3
    digit1
    Registered Users Posts: 55 ✭✭digit1


    For the moment I feel the banks are giving alot of people the run around, telling them "its looking good for you" and then at the last minute looking for further information. I know several people that this has happened to. Despite assurance by different bank officials none of them have got their mortgages through yet. On the other hand I have heard of successful applications but I don't know these people personally.


  • #4
    xLollyx
    Registered Users Posts: 34 ✭xLollyx


    I wouldn't want a huge mortgage. We'd be looking at houses between the €100,000 - €170,000 mark and defiantly no higher unless we magically came across a few thousand :rolleyes:

    We're both comfortable living at home at the moment, and only living minutes away from each other, so again no rush on this. I was just a bit curious as to if it was actually possible for a couple in their early twenties to qualify for a mortgage.

    I know a few friends of mine (who would be heading for their late 20's, early 30's) had no problem 4-5 years ago getting a mortgage of up to €350,000 - how times have changed!

    Might start focusing on it more next year, suppose we can't live at home forever!!! :)


  • #5
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    Well assuming you are both in permanent employment you could get up to 4 times your combined salary so around about €160k i guess. You would need between 8% and 20% of the price of the house as a deposit. The more of a deposit you can get the better the rate will be on the loan. This is only a very rough idea of how it may be.

    If you really want a mortgage then start saving and make yourself good candidates. By this show regular savings pattern, clear any debts you have, etc.


  • #6
    Liam D Ferguson
    Registered Users Posts: 542 ✭✭✭Liam D Ferguson


    Save €1,000 per month every month for 18 months into a separate savings account. Don't dip into these savings. Clear off any short-term debts. Don't let your current accounts go overdrawn. At the end of that period, you should be able to get a mortgage, assuming no change to your situations. See this also.


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  • #7
    xLollyx
    Registered Users Posts: 34 ✭xLollyx


    Thanks everyone! That's all really helpful :)

    My first step will be to make sure my boyfriend pays off his Credit Card debts once his first pay cheque comes in!! They've been sitting there unpaid for far too long now!

    I only have a very small loan (Credit Union Shares of €500, with only about €100 left to pay off).

    We're in two minds about renting now (yes how my mind does change very quickly after visiting friends at the weekend!!).. Trying to figure out if we would be able to rent somewhere small (max 850 a month) and save a good bit at the same time. I might leave that until after summer, towards Christmas and have a think about it then.

    All of this depends if my boyfriend gets kept on at his job too so we'll see. Hopefully things will look up for him, and both of us!!


  • #8
    dearg lady
    Closed Accounts Posts: 2,091 ✭✭✭dearg lady


    850 seems a lot for a couple trying to save, whereabouts are you based? In Dublin I have seen 1 bed places for around 600.


  • #9
    xLollyx
    Registered Users Posts: 34 ✭xLollyx


    Dublin South City, I would be looking around the areas of Greenhills, Walkinstown, Crumlin, Templeogue, Knocklyon/Firhouse.

    The cheapest i've seen would be €700 for a one bed. And there's 2 beds for €800 so the extra €100 per month wouldn't be putting us out by too much. We would rather the space to be honest.

    Although we haven't done a proper search! And some places would drop price if looking for someone quickly. We're just on the boarderline at the moment. Possibly after summer time we'll look into it more.


  • #10
    dearg lady
    Closed Accounts Posts: 2,091 ✭✭✭dearg lady


    xLollyx wrote: »
    Dublin South City, I would be looking around the areas of Greenhills, Walkinstown, Crumlin, Templeogue, Knocklyon/Firhouse.

    The cheapest i've seen would be €700 for a one bed. And there's 2 beds for €800 so the extra €100 per month wouldn't be putting us out by too much. We would rather the space to be honest.

    Although we haven't done a proper search! And some places would drop price if looking for someone quickly. We're just on the boarderline at the moment. Possibly after summer time we'll look into it more.

    I've deffo seen places in Crumlin for 600, cos I was looking around there. Granted, there's not a lot, but there are options. I can understand you want the extra space, but every little helps when saving for a mortgage :)


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