Is it possible?

RubyXI

I've been looking up about mortgages and i just cant figure it out. It seems that you cant get a reasnoble mortgage- for around €220-€250K- unless your salary is about €60k.
I'm earning less that €30K and seems i could only borrow about €150K.
Is this correct? I'm really confused about all this so if someone could shed a little light it would be great

tweety1

yup, that sounds about right..
what are you confused about?

bugler

Without going into specifics, yes it is right. People on average wages can't afford to buy average properties. Welcome to prosperous Ireland.

This will have to change of course. So save your money, and work at your own skills to stay attractive to employers.

RubyXI

Im confused about how is it possible to ever get a mortgage.

ionapaul

When house prices decline 10%+ a year for the next three or four years, no doubt you'll be in a better position to buy with whatever mortgage you can afford. Don't panic, that is what got us in this mess in the 1st place.

jdivision

phi3 wrote: »

I'm earning less that €30K and seems i could only borrow about €150K.
:

It's probably less at this stage, very few lenders are doing five times annual income anymore

SimpleSam06

Also, if you manage to save up what you would otherwise have spent on a mortgage over the next five years, you'll find yourself in a much much better position to buy then.

RubyXI

SimpleSam06 wrote: »

Also, if you manage to save up what you would otherwise have spent on a mortgage over the next five years, you'll find yourself in a much much better position to buy then.

Thanx for the replies guys. Im 23 and have only started looking into it. Hense the cluelessness. Well in another few years i should be earning more and have a reasnoble amount saved so i guess i'm stuck with renting till then.

DonJose

phi3 wrote: »

Im confused about how is it possible to ever get a mortgage.

You'd probably need to marry somebody earning a similar salary to apply for a mortgage of €250k. It gets tricky when you plan on having children.

valz_walsh

Heya

Im kind of on the same boat as you phi3, its amazing how people can get on the property ladder. My plan is to save like a mad woman, until I earn enough to get a decent mortgage, so at least I'll have enough for a deposit when the time comes. Maybe eventually house prices will fall a bit more and I'll be able to get on the ladder sooner then I think.

It is a pain though, as I still live at home with the parents and I dont like idea of renting, and paying off someone else's mortgage. Luckily, I work within a half hour drive from where I work, I know other people aren't as lucky, and have to rent.

gurramok

phi3 wrote: »

Im confused about how is it possible to ever get a mortgage.

As said, unless your on above average wages, you need a partner to buy a place.
It takes 2 to buy for the last 5yrs or so and the sooner prices fall, people like yourself can pick and choose where to live.

Only other buy option for singletons has been the AH scheme/Initiative to date. Your young, keep renting and saving as you will have a huge advantage down the line.

Moonbeam

Get a second job or just keep working your way up the Salary scale though sometimes only way to do this is change companies and save every penny you can towards a deposit.