Mortgages for single people?

JerryHandbag

Hi all, just wondering if there are any boardsies who managed to get granted a mortgage without having a partner/friend, in other words, on your own? Or is this an impossible task? Still living at home (in my late 20s, I know, shockin)and really want to get my own place ASAP before I go insane.....
Renting a flat in a city/town is NOT an option for me I did it before and lets just say never again....the type of place I'd like to eventually live is a cosy cottage in the country, not a flashy modern apartment in the suburbs.
Any advice greatly appreciated

bangersandmash

JerryHandbag wrote: »

Still living at home (in my late 20s, I know, shockin)and really want to get my own place ASAP before I go insane.....
Renting a flat in a city/town is NOT an option for me I did it before and lets just say never again....the type of place I'd like to eventually live is a cosy cottage in the country, not a flashy modern apartment in the suburbs.
Any advice greatly appreciated

I know it may not be what you want to hear, but I would not be so quick to discount renting. Have a look at Daft and you will see a massive amount of properties to let in many rural areas, with rental prices well below what you would pay for an apartment in an urban area, since there is generally a higher demand for the latter as more people want to minimise their commuting time. Since more isolated properties also seem far more likely to decrease in value over the next few years, by renting in such a location you would be winning both ways - low rent now, low asking price in the future.

I would at least investigate the possibility of renting and saving - a large deposit will naturally increase the likelihood of getting a mortgage for your dream property when the price is right. Depending upon your current savings, you may not have a choice - the days of high LTV mortgages (i.e. 100% mortgages) are gone.

godtabh

I got a mortgage on my own a couple of years ago.

Had to have a decent sized deposit but I'd saved so wasnt a problem

Firetrap

I've a couple of friends and a cousin who bought on their own over the last 3 years. One's a teacher, the other's sort of a teacher and the other would have a more high-flying job. Admittedly, none of them bought in Dublin so perhaps that's not the answer to your question.

chump

JerryHandbag wrote: »

Hi all, just wondering if there are any boardsies who managed to get granted a mortgage without having a partner/friend, in other words, on your own? Or is this an impossible task? Still living at home (in my late 20s, I know, shockin)and really want to get my own place ASAP before I go insane.....
Renting a flat in a city/town is NOT an option for me I did it before and lets just say never again....the type of place I'd like to eventually live is a cosy cottage in the country, not a flashy modern apartment in the suburbs.
Any advice greatly appreciated

So you can't rent houses or cottages where you live?

JerryHandbag

chump wrote: »

So you can't rent houses or cottages where you live?

For some strange reason that never crossed my mind!:o

kearnsr wrote: »

I got a mortgage on my own a couple of years ago.

Had to have a decent sized deposit but I'd saved so wasnt a problem

Well I am a good saver and am already saving for a deposit, so its something to work towards...oh and I presume a good credit history is taken into account too? Have all my loans paid off at the minute

ixoy

My sister's bf did it alone, although his job pays very well.

I'm guessing by your location that you're outside of Dublin - that should make it easier. Have you anyone prepared to go guarantor? Or have you thought about affordable housing schemes?

omb0wyn5ehpij9

A friend of mine bought her own house about 8 months ago. She is 26 and got the mortgage on her own. She also bought in south Dublin....so it is definately possible

zuroph

have u a healthy deposit? I got a mortgage a few months back on my own, but covered half the value myself.

tHE vAGGABOND

I got a mortgage on my own a couple of years ago.

Had to have a decent sized deposit but I'd saved so wasn't a problem

+1 [except a few months ago, not years!]

Moonbeam

I bought mine in 2005 and it is possible but it involves a lot of compromise too.
Check how much the bank will give you as a mortgage.
Work out how much you can afford to spend on a mortgage and bills and commuting every month and then work out how much this would equate too in mortgage terms then look at houses in that price range and a bit above.
When you find one you like then bargain with them and you might just come out on top:)

JerryHandbag

ixoy wrote: »

Have you anyone prepared to go guarantor? Or have you thought about affordable housing schemes?

No I dont have anyone prepared to go guarantor. Affordable housing scheme is something though i might look into

zuroph wrote: »

have u a healthy deposit? I got a mortgage a few months back on my own, but covered half the value myself.

What would constitute a healthy deposit? Rough ballpark figure? Bearing in mind I'm not looking to buy a mansion, just a relatively small home in the 100k - 250k bracket

tHE vAGGABOND

What would constitute a healthy deposit? Rough ballpark figure? Bearing in mind I'm not looking to buy a mansion, just a relatively small home in the 100k - 250k bracket

Well above 10%, maybe nearer 20%+ tbh

zuroph

JerryHandbag wrote: »

No I dont have anyone prepared to go guarantor. Affordable housing scheme is something though i might look into

notice ur in limerick, theres a development of 50 affordable houses going into adare, might be worth tryin to get ur name on the list for these.

Weyhey

It would depend on your salary how much you could borrow. You would also need at least 10% deposit saved and then extra for solicitors, surveys etc. You could also look at affordable housing and/or shared ownership loans. I think for S.O you would only need savings of 1 or 2 k.

JerryHandbag

Well cheers for all info....forgot to mention the reason why Im looking for a house out in the country is because I hope to convert a room into a recording studio where guitars/drums etc will be played at very loud volumes, thus unsuitable for neighbours:D

MsFifers

I bought on my own a couple of years ago and didn't have any problem getting a mortgage. (Although it was during that time they were throwing 100% mortgages at people, so as I had a deposit it put me in a favourable position).

TBH - I think they just look at your ability to meet the repayments - it doesn't matter how many people are paying back the loan.

shoegirl

If you've a well paid, steady job and about 10% deposit, its realistic.

I've some friends that are paying 40% of their monthly income after tax in their mortgage and they do manage. Depends what you want really.

JerryHandbag

MsFifers wrote: »

TBH - I think they just look at your ability to meet the repayments - it doesn't matter how many people are paying back the loan.

Well this would be the one big thing in my favour as i have a good record of paying back loans on time, admittedly on much smaller amounts.