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can i get mortgage

  • 01-03-2011 1:28pm
    #1
    shipuvictor
    Closed Accounts Posts: 8 ✭


    hi, just want to ask for mortgage for single application, can any people tell something,

    person gross income: 23000

    have saving : 65000 around

    have one kid :9 years old

    ist possisble to get mortgage for 100k or 102k from bank in current economic circumstances.

    thanks


Comments

  • #2
    Kennie1
    Registered Users, Registered Users 2 Posts: 302 ✭✭Kennie1


    Sorry but highly unlikely. Banks are just not lending at the moment and when they do they are looking for incomes for over 50,000. I heard the other day that one particular bank wants their clients to have 35000 net income after their mortgage repayment. You should look to your local authority and see if they can help you.


  • #3
    Rhys Essien
    Registered Users, Registered Users 2 Posts: 3,029 ✭✭✭Rhys Essien


    Keeping your fingers crossed,the max you could possibly get would be 5 X 23,000 = 115,000.You would have a good deposit with 65,000.
    Are you in employment?.You would need to be,and also show that you are a regular saver which looks like you are.
    On the downside being a single applicant with a kid,they might feel you would be under to much pressure with payments.
    Consider asking for 80,000 over 25years or something,you could have a good chance.Less needed,less pressure.Around 150,000 would be enough for any house in the times we are in,and if you look around they are there.


  • #4
    shipuvictor
    Closed Accounts Posts: 8 ✭shipuvictor


    thank you guys,im going try it,:)


  • #5
    Dublinarea
    Registered Users, Registered Users 2 Posts: 32 ✭Dublinarea


    I personally think you should continue to rent and forget about buying. The reasons being
    1. You should have at least one years mortgage payments and living expenses in a savings account in case you lose your job or get sick. so say you need €15k that gives you a deposit of €50k
    2. Furnishing and moving in costs probably another few grand reducing your deposit yet again
    3. House prices are falling and interest rates are starting to rise which will make servicing the debt harder
    4. If you lose your job you can move to cheaper accomodation. With a mortgage you cannot do that
    5. Rising food and energy inflation will eat into your income and put pressure your budget
    If i was in your situation i would get independent financial advice and invest my lump some(keep rainy day fund available) and continue saving. The banks are doing you a favour by limiting what they will lend you.


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