What are my mortgage chances?

nellocono

Guys, I am just looking for some honest feedback, hope I don't get slated for this but I would like to know what my chances are for getting a mortgage for around 90-100K?

As I can see the repayments would be in the region of 450-550 euro per month which is very sustainable for me. I have a full time job for the past 2 years (even though I have been working since I was 14 really). I have a college degree and in a steady job in IT with career prospects (at least I think I do )

Now my salary is on the measily side of just 28k per year which I anticipate to rise. I am 25 years old. I have no outgoings per month apart from a bill phone of 30 quid a month, and maybe petrol for car (is this factored in?)...Savings wise, I could come up with 10K myself.

Go on give it to me...what hope would I have?

halkar

I think you should save 30k at least. In the old days mortgages were based on 2.5 times of salary (plus salary of your partner if any). This seems to be coming back again with stricter rules.

Good luck.

kennyb3

nellocono wrote: »

As I can see the repayments would be in the region of 450-550 euro per month which is very sustainable for me.

What about significant interest rate rises? Will it still be affordable then?

Whats the rush btw? You know the market is still falling yeah? You ll have to borrow a lot less this time next year.

Robon

nellocono -Based on the information provided you you should qualify for the mortgage you need (90-100k) . As a general rule the banks are still in and around 4 times income . If you have built up the savings of 10k this will also stand to you .

1867IE

Just stumbled across this, very interesting.

OP have you spoken to the bank and asked them anything?

I am 25, have little outgoings, have small bit of savings, have a permanent job etc.

I'm meeting with my Ulster Bank branch next week as a "PRE-NCT"! I am going to ask them IF i was to apply for a mortgage what are my positives and negatives and then try to address the negatives.

Robon

Positives for the banks at the moment are - Proven repayment capacity ie savings and rent equal to the potiential mortgage repayment - it is not a must but defo helps . Clean bank accounts - no late fee's , not going into overdraft regularly .

Negatives -
Missed Payments on any loans / credit cards - will rule out
Bank Accounts in constant overdraft
Online gambling transactions
Non permanent employment

Ulster Bank not a bad choice at the moment .

tenchi-fan

Sounds like you'd have no problem getting a mortgage. Some banks look for a 12% deposit though, rather than 10%.