First Time Potential House Buyer

missgroovy21

Hi Guys,
Help badly needed. My boyfriend and I are looking to buy our first home. There is only one full time income at present. Hes been in his job 2 yrs hes 34yrs old. He has savings of 12,000 and 5,000 in his current account. He currently earns 370e per week (after tax). I have savings of 5,000. I do have a part time job but am currently unable to work due to injury but will be back working weekends too and im looking for full time work for the summer. I am a mature college student(27yrs old). Neither of us has any loans at present. He has an incredible history with his back AIB. He has never been overdrawn. Im with BOI and my credit history aint bad. If we were to get a morgage any idea how much we may get? what other costs have we to factor in? will his age matter? He would be getting the loan but we would be splitting the monthly costs in half. Any help or advise would be greatly appreciated. Thank you

A New earth

If you can manage it at all, you should wait maybe another year, when you might be working yourself full time but more importantly in all the "experts" opinions, it is likely that you will get a house 10/15% cheaper than now.

missgroovy21

thanks for the advise. I was just thinking about his age ya no....it would be 2 yrs before id be in a full time job and there long enough to go halfs on the deposit. at that stage he'd be 36 and id be 29. I just think time is against us

Oddjob

missgroovy21 wrote: »

thanks for the advise. I was just thinking about his age ya no....it would be 2 yrs before id be in a full time job and there long enough to go halfs on the deposit. at that stage he'd be 36 and id be 29. I just think time is against us

His age? Get a 20 year mortgage and it's paid off when he's 56, I don't see the big deal there.

I'd be more concerned by the fact that you earn less than the minimum wage between you, no bank would touch you, unless you find a house for maybe 35K and borrow 13k.

tink2

You need to show that you are saving the proposed mortgage amount between you for a minimum of six months to be offered anything reasonable. Savings don't seem to matter as long as you have enough for a deposit. At least there will be two of you in it I'm trying to afford it on my own as BF is in negative equity..don't give up it might just take a bit longer for you. Good luck!

killers1

missgroovy21 wrote: »

thanks for the advise. I was just thinking about his age ya no....it would be 2 yrs before id be in a full time job and there long enough to go halfs on the deposit. at that stage he'd be 36 and id be 29. I just think time is against us

Banks lend up until age 65 or 70 at expiry based on the eldest of the 2 applicants up to a max term of 35 years for first time buyers. At the moment you qualify for a 35 year term with the majority of banks and a 31 yr term with AIB. What's your partners gross annual income?

chris85

OP, to be honest I cant see you getting a mortgage. Income is less than social welfare for two people. Is your partner permanent? eitherway unlikely they would lend to you due to the low income and thus you would be unlikely to be able to sustain any hits to your income.

However good work on your savings. Thats a good amount saved between you. Your partner would be better moving the €5k out of his current account into a deposit account where may earn some interest. I dont see any need for having €5k sitting in a current account needlessly.