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Would an apprentice qualify for a mortgage ?

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  • 11-08-2013 9:55pm
    #1
    The_Fish
    Registered Users Posts: 3 ✭


    Would a second year apprentice in the engineering industry qualify for a mortgage. Mid 20s, 1280 pm, no loans, good history, regular savings. I need 60k on a house valued at 80k and have 10%. Would you think its possible or would i have to wait a few more years. Thanks for replies :)


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    #2
    Scortho
    Closed Accounts Posts: 3,876 ✭✭✭Scortho


    The_Fish wrote: »
    Would a second year apprentice in the engineering industry qualify for a mortgage. Mid 20s, 1280 pm, no loans, good history, regular savings. I need 60k on a house valued at 80k and have 10%. Would you think its possible or would i have to wait a few more years. Thanks for replies :)

    If I was a bank I wouldn't. Company could go bang tomorrow leaving you high and dry.
    When your fully qualified and in pernament employment with a company then you'd have no problem.
    Your wages would need to grow as well. You're not earning enough at the moment.


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    #3
    The_Fish
    Registered Users Posts: 3 ✭The_Fish


    Cheers


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    #4
    Scortho
    Closed Accounts Posts: 3,876 ✭✭✭Scortho


    The_Fish wrote: »
    Cheers

    Sorry if that wasn't the answer you're looking for.
    You're best bet would be to continue saving hard until you finish your apprentice and get something pernament.

    Judging by the price of the house, it is outside Dublin.
    It could be risky now buying a house say in the west of Ireland if you can only get employment in 3 years time in the capital.
    Yeah you'll own a house, but you won't be able to live in it. Little point in doing that.
    If it is as I think it is outside Dublin, it's price won't be rocketing soon anyway.


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    #5
    NIMAN
    Registered Users Posts: 33,355 ✭✭✭✭NIMAN


    Honest answer? I'd say no.


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    #6
    Renegade Mechanic
    Registered Users Posts: 7,934 ✭✭✭Renegade Mechanic


    A lot of mortgages tend to be around the 1,000 quid a month mark so that would leave you with only 280 to stretch over 30ish days. Im fairly sure a bank will deem you at risk of taking out of the monthly payment to feed your self (and family?) for the final week or two and, based on that risk, will refuse you.
    Trust me:)


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    #7
    Scortho
    Closed Accounts Posts: 3,876 ✭✭✭Scortho


    Renegade Mechanic wrote: »
    A lot of mortgages tend to be around the 1,000 quid a month mark so that would leave you with only 280 to stretch over 30ish days. Im fairly sure a bank will deem you at risk of taking out of the monthly payment to feed your self (and family?) for the final week or two and, based on that risk, will refuse you.
    Trust me:)

    A mortgage of 60k would have repayments around the 400 mark over 20 years.
    While his wage would cover the mortgage it doesn't give enough room for manoeuvre.


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    #8
    Renegade Mechanic
    Registered Users Posts: 7,934 ✭✭✭Renegade Mechanic


    Scortho wrote: »
    A mortgage of 60k would have repayments around the 400 mark over 20 years.
    While his wage would cover the mortgage it doesn't give enough room for manoeuvre.

    Sorry, completely missed the 60k:rolleyes: . Still, true enough. Im on about the same and once all expences are paid Im left with just 50 each week. Enough to be comfortable and save a little bit but nowhere near enough for a mortgage.


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    #9
    Trish56
    Registered Users Posts: 1,256 ✭✭✭Trish56


    In order to qualify for a mortgage you need to be in permanent employment for 1 year and after making stress tested mortgage repayments of €352 on a mortgage of 60k over 35 years @ 6.24% you need to have net disposable income of €1300 per month. As you take home is €1280 per month less €352 = €928 you do not qualify.


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    #10
    The_Fish
    Registered Users Posts: 3 ✭The_Fish


    Thanks for the replies.


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