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Mortgage query

  • 22-07-2017 6:16pm
    #1
    AirsoftAndy
    Registered Users, Registered Users 2 Posts: 121 ✭✭


    Hey All,
    I have just turned 21 and have started my first professional job with good prospects and a long term career path and I'm beginning to plan for the future and have right around zero knowledge of mortgage lending practices/standards etc,

    I have began saving for a deposit for a mortgage which I hope to apply for when my salary reached 45k (few years just thinking ahead) , I hope to have ~40k saved (1k a month) for the deposit and get a 2 bed apartment in town for as cheap as I can ~200k , Would a bank look at giving me a mortgage at say 25 as a single applicant , I would like to get my foot on the ladder as soon as I can with a property which will have good prospects for renting out when in the future I decide to settle down and get a house , Is this realistic or nothing more than a dream?

    Any Input on this would be extremely appreciated,
    Regards
    Tagged:


Comments

  • #2
    catrionanic
    Registered Users, Registered Users 2 Posts: 2,091 ✭✭✭catrionanic


    Bear in mind that if you choose to keep the apartment and move on in another few years (kids etc), you'll no longer have your first-time buyer discount and will need a 20% deposit for the second property. That's a hell of a lot of cash when you consider the average price of a family home in Dublin.

    It's great that you're thinking ahead when you're so young though. Most 21 year olds are spending all their wage on booze and clothes (myself included, when I was that age!).


  • #3
    NIMAN
    Registered Users, Registered Users 2 Posts: 34,673 ✭✭✭✭NIMAN


    catrionanic wrote: »
    Bear in mind that if you choose to keep the apartment and move on in another few years (kids etc), you'll no longer have your first-time buyer discount and will need a 20% deposit for the second property. That's a hell of a lot of cash when you consider the average price of a family home in Dublin.

    It's great that you're thinking ahead when you're so young though. Most 21 year olds are spending all their wage on booze and clothes (myself included, when I was that age!).

    .. and the rest we just wasted.

    Good on you OP, sensible head on young shoulders.

    Banks will likely lend money to anyone they don't consider risky. If you have been in a decent paying jobs for 4 or 5 years, have good savings record, no debt etc, and good prospects, you'll be looked upon favourably I'd guess.


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