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[Mortgage] Am I doomed to rent forever?

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  • 26-06-2018 4:10pm
    #1
    helldesign
    Registered Users Posts: 59 ✭✭


    I am 36 years old male, working low pay job (650-700 per two weeks), not married, have one 2 years old child, currently renting one bedroom apartment for 1125 per month without the bills (sharing the rent with my partner). I have around €20,000 savings in the bank.

    Is it even possible to get a mortgage approval if I apply on my own, or I'd better get used to the thought of renting forever?

    Edit: I' getting payed 650-700 per TWO weeks! not per one.
    Tagged:


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


    It depends where in the country you are living. In Dublin, it's impossible for even average-earners to get a mortgage on their own. It becomes harder when you have children .

    Your best bet is to consider somewhere outside of Dublin and applying with your partner.

    Those savings are impressive though, with your income. Keep it up.


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    #3
    draiochtanois
    Registered Users Posts: 2,655 ✭✭✭draiochtanois


    This post has been deleted.


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    #4
    helldesign
    Registered Users Posts: 59 ✭✭helldesign


    draiochtanois wrote: »
    This post has been deleted.


    I hope you noticed my edit about my pay... but yes, it's net (after tax).
    I live in Dublin and work in a restaurant. Honestly never thought of leaving Dublin, but if there is absolutely no other choice... maybe. Paying rent feels like throwing the money.
    My partner is working too (retail job), but as I mentioned, I would like to buy a property on my own (not joint purchase).


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    #5
    draiochtanois
    Registered Users Posts: 2,655 ✭✭✭draiochtanois


    This post has been deleted.


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    #6
    Tea drinker
    Registered Users Posts: 2,818 ✭✭✭Tea drinker


    I didn't buy home until my forties. Don't give up, keep trying. Your circumstances can change for the better when you are open (and prepared) for change.

    Good luck!


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    #7
    helldesign
    Registered Users Posts: 59 ✭✭helldesign


    draiochtanois wrote: »
    This post has been deleted.

    Yes, she is, but unfortunately things between us are not well, although we still live together, I don't think a joint purchase would be a good idea.


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    #8
    Teyla Emmagan
    Registered Users Posts: 5,641 ✭✭✭Teyla Emmagan


    The cheapest houses in the country are in Longford and Roscommon. See the article in yesterday's Irish Times. If you are a cook and not a waiter you should be laughing (according to the radio this morning there is a huge shortage). Sounds like you need to consider moving if you want to own.


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