Mortgage as a single applicant

mcgowak3

Hi,

I have been researching into buying an apartment for 225000. I haven't applied for any mortgages so far, I'm a bit worried I won't get anywhere as a single applicant.
A bit of information I'm 28F who earns 43000 a year. I had a car loan that I've paid off early. Between car loan and rent and saving I've calculated I can afford payments of 1000 a month. Currently trying to save 500 a month also.

I have 7000 in savings at the monent, but hoping that'll grow more now since the car loan is paid off.

Advice on further steps or if I could get this with my 10% deposit when I save it? Everyone I talk to is extremely negative

Thanks

Maz2016

The max mortgage you can get is 3.5 times your salary so that’s 150,500. That means you’d need 75,000 odd as savings. That’s why people you speak to are negative about it. Don’t forget you will have yearly management fees and property tax, contents insurance and all the usual bills. Based on that salary it’s not feesable. I’m in the exact same situation as you

bleary

At your current rate of saving you are looking at about 3 years to get the 10 % deposit. If prices hold then you would need salary of approx 58,000 for the mortgage or about 50,000 with an exemption at that time.

So within 3 years that seems doable.
Alternatives are see if you can cut expenses to save more
Get a gift
Find a partner or friend to buy with
In all of these cases you still need to continue regular saving to set yourself in a position to buy

The government may reintroduce some type of affordable housing in which case you could be ready to go sooner rather than later

Bank of Ireland: Darren

mcgowak3 wrote: »

Hi,

I have been researching into buying an apartment for 225000. I haven't applied for any mortgages so far, I'm a bit worried I won't get anywhere as a single applicant.
A bit of information I'm 28F who earns 43000 a year. I had a car loan that I've paid off early. Between car loan and rent and saving I've calculated I can afford payments of 1000 a month. Currently trying to save 500 a month also.

I have 7000 in savings at the monent, but hoping that'll grow more now since the car loan is paid off.

Advice on further steps or if I could get this with my 10% deposit when I save it? Everyone I talk to is extremely negative

Thanks

Hi there,
Thanks for getting in touch with us here.

Each application would be processed on a case by case basis. I'd ask you to contact our mortgage specialists and they'll be more than happy to take all of your information and confirm what mortgage options are available to you. I've given a link here that you can arrange a call back from one of our mortgage specialists.
Thanks again,
Darren.