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Getting mortgage-ready (total newbie!!)

  • 12-10-2020 4:48pm
    #1
    First time buyer 2025
    Registered Users, Registered Users 2 Posts: 4 ✭


    I'm thinking to the future, and hoping to buy a house in about 5 years (when I'm 40.) I know literally nothing about the whole process! I'm looking for some advice about what changes I should be making between now and then to put me in a good position to get approved for a mortgage.

    About me - I'm 35, female, single, with one child (who probably would not count as a dependent for the purposes of mortgage approval, as he lives mostly with his dad.)

    I work part-time (20 hours a week) and my salary is 20k. For now, I would prefer to stay working part-time, but my understanding is that you can only get a mortgage for 3.5 times your salary? So I guess closer to the time I'll need to move to working full-time, we'll assume I could get a job for 40k, but I assume it's fine to stay part-time until I'm actually ready to apply for the mortgage?

    Savings - I'm starting from scratch, but I intend to save €300 a month from here on out, so I should have €18k in savings in five years. Is it OK to save in the credit union, or should I set up a bank savings account? (My current account is with BOI.)

    How far back do they look at your bank statements? I know anything to do with gambling is out, what other expenses should I avoid? I am thinking, for example, I see a psychiatrist a few times a year to help manage my mental health ... is that something that could go against me, or am I overthinking it?

    I currently rent an apartment in Dublin via HAP, so my rent is very cheap (hence why I can afford to work only part-time. Will this put me at a disadvantage, for any reason, the fact that I'm on HAP? (I have a good record of always paying my rent to the council on time.)

    I'd really appreciate any advice anyone could give me that will help put me in a good position to buy.
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