So I am a single 25 year old who just finished a degree in IT and I am starting a 40k job in financial services software in Dublin
The idea of purchasing a 2 bedroom apt in the city and renting out the 2nd room while I live there seems like it could be a great setup.
I can be lent the 25k deposit on a 250k property.In an area where i can get 900-1100 pm for the 2nd room.They are obviously not going to give me a mortgage of 225k on a 40k salary(I do obviously expect my salary to raise to 60-80k over 5-7 years over time but now it's 40k)
My singlr mother other owns outright with no mortgage our family home worth about 400k and she is willing to be a guarantor and put the house as collateral.She is 60 and makes 45k a year in a permanent job.After I move out there will still be one dependant child living in the family home.
With the current rules would the bank give me a 225k mortgage based on this?