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Can I get a mortgage with pretty much no savings?

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  • 17-11-2005 2:52pm
    #1
    Kingmaker
    Closed Accounts Posts: 80 ✭✭


    That's my question really, except to add that i'm in permanent full time employment earning about 32K (ish) . I have never really saved, as Ive been a little irresponsible. Am settling down now though!


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    #2
    Lex Luthor
    Registered Users Posts: 11,220 ✭✭✭✭Lex Luthor


    Kingmaker wrote:
    That's my question really, except to add that i'm in permanent full time employment earning about 32K (ish) . I have never really saved, as Ive been a little irresponsible. Am settling down now though!
    probably, but it might take a bit of bull$hit on your part to persuade them


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    #3
    MorningStar
    Closed Accounts Posts: 3,031 ✭✭✭MorningStar


    THey can give you money without any deposit and savings. The best thing for yourself though is probably to prove you can save the additional money you would be paying on a mortgage. If you pay €500 rent calculate house costs and make the additional money your savings. DOn't forget it is not just a mortgage, insurance costs etc... and your tax relief is deductable. If you ae going to rely on a paying tennant work out how much would cover if you had no tenant for 6 months and keep that as a buffer.
    That is the sensible thing to do and while you might get nervous over house price rises it is best to focus on what you can control and cover in the case of emergency.


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    #4
    Kingmaker
    Closed Accounts Posts: 80 ✭✭Kingmaker


    OK- I currently pay E 850 a month rent. I reckon I could afford that (and a bit more) on a mortgage. Ive been doing that for over 3 years. Will that be taken into account?

    Where would I start, and what do I need to do?

    B.T.W. thanks for the replies;)


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    #5
    MorningStar
    Closed Accounts Posts: 3,031 ✭✭✭MorningStar


    It really depends on where you live or plan to live. If your rent is that high I am guessing Dublin. I can't see you being able to afford much for that as a monthly payment and being able to get to and from work as you would be living in the sticks and need a car in general or live in a bad area.
    Either way the best thing to do is have some money behind you first. They may take your rent payments into consideration. While you might be able to afford a small mortgage at current rates it doesn't sound like you could handle an intrest hike or the expenses like furniture that come with buying your own place.


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    #6
    Victor
    Registered Users Posts: 78,392 ✭✭✭✭Victor


    You need to be able to assure them you are a safe risk.

    Set up a new bank account. Every pay day, set aside your "mortgage payment" (less rent) into that account, let it build up for a fwe months. Then talk to the bank / broker.


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