Conditions for getting a mortgage?

denhamd2

Myself and my gf are thinking about buying (or building a house in Dublin within 1 year). We're both 23. We've both only been working in our new jobs for about 4 months each. Please could someone give me some information about what levels of income banks would be looking for from us and how difficult it would be us to be accepted for a mortgage?

Dubhelp

Depends on what you do and how much you have saved. Contary to belief banks do not throw money at you. First Active are generally the best say you and your girlfriend earn 50-60K between you (about an average salary) for people your age you can borrow 6 times that amount. You also should look to borrow over 35 years due to your age. I would look at going interest only if I were you and putting the extra cash that you save into bank shares or some other relatively safe insdustry.
R
Regarding Building a house, unless you have land available (side of a garden etc) you will need to have a lot of savings because the abnkss will only give you 80% of the building project. (you also need to find the land!!!!)

denhamd2

Between us our salary would only be about 45,000. Would this be a stumbling block? Lets say we saved 10,000, I'm self employed and she's employed in a stable, full time job...

Dubhelp

Put your time and money into your business and buy a house in a years time, no one will talk to you without 1 years audited accounts usually 3 years.

daveirl

This post has been deleted.

Dubhelp

Thats why inflation occurs!!!