Mortgage - would I qualify?

Ciara7

Hey I'm just wondering can anyone tell me would I be able to get a mortage Im single with three children . I earn 24028 per year after tax and have a good credit history. Most mortage brokers I go to don't give me the time of day.How much do ye think I could get as I feel I could well afford a mortage.
As houses are are so cheap I have been keeping my eye on a few.
What do ye think!!! which banks are giving mortages.
Thanks

RoadKillTs

To be honest your not going to get much on 25K. Ya might get around 100k.
Have you considered looking at affordable housing?

MagicMarker

Can I ask how you think you could ''well afford a mortgage'' earning 25k with 3 children?

who what when

MagicMarker wrote: »

Can I ask how you think you could ''well afford a mortgage'' earning 25k with 3 children?

For better or worse this country heavily subsidises baby factories.
Quiet a profitable endevour by all accounts!

doughef

Thats extremely harsh!!

This person is not looking for a handout.. merely looking to BUY a house.


best of luck to ye by the way.. hope you get a nice place:)

The Hill Billy

Ciara7 wrote: »

Hey I'm just wondering can anyone tell me would I be able to get a mortage Im single with three children . I earn 24028 per year after tax and have a good credit history. Most mortage brokers I go to don't give me the time of day.How much do ye think I could get as I feel I could well afford a mortage.
As houses are are so cheap I have been keeping my eye on a few.
What do ye think!!! which banks are giving mortages.
Thanks

OP - Why not check out the websites of the major lenders. Most have online mortgage calculators. These will give you an indication of your borrowing potential.

pearcider

Ciara7 wrote: »

As houses are are so cheap I have been keeping my eye on a few.

House prices overvalued by 30% according to this article...you might want to think about it a bit more, and you're not on enough money to buy a house imo. Even with no kids.

Ciara7

who what when wrote: »

For better or worse this country heavily subsidises baby factories.
Quiet a profitable endevour by all accounts!

I'm lucky enough that I don't have to pay for child care while I work!! I claim not a thing of the state I pay for every service I use!!
How do you thing I'm living now renting with three children!!!

Ciara7

MagicMarker wrote: »

Can I ask how you think you could ''well afford a mortgage'' earning 25k with 3 children?

At the moment I'm paying rent which is dead money.The area I'm looking to buy houses are quite cheap was looking at some from 135K to 175K.
I have no loans and owe no money I don't need to pay for childcare while I'm working

Ciara7

doughef wrote: »

Thats extremely harsh!!

This person is not looking for a handout.. merely looking to BUY a house.


best of luck to ye by the way.. hope you get a nice place:)

Thanks!!!

MagicMarker

Ciara7 wrote: »

At the moment I'm paying rent which is dead money.The area I'm looking to buy houses are quite cheap was looking at some from 135K to 175K.
I have no loans and owe no money I don't need to pay for childcare while I'm working

Fair enough!

Jet Black

Fair play op. Dont mind the troll.

It looks very unlikely based on that income. Affordable housing would be worth looking into.

Toots

EBS have a good online mortgage calculator, because it actually takes into account any dependents you have. According to it, the max they feel you can afford is €71000 over 35 years. Depending on your age, a 35 year mortgage may not be feasible for you, as they will only lend up to retirement age, so if you're over 30 they may not do it. On a 30 year mortgage, the figure the calculator says they'll lend is €67000.

I also used the Bank of Ireland mortgage calculator, but it is really just a rough guide, it doesn't ask details of your dependents, just what the income is and if you're a first time buyer, according to it, the max you can apply for is €120k, however in reality you probably won't qualify for anything close to this.

Personally I'd say you might find it difficult to get someone to lend to you in your circumstances. Of course it depends on your job, if you're a civil servant or the like, you'll be in a better position to borrow because your job is more secure than others. The other thing you'll need to factor in is, most institutions will only do 92% finance or less, so for a house selling for €135k, you'll need about €11k deposit saved up first. Then there's legal fees on top of that, which I'd set aside at least €2k for, in case of any unforseen expenses.

If I were you, I'd forget about the brokers at the minute and head directly to the institutions themselves to apply. The three main ones that are lending at the moment are AIB, BOI and EBS. I think RoadKillTs is right in saying you should look at affordable housing, and see what is on offer in your area.

Toots

who what when wrote: »

For better or worse this country heavily subsidises baby factories.
Quiet a profitable endevour by all accounts!

Less of that please.

Ciara7

Toots* wrote: »

EBS have a good online mortgage calculator, because it actually takes into account any dependents you have. According to it, the max they feel you can afford is €71000 over 35 years. Depending on your age, a 35 year mortgage may not be feasible for you, as they will only lend up to retirement age, so if you're over 30 they may not do it. On a 30 year mortgage, the figure the calculator says they'll lend is €67000.

I also used the Bank of Ireland mortgage calculator, but it is really just a rough guide, it doesn't ask details of your dependents, just what the income is and if you're a first time buyer, according to it, the max you can apply for is €120k, however in reality you probably won't qualify for anything close to this.

Personally I'd say you might find it difficult to get someone to lend to you in your circumstances. Of course it depends on your job, if you're a civil servant or the like, you'll be in a better position to borrow because your job is more secure than others. The other thing you'll need to factor in is, most institutions will only do 92% finance or less, so for a house selling for €135k, you'll need about €11k deposit saved up first. Then there's legal fees on top of that, which I'd set aside at least €2k for, in case of any unforseen expenses.

If I were you, I'd forget about the brokers at the minute and head directly to the institutions themselves to apply. The three main ones that are lending at the moment are AIB, BOI and EBS. I think RoadKillTs is right in saying you should look at affordable housing, and see what is on offer in your area.

I'm in the public sector so thats good and bad!!!!!!
Is affordable housing like the rent to buy scheme!! the thing about banks is they take a huge chunk out of your overall earnings for each child which is mad cos what they take of a month per child you would never spend on the child unless ya went mad.

Toots

Here's a link to the affordable housing website. You own the house straight away (as opposed to renting it for the first few years), you're just buying it at lower than market value (I think the discount is about 20%). You have to live in it for 20 years though, and if you sell it in the meantime you will have to pay back a percentage of the difference to the local authority.

The way the bank work out what is deducted for each child is likely working on a worst case scenario, to ensure that even if there was a change in your circumstances, you should still be able to afford your repayments.

Ciara7

Toots* wrote: »

Here's a link to the affordable housing website. You own the house straight away (as opposed to renting it for the first few years), you're just buying it at lower than market value (I think the discount is about 20%). You have to live in it for 20 years though, and if you sell it in the meantime you will have to pay back a percentage of the difference to the local authority.

The way the bank work out what is deducted for each child is likely working on a worst case scenario, to ensure that even if there was a change in your circumstances, you should still be able to afford your repayments.

Thanks its nice when ya have some options!!!!!!