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Mortgage Eligibility

  • 12-11-2012 3:32pm
    #1
    Get Real
    Registered Users, Registered Users 2 Posts: 924 ✭✭✭


    Hi, this is partial curiosity and partial taking a plunge.

    I am a 20 year old earning 21k a year, I have 10k in savings and my rent currently is 350 per month. After rent, food bills etc I manage to save 100per week (5k per year).

    According to mortgage calculators I am eligible for a loan of 70-80k. There is a 3 bed house for sale for 75,000. I would plan on borrowing 65k to buy it. My repayment per month would be around 350euro. (This is what I'm paying now in rent anyway). I would plan on letting the other two rooms for 80 per week each (which would yield 640 a month, enough to cover the repayment), and if i couldnt rent both, or even any, i'd still be able to afford the repayment on my own anyway.

    What are my chances of getting a mortgage, is my age a hindrance, or will my savings/budgeting help me? I have a permanent, full time contract.

    Thanks
    Tagged:


Comments

  • #2
    roro2
    Registered Users, Registered Users 2 Posts: 412 ✭✭roro2


    Others might give you firmer pointers, but a couple of things to note:

    - Security of employment will be key.
    - History and consistency of savings and household budgeting will be important - age shouldn't be a negative but may count against you on this aspect.
    - Potential income from renting rooms will probably be ignored.
    - While current repayments seem affordable, stressed repayments at higher interest rates would also need to be affordable.
    - Other things like having any other debt, now or previously, will be considered.


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