Getting a mortgage in the next few years

cantdecide

I'm at a fairly modest place in life at the moment and going through a bit of a career rebirth. I want to start moving towards eventually buying a house. I'm looking for pointers and advice. I know it'll be a while before this pans out, I just want to sow the right seeds now and make sure I am in a position to put my best foot forward down the line.

A brief background- I worked in construction in the family business for years until 2011 when it was clear the company was in trouble and I left. I currently have no third level qualifications (although I want to start studying part time this year). I was abroad and ended up coming home as result of an accident in the middle of 2012. I was recovering between then and the middle of 2013 when I began working for my dad part time, again in construction while I considered my options. I'm male, 32, single and currently seeking a full time job in stores/ warehousing. I have no debts except for a small credit card debt I'll wipe out in the next few months. Savings and assets wise, I pretty much own the shirt on my back and own a number of vehicles collectively worth about €4k which I need for transport.

I'm hoping to find a job in the next while, I'm confident I can find something full time and somewhat permanent (or ongoing contracts) although the pay won't be much to write home about. I wish to spend the next number of years renting and saving as much as possible. I am hoping to need no more than €200,000 (at today's prices) for a cottage or tidy bungalow near Cork.

Am I right in thinking I am better off being as above board as possible with regard to leases in the next years? I was thinking about starting a log for my expenses (unexpected car expenses and the like) is there any point in this? I am not currently joined the Credit Union- would it be an advantage or disadvantage to save with them?

I simply don't want to spend the next few years working and saving only to find that I end up regretting something I forgot to do or did wrong.

Advice appreciated.

wench

A good clear paper trail for your rent and savings is vital.
The combined amount of those will be the upper limit of payment the bank will consider, even if your income would seem to support more.

Try to put your savings in a separate account that you don't make withdrawals from for unexpected expenses.

Keeping a record of your spending won't help directly with the mortgage, but is certainly worth doing.
It will help you know what you can really afford, and not having your cash vanish into a black hole helps to keep focus on unnecessary spending.

cantdecide

I'm currently with PTSB as I always have been. The last time I looked for a mortgage (in 2006 and under completely different circumstances), I found PTSB as absolutely no help whatsoever. Would it be advantageous to think about changing at this stage?

wench

You don't really need to, if you are otherwise happy with them.
The only difference it makes to an application is that you have to provide slightly less paperwork (bank statements mostly), because they would already have the data.