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Is it possible for first time buyer earning 24k a ear to get mortgage 100k

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  • 23-08-2014 1:13pm
    #1
    _gossip_girl_
    Closed Accounts Posts: 39 ✭


    Hi all, with all the crazy prices of rent I was thinking of buying a house outside Dublin.
    Is it possible for the single first time buyer earning 24000k a year (monthly net income is around €1720) to get mortgage of 100k
    I'm currently paying rent of 1000 a month.
    Would bank even consider me? Please advise what would be looking for and what do I need to prove to the bank?


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    #2
    NIMAN
    Registered Users Posts: 33,603 ✭✭✭✭NIMAN


    You would need to have at least 10k in savings as a deposit.

    If you do, then make an approach to a bank and see in principle if you would qualify. Of course there are many criteria used in their decision to give you a mortgage or not, but you won't find out til you ask.


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    #3
    tenifan
    Closed Accounts Posts: 523 ✭✭✭tenifan


    It shouldn't be too hard to get a mortgage of 4 times your salary providing you have a 10% deposit and a permanent job for at least a year. The bank will also consider your outgoings, like if you have kids, your commuting costs, and any debt you already have.


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