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Mortgage with no savings but permanent job and deposit

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  • 05-09-2020 5:49pm
    #1
    homeseeker
    Registered Users Posts: 3 ✭


    Hello Boards folk, I'm a new poster and have looked through the forums for this issue but the only one very similar was 12 years old so I'm hoping to get some current advice.

    I'm in mid 30s and have a permanent job. I've never saved properly in my life as have always been paying extortionate Dublin rent, however I recently discovered I will be getting approx 20k from an inheritance soon. I've never considered buying seriously before as I couldn't see myself saving for a deposit at present, but this 20k would cover that.

    I did a mortgage calculator and for the amount I would be looking to borrow the repayments would be less than half of the rent I have been paying for the last two years, so long story short is there any hope of a bank giving me a mortgage with no history of saving but a good rent history and a permanent job? I don't gamble and I have a clear credit report (have never had a loan or credit card). No other monthly commitments aside from my rent and bills. However, I do occasionally go a few euro beyond my agreed overdraft amount for a day or two which might be an issue?

    Thanks in advance for any help.


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    #2
    mojesius
    Registered Users Posts: 4,342 ✭✭✭mojesius


    Banks will count rent similar to savings. Once your rent is higher than stress tested mortgage amount you should be grand, once you have 10% deposit as well.

    I'd recommend getting rid of your overdraft or stopping going into it though. Best of luck!


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    #3
    homeseeker
    Registered Users Posts: 3 ✭homeseeker


    That is very encouraging to hear, thanks a lot. Yes agree re. overdraft, its on the agenda!


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    #4
    CarMc
    Registered Users Posts: 74 ✭✭CarMc


    I agree on the overdraft, if you have any irregular charges on your statement for going over agreed overdraft they will flag up, you'll need to have 6 months of bank statements without any of those charges on it, better yet pay off overdraft too.


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    #5
    homeseeker
    Registered Users Posts: 3 ✭homeseeker


    Noted, thank you CarMc


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