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Mortgage while doing Apprenticeship

  • 10-03-2021 9:16pm
    #1
    Luke774
    Registered Users Posts: 101 ✭✭


    Hi I'm in my first year of Apprenticeship. Have just over 60k saved from previous job until decided to do a apprenticeship. This wont be touched until going for a mortgage which I plan on doing in around 2 to 3 years.
    Have the option of a gift from parents on top of my own savings if need it. My partner is back working full time in HSE

    My main concern is will the banks give us a mortgage if I'm doing a apprenticeship?


Comments

  • #2
    Outkast_IRE
    Registered Users, Registered Users 2 Posts: 7,516 ✭✭✭Outkast_IRE


    Luke774 wrote: »
    Hi I'm in my first year of Apprenticeship. Have just over 60k saved from previous job until decided to do a apprenticeship. This wont be touched until going for a mortgage which I plan on doing in around 2 to 3 years.
    Have the option of a gift from parents on top of my own savings if need it. My partner is back working full time in HSE

    My main concern is will the banks give us a mortgage if I'm doing a apprenticeship?
    The main criteria are still the income limits, your income is so low for the first 2 years of the apprenticeship its not worth bothering . 3 years to 4 years in an apprenticeship you start making ok money and if there is some OT going it starts becoming worth your while.


    I would say with 60k behind you already , they will care more about seeing regular savings the next few years and you hitting the income to borrowing ratio after that.


  • #3
    Luke774
    Registered Users Posts: 101 ✭✭Luke774


    Outkast_IRE wrote: »
    The main criteria are still the income limits, your income is so low for the first 2 years of the apprenticeship its not worth bothering . 3 years to 4 years in an apprenticeship you start making ok money and if there is some OT going it starts becoming worth your while.


    I would say with 60k behind you already , they will care more about seeing regular savings the next few years and you hitting the income to borrowing ratio after that.



    Thanks for the reply yeah that's why I'm looking at around the 3rd year to get one .
    So they still wouldn't care with my 60k savings and say 30k gift from parents?

    On 3rd year pay rate is over €500 and 4th year just over €700 that's why I'm looking around then to apply for a mortgage.

    Wont be saving much this year in my first year but on my second year I aim to save 10k


  • #4
    Buddy Bubs
    Registered Users, Registered Users 2 Posts: 3,926 ✭✭✭Buddy Bubs


    How much of a mortgage would you be looking for


  • #5
    Luke774
    Registered Users Posts: 101 ✭✭Luke774


    Buddy Bubs wrote: »
    How much of a mortgage would you be looking for


    No set price yet but we dont want to pay back a ridiculous mortgage price .we are looking at Scandinavian homes Ireland

    They can build to a turn key finish.
    198m2
    € 289,977 estimate price

    Every house design is tailored to each customer


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