Chances of a Mortgage

tsejpf973um0ra

Hi all,

I'm 35 years old and a single mother of two. I earn around 31,000 euro per year. I'm saving 800e a month and hoping to save 20k for a deposit on a house. I've been told I'm wasting my time as I'll never get a mortgage on what I'm earning, as I'm on my own and I have two little dependents. This is really disheartening. I plan to seek advice from a mortgage broker but just need to know if I'm wasting my time saving so much every month, do I have a change of getting a mortgage for a three bedroom home? Thanks so much

rizzee

Aldo Ashy Comic wrote: »

Hi all,

I'm 35 years old and a single mother of two. I earn around 31,000 euro per year. I'm saving 800e a month and hoping to save 20k for a deposit on a house. I've been told I'm wasting my time as I'll never get a mortgage on what I'm earning, as I'm on my own and I have two little dependents. This is really disheartening. I plan to seek advice from a mortgage broker but just need to know if I'm wasting my time saving so much every month, do I have a change of getting a mortgage for a three bedroom home? Thanks so much

Just wanted to say fair play to you saving that amount on that wage, I was on a similar salary and did the same for a while up until last year.

No harm contacting a broker or even check local county Council or credit union mortgages? Unfortunately with the 3.5x/4.5x rule, it would be almost impossible to get what you're looking for?

Best of luck.

jrosen

The problem you face is being a single applicant. You will only get 3 x your salary. 3.5 if you qualify for for a exception. Depending on where you want to buy you may find nothing is in your price range.

Have you looked into any of the social housing schemes? Definitely contact a broker but id also look to your local authority. See what the options are to buy through them? I bought many moons ago under the affordable housing scheme as a single applicant. I dont think that scheme runs anymore but they may have an alternative.

Pete123456

Aldo Ashy Comic wrote: »

Hi all,

I'm 35 years old and a single mother of two. I earn around 31,000 euro per year. I'm saving 800e a month and hoping to save 20k for a deposit on a house. I've been told I'm wasting my time as I'll never get a mortgage on what I'm earning, as I'm on my own and I have two little dependents. This is really disheartening. I plan to seek advice from a mortgage broker but just need to know if I'm wasting my time saving so much every month, do I have a change of getting a mortgage for a three bedroom home? Thanks so much

I think you’re asking a very wide question. You should be able to qualify for a mortgage but what you need to think about is how much you might need. You should qualify for a multiple of your income but they will look at your outgoings and take off a set amount for each dependent.

I think you would be extremely limited if not out of the running for a three bed house in the Dublin area, but you would have a great shot in other parts of the country. It depends on where you are of course.

There is also the option of Help to Buy and Rebuilding Ireland, some credit unions will also give out mortgage style loans. It really depends on where you are and what your expectations are. Next step as you said would be talk to a broker. I would also consider a two bed or a duplex or an apartment.

Keep the faith - there are options out there.

ted1

jrosen wrote: »

The problem you face is being a single applicant. You will only get 3 x your salary. 3.5 if you qualify for for a exception. Depending on where you want to buy you may find nothing is in your price range.

Have you looked into any of the social housing schemes? Definitely contact a broker but id also look to your local authority. See what the options are to buy through them? I bought many moons ago under the affordable housing scheme as a single applicant. I dont think that scheme runs anymore but they may have an alternative.

Won’t even get 3 times her salary.

The bank will take 250 per month of her for each dependent.
They will then stress test her, I’d say the most they would offer is about 75k

Wesser

I am single and was never denied x3.5 time my salary. Never heard about this thing of only x3 for a single person

Yes perhaps less if you have kids but nothing got to do with you being single

Baby01032012

Wesser wrote: »

I am single and was never denied x3.5 time my salary. Never heard about this thing of only x3 for a single person

Yes perhaps less if you have kids but nothing got to do with you being single

That’s what previous poster meant. The 3.5 times salary will be heavily discounted for the kids.

Fair play to OP for looking to get mortgage. Most in her position would look for and get a 3 bedroom property through HAP.

Taylor365

You'll get 90-100k. Not buying anything in Dublin.

You'd be a king in Leitrim!

Baby01032012

What about other income, child maintenance and child benefit. If father is not paying now is the time to go to court and force maintenance.

lonestargirl

Other income doesn’t count for the 3.5 x for a mortgage anyway. It’s not so much the dependents here really as the income unfortunately. It’s unlikely to get much in Dublin (I do feel your pain as a fellow single parent who got my home last year, I did get 3.5 x my salary but well within the affordability criteria and income left to run the house).

ted1

lonestargirl wrote: »

Other income doesn’t count for the 3.5 x for a mortgage anyway. It’s not so much the dependents here really as the income unfortunately. It’s unlikely to get much in Dublin (I do feel your pain as a fellow single parent who got my home last year, I did get 3.5 x my salary but well within the affordability criteria and income left to run the house).

It’s very much the dependents. The income is grand fir rural localities

lonestargirl

ted1 wrote: »

It’s very much the dependents. The income is grand fir rural localities

For some reason I had assumed Dublin as it was talked about above, I see it’s actually not in the OP.

Darc19

No chance at all with the banks, so don't waste your time.

But there would be a very good possibility of a rebuilding Ireland mortgage. It's targeted for people like you who have ambition and able to manage their finances.

It's also a fixed interest rate for the life of the loan, so repayments will never change

http://rebuildingirelandhomeloan.ie/


Their calculator says up to €136,000 assuming you don't have any other loans.

BaguMka

It all depends where you wanna buy. No chance in Dublin unfortunately but you may find some houses in countryside.try rebuilding Ireland home loan

Mrs OBumble

OP I'd be seriously concerned about whether you can afford to maintain a house on that income.

Mortgage is only part of the cost. You also have to pay insurance, local property tax and maintenance. On any house you can afford, maintenance will be expensive.

ted1

Aldo Ashy Comic wrote: »

Hi all,

I'm 35 years old and a single mother of two. I earn around 31,000 euro per year. I'm saving 800e a month and hoping to save 20k for a deposit on a house. I've been told I'm wasting my time as I'll never get a mortgage on what I'm earning, as I'm on my own and I have two little dependents. This is really disheartening. I plan to seek advice from a mortgage broker but just need to know if I'm wasting my time saving so much every month, do I have a change of getting a mortgage for a three bedroom home? Thanks so much

On that income you qualify for working family payment. It’ll give you a bit extra each week.

https://www.citizensinformation.ie/en/social_welfare/social_welfare_payments/social_welfare_payments_to_families_and_children/family_income_supplement.html#