€28k salary; 2 kids - will I get a mortgage?

Tarnhows said:
Can't understand why you'd have children before getting a mortgage
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I assumed they thought that kind of stuff in every primary school.

Also for everyone else another question.

Where would be the best place to continue saving? Ill be saving about 650 a month. Should i just build up the credit union account or transfer it all into a bank savings account?

If i was to apply for a mortgage in a few years would it make a difference where the money was saved once i can show proof or is it beneficial to for example have an UlsterBank savings account and apply to Ulsterbank for a mortgage?
 
Chris2014 said:
Ive just graduated from college and started a job on 28k. I have 2 young kids and my partner has just herself started college for 4 years. I live in Waterford where a decent house can be had for 100k. A fixer upper for about 80k.
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You are somewhat unfortunate in that you fall into the category of being a low earner who appears to have an excellent grasp of cash management. Your best option at this time is to plan for an interim review of your situation in 2 years and a full review in 4 years. I.e. Your own income may increase over the next 2 years to a point where you can successfully apply for a mortgage using this alone. However with 2 children you may wish to wait for a time when you can buy the property you want/need rather than the property you can afford. With 2 incomes available in 4 years time plus accumulated savings you could be in a better position to purchase a better quality property. banks are somewhat averse to granting mortgages on "fixer uppers". If the property needs work done the mortgage proposal will need to account for available funds to complete these works. Stating that you will do this yourself over time will not be generally acceptable!
 
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