Hi, I'd appreciate some advice regarding getting mortgage approval in the near to medium future.
I am 30, single, and working as a university lecturer. My gross annual salary at the moment is €33,626, with a monthly net income of €2,066. I was living in the UK for several years and moved back to Ireland 9 months ago. I'm currently employed on a 3 year fixed-term contract, but it's been informally indicated to me that I am likely to be made permanent in the next 1-2 years. Once that happens, I would like to apply for a mortgage on a 2 bedroom apartment in Cork in the €100K - €120K range - assuming that prices don't dramatically increase in the mean time.
I have €10K from my parents towards a deposit, and have just moved to cheaper rented accommodation in order to save more money. My new monthly rent is €425 and I intend to save €500 a month via standing order. I should therefore have €6000 saved within a year, in addition to the €10,000 from my parents. It seems to me that that should be plenty for a 10% deposit (10-12K) and additional expenses (fees, stamp duty, furniture etc.).
I have no outstanding debts - I have one credit card which I use sparingly and pay off in full every month, and an overdraft facility which I rarely use.
Is there anything else I should be doing at this stage to improve my chances of being approved for a mortgage? Would it be sensible to open a second savings account for smaller, less regular savings (i.e. for a holiday or new laptop) to avoid dipping into the mortgage savings account?
I would appreciate any advice people on here can offer - I know that it can be difficult to get a mortgage on one salary, and I want to increase my chances as much as possible.
Thanks!
I am 30, single, and working as a university lecturer. My gross annual salary at the moment is €33,626, with a monthly net income of €2,066. I was living in the UK for several years and moved back to Ireland 9 months ago. I'm currently employed on a 3 year fixed-term contract, but it's been informally indicated to me that I am likely to be made permanent in the next 1-2 years. Once that happens, I would like to apply for a mortgage on a 2 bedroom apartment in Cork in the €100K - €120K range - assuming that prices don't dramatically increase in the mean time.
I have €10K from my parents towards a deposit, and have just moved to cheaper rented accommodation in order to save more money. My new monthly rent is €425 and I intend to save €500 a month via standing order. I should therefore have €6000 saved within a year, in addition to the €10,000 from my parents. It seems to me that that should be plenty for a 10% deposit (10-12K) and additional expenses (fees, stamp duty, furniture etc.).
I have no outstanding debts - I have one credit card which I use sparingly and pay off in full every month, and an overdraft facility which I rarely use.
Is there anything else I should be doing at this stage to improve my chances of being approved for a mortgage? Would it be sensible to open a second savings account for smaller, less regular savings (i.e. for a holiday or new laptop) to avoid dipping into the mortgage savings account?
I would appreciate any advice people on here can offer - I know that it can be difficult to get a mortgage on one salary, and I want to increase my chances as much as possible.
Thanks!
