is it hard to get a mortgage these days?

Just enquiring to know is it hard to get a mortgage these days? my friend is looking for an old run down house on about 2 or 3 acres so that he can do it up himself over time, he hopes to find something around the 100k price or less if its possible, also he would be a first time buyer would he have to pay stamp duty on a second hand property?

Probably should have 10% of price for deposit, have steady income from permanent pensionable job, will have to pay stamp duty if house is not principal private residence and then have God on his side when applying for mortgage - banks are terrified of lending out our money!

dj123,

It is not hard to get a mortgage these days if you can afford one. As a first time buyer you can get a mortgage of around 5 times your salary.

Banks will not lend on a property with a market value of 100k or less though.

No need for pensionable job (or aid from above )


www.moneybackmortgages.ie

Mortgages of 5 times salary still available to FTBs? I'm speechless.

Have we learned anything from the Tiger madness?

Mrs.B said:

Mortgages of 5 times salary still available to FTBs? I'm speechless.

Have we learned anything from the Tiger madness?

Click to expand...

Well govt. has vested interest in property now post NAMA. Less mortgage means less property cost. Do the math yourself?

Mrs.B said:

Mortgages of 5 times salary still available to FTBs? I'm speechless.

Have we learned anything from the Tiger madness?

Click to expand...

Otherwise how will ordinary people earning normal 30k a year buy homes ? Even at 5 times salary thats only 150k ....

Believe me its tough to get a mortgage now, it seems to be a lot stricter than a few years ago , friends of mine who bought during the madness couldnt believe what i went through getting mine this year.

I paid rent the last few years of nearly 900 a month , whereas my mortgage will be less than 700 ... so i for one are glad the banks are still giving us FTB s a chance.