Likelihood of getting a mortgage while unemployed

T

Treefrog2108

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ok. I know it sounds naive,maybe stupid but asking cant hurt right? anyway, this is my situation.

I have been made unemployed. I have about 60 thousand in savings. No other debts. I own my own car, i was going to move out of home and will be spending about 140 euros a week on rent i suppose. Do you think i could get a morgage for a house for about 200 000? after all renting is dead money right?
i have a good savings history with aib but do not know when i will get a job again. also i do not have a college education,just throwing that out there in case someone asks so my wages when I do get a job wont be astronomical. I'll be flying solo here ,so partners or flatmates.
thanks.
 
Without meaning to be cruel......basically you have got 2 chances.....
None & FA...sorry couldn't resist.....unfortunately you have no ability to replay a loan without employment.
 
Even if a bank was reckless enough to give an unemployed person one it would be even more reckless of you to take it.

How exactly do you propose paying off say 1000 euro a month with little to nothing coming in. The 60k would be swallowed up on deposit and admin fees pretty quickly so this cushion wouldn't last.

Sort out a job, then you will be in a nice position with a decent deposit to get something decent.
 
Rent isn't necessarily dead money .. if you borrow you are paying interest on the loan, which might also be considered 'dead money'.

There are some good threads here on AAM discussing the pros and cons of borrowing very large amounts for a house, and whether or not it makes sense.

If you purchase a house it would limit your employment prospects... maybe you'll be able to get a job in some other city or country and then the house could become a burden...

It's not as simple as saying 'rent is dead money', there's many other things to consider.
 
You can't afford to pay back a mortgage of 200k, or of even 150k if you were to use the 60k as deposit and for fees. You can't afford to pay the bills for a house on your own or insure it. No bank will give you a mortgage, spend your time job hunting instead of even applying for one
 
Treefrog, maybe contact the County Council in the area you are hoping to buy in and ask are they running the Shared Ownership Scheme, it may be possible if they are as I know someone who bought a home under that scheme while on Single Parent Allowance.
 
ok, thank you for your replies everyone. Im not a parent so i dont think i'll qualify for any scheme. I suppose i have to stay where I am until i get a job again
 
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