Single low earner mortgage

L

lisa_celtic

Registered User
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Hi there,
I just want to get peoples opinion on my current situation and my eligibility to get a mortgage on my own.
I am 26 and work in a secure job I have been here for 26 months now. I earn €18501 after tax €21000 before tax. I currently rent a house paying €250 in rent. I have no debts and save €150 a week in a credit union. With 7,800 currently saved and I would not be hoping to buy until January next year. The houses I would like are only €99,000 and people think I could easily get it for €85,0000.

I know my income is not much but by I can clearly afford to pay the mortgage. What are my chances? Some websites are saying a single person would need to earn 30000 to get a mortgage.

Do you think I would be a good candidate?

Lisa
 
Should be . @jan 2014 ,your savings will be 13,000.after costs of getting house you have 10,000 to put into house.
House will cost 85,000 less your 10,000..mortgage = 75,000.
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Assume mortgage 6% (to allow for rises) over 20 years ie 240 months .
Will cost you 537 per month.
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You are saving 6oo per mnth and rent 250 = 850.
Means you have leeway (850 - 537) of 313 per month.
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You arn,t the problem, the problem is that banks are bust !!!
 
Someone else can come back and confirm but I think they're currently working on the basis of 3x income.

Over and above qualifying for a mortgage, it's worthwhile to consider if this is the best option for you right now. The cost of capital continues to rise (despite ecb rate staying low). Therefore, it may be worth your while to keep building up your deposit?
 
The general "rules" for applications may not apply though to relatively low earners. That is the OP's main issue. It's really only banks or brokers can answer this definitively, but I do recall reading on a broker site that you needed to be earning approaching 30k to be entertained.
 
I'm just so worried they will regect me based on salary alone when i can clearly afford it and have my mind set on it.

If i am regected in the bank because of low income could i go the county council mortgage route or do they have the same criteria,

thanks for your answers so far.
 
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