Hi all
Just wondering if any of you learned & more educated folk could help me on this - would I be eligible / be considered for a FTB mortgage based on the following?
Income
Spouse Income - 28k pa PAYE
Self income - Sole trader, Annual Turnover circa 35-38k with gross profit being 22-25k (no business loans, credit cards or anything - used my own money or drawings to purchase assets/equip/pay expenses etc)
Reliable Rent Payment History
Renting private accomodation the last 3 years paying 1200pm year 1, 1000pm year 2, 900pm year 3 (landlord reduced it each year) and we saved 300-600 each month along with our rental payments.
Savings/ Liabilities
Total savings 25k bank, 6k credit union
€1500 oustanding balance on 5 year car loan (with 11 months left), which I know we should get rid of before applying for mortgage.
Aside from this car loan, we have never taken out a loan for anything, just always used our own money/savings, so as such we have no history of loan repayment, but good credit history in paying bills/direct debits on time
Main question is this, am I likely to be disregarded in a mortgage application simply by being being self-employed at the moment? Or has anyone here had success in getting a mortgage in similar circumstances?
Could anyone guess what we might be offered based on income & savings?
Thanks a million,
m.sunny
Just wondering if any of you learned & more educated folk could help me on this - would I be eligible / be considered for a FTB mortgage based on the following?
Income
Spouse Income - 28k pa PAYE
Self income - Sole trader, Annual Turnover circa 35-38k with gross profit being 22-25k (no business loans, credit cards or anything - used my own money or drawings to purchase assets/equip/pay expenses etc)
Reliable Rent Payment History
Renting private accomodation the last 3 years paying 1200pm year 1, 1000pm year 2, 900pm year 3 (landlord reduced it each year) and we saved 300-600 each month along with our rental payments.
Savings/ Liabilities
Total savings 25k bank, 6k credit union
€1500 oustanding balance on 5 year car loan (with 11 months left), which I know we should get rid of before applying for mortgage.
Aside from this car loan, we have never taken out a loan for anything, just always used our own money/savings, so as such we have no history of loan repayment, but good credit history in paying bills/direct debits on time
Main question is this, am I likely to be disregarded in a mortgage application simply by being being self-employed at the moment? Or has anyone here had success in getting a mortgage in similar circumstances?
Could anyone guess what we might be offered based on income & savings?
Thanks a million,
m.sunny