Mortgages (Single Person)

[dpento01]

I am a single person of 31 with an average income, i have been told by people that this would make it very hard to get a mortgage for any serious amount. I was thinking of properties around €175,000. I Want somewhere that I am happy with not just for the sake of it.

I have secure permanant employment (work in the public sector). My gross pay last year was €26,500. After Usc, Pension levy, Tax etc, my nett pay is just over €1700 a month at the moment but it should be a tiny bit more by the end of year with an increment due & public sector pay deal. I have savings of €70,000 which i could use for a deposit, no personal debt & my spending habits would be quite frugal.

How likely would i be to get approved?

 

[elcato]

The marker now is about 3.5 times your gross pay which would mean you may be eligible of a mortgage up to about 80k. It appears that you could only be eligible for properties in the 150k bracket. Why not just approach a broker and simply ask ?

 

[goingforgold]

You have 70k saved on a v modest income - I'd imagine this will help your cause with the bank, and it appears at only 31 you are saving a huge portion of your income (unless you received a windfall).
Therefore it won't be long until you will have the difference saved between mortgage offered and cost of property.