Hi All,
This is probably one for any brokers on the site. I know a definitive answer isn't possible and I should speak to a bank. I'm just looking for a general idea before I embark on that process. Basically, I have a property and some cash, but earn a low salary and am wondering what kind of mortgage I could potentially qualify for (if any).
Cash - c.€100k (this was an inheritence)
Apartment (also inherited) - guestimate value €120k (bought in 2004 for €235k, so maybe less?) There is no mortgage on this. Similar apartments in the area currently rent for €500 per month
Income- €27k (full time, employed with the same employer for the past 4 years)
My goal is to buy a property in Dublin where I work using the assets above. (I am currently commuting). I don't have a savings record as most of my spare cash goes on petrol, but I think once this ended, I could afford repayments from my salary of about €500 per month. My intention would be to put the apartment up as security (and rent it out), and use the cash as a deposit. The rest I would borrow on the strength of my salary (which is low I know, esp for my age (mid 30s) - this more a personal choice to do what I do rather than an inability to get a higher-paying job.) I would also plan to rent a room in any house I bought. I have first-time buyer status.
Is this feasible given my circumstances, or would the low salary and current lack of disposable income rule me out? I would have thought between the rent that I could get from my apartment, renting a room, and my own salary, I could safely make a mortgage repayment of €1200 a month (€400+€400+€400). This would be on top of using the about 100k as a deposit (or at least most of it). However, I know we are living in a different environment now in relation to getting mortgages, so I may be wasting my time.
Any advice appreciated,
Cali
edit. The sort of houses I would be interested in purchasing would be 2/3 bedrooms, in the €300/350k bracket...
This is probably one for any brokers on the site. I know a definitive answer isn't possible and I should speak to a bank. I'm just looking for a general idea before I embark on that process. Basically, I have a property and some cash, but earn a low salary and am wondering what kind of mortgage I could potentially qualify for (if any).
Cash - c.€100k (this was an inheritence)
Apartment (also inherited) - guestimate value €120k (bought in 2004 for €235k, so maybe less?) There is no mortgage on this. Similar apartments in the area currently rent for €500 per month
Income- €27k (full time, employed with the same employer for the past 4 years)
My goal is to buy a property in Dublin where I work using the assets above. (I am currently commuting). I don't have a savings record as most of my spare cash goes on petrol, but I think once this ended, I could afford repayments from my salary of about €500 per month. My intention would be to put the apartment up as security (and rent it out), and use the cash as a deposit. The rest I would borrow on the strength of my salary (which is low I know, esp for my age (mid 30s) - this more a personal choice to do what I do rather than an inability to get a higher-paying job.) I would also plan to rent a room in any house I bought. I have first-time buyer status.
Is this feasible given my circumstances, or would the low salary and current lack of disposable income rule me out? I would have thought between the rent that I could get from my apartment, renting a room, and my own salary, I could safely make a mortgage repayment of €1200 a month (€400+€400+€400). This would be on top of using the about 100k as a deposit (or at least most of it). However, I know we are living in a different environment now in relation to getting mortgages, so I may be wasting my time.
Any advice appreciated,
Cali
edit. The sort of houses I would be interested in purchasing would be 2/3 bedrooms, in the €300/350k bracket...