Can I get a mortgage?

M

Matty101

Guest
I'm 24, I have no debts have about €115000 in the credit union and I make €35000 a year. Unfortunately my job isn't safe. At the moment I'm on a contract until june but after that I don't know where I stand(chances r ill be out of a job within the next year). I'm looking at a house for €265000 and ill be looking for a mortgage of €165000. My mother will go guarantor for me and my girlfriend will be renting from me at about €50 a week. Would I be able to get a mortgage?
 
It's unlikely Matty, banks are not lending to people on contract at the moment unless you can get a letter of comfort from your employer stating your job is virtually permanent. These days few employers are willing to do this and as you say it is likely you will be out of a job next year then this may prove impossible for you.

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Thanks for your quick answer norfbank, I thought that might be the answer I'd get. Would there be chance of getting any size mortgage? I'm paying €400 a month for rent now and it seems like such a waste.
 
I was trying to get a mortage of €65000 have no mortage on the house.have no other loans a visa with €3000 and saving of €20000 a small overdraft of €500 and they told me to come back in 3 months and they will look at it the olny bank that seems to be given our mortage at the moment is the bank of ireland also have a perment job.
 
Matty101 said:
Thanks for your quick answer norfbank, I thought that might be the answer I'd get. Would there be chance of getting any size mortgage? I'm paying €400 a month for rent now and it seems like such a waste.
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No, the fact that you're on contract will mean your application would be a non runner for any amount.
 
Matty,

What's the rush! You are 24. Enjoy life for a few years before bogging yourself down with a mortgage. You have great savings in the bank which is fantastic. Just keep saving and if house prices come down some more you may be able to buy a house without a large mortgage, plus you will know where you stand with your job.

If you are unfortunate enough to lose your job, perhaps you might like to go travelling or work abroad for a while. Not stressing over how on earth you are going to make your mortgage payments.

Renting isn't dead money, as you have a roof over your head.
 
Scotsgirl said:
Matty,

What's the rush! You are 24. Enjoy life for a few years before bogging yourself down with a mortgage. You have great savings in the bank which is fantastic. Just keep saving and if house prices come down some more you may be able to buy a house without a large mortgage, plus you will know where you stand with your job.

If you are unfortunate enough to lose your job, perhaps you might like to go travelling or work abroad for a while. Not stressing over how on earth you are going to make your mortgage payments.

Renting isn't dead money, as you have a roof over your head.
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Yeah your probably right. I suppose I should take advantage of my freedom while I have it. I just wanted to try grab a nice house now while they are cheap. But since my job is no longer a guaranteed I may aswell give up the dream for another few years.
 
vandriver said:
Are you getting the best interest rate for your large lump sum in a credit union?
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Check out the financial advice here

http://www.askaboutmoney.com/showthread.php?t=90481

Matty you are thinking like the old irish, the sooner I get on the property ladder the better. Those days are gone, better off renting for now, €400 rent/month is better off than a mortgage of €900 to €1000/month & interest rates are due to rise.

Don't ever say that renting is a waste, alot of us said that over the past 10 years, me included, but I sooner be back renting a place than paying a whopper of a mortgage.

Stick to your guns for now, & watch your savings grow
 
I'm not sure at the moment. I'm going to go to the credit union today to find out. It only went in there recently and I was hoping to be taking it out to buy a house but since that doesn't look possible I better put that money to work.
 
Hi matty101, do put that money to work! Watch out for maximum guaranteed amounts though, you might have to put €x in one institution, €y in another etc to ensure your money is secure.
 
thats great savings at 24!.... apply for a job in NAMA:)

I agree with the others... you need to get money split into as many high interest savings accounts as possible. As your job is not secure then safer not to go into property
 
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