I've always studied and worked hard but it seems the main requirement in this country in order to get a mortgage is to be married and have two incomes.
Income wise I should be on 40k in the next two years.
Now back to your case in two years time your income goes up to €40k so your 3.5 times goes up to €150k so now you need €50. Minister Noonan will give you €10k so you have to come with €40k
Can you live on 25k a year? i.e. save 5k? If so you can save 5k each of the next 2 years.
If you keep your spending to current levels you'll have an extra 10k per year once you're on 40k (15k a year savings in total).
5+5+15+15=40.
You could buy a house with a friend.
That is how a lot of single people get on the housing ladder.
I would think that it's better to own half a very suitable and convenient house than a whole house which is neither suitable nor convenient.
Brendan
The problem is when it stops being convenient for one or other party. You would need a very solidly nailed down agreement on how things will go in case someone wants to "cash in" for work or relationship reasons, becomes unable to pay the mortgage, or any of the host of other unplanned eventualities that may arise.
I've known quite a few instances where friends or siblings clubbed together to buy their first property.
It always ended in tears.
Thanks all for the input. That sounds good PGF2016. I have been looking into all types of homes moneybox, was just wondering about the people who has 3 bed semi Ds. I'm not talking about Cork city by the way, I've been looking in satellite towns.
Thanks again, lots to think about.
What do you mean by "ended in tears" ?
in fairness to Bronte there is plenty of "fiscal space" to invest to bring the properties she listed up to B3, though the OP might have to decide on an apartment or newer build as there's only so much lipstick can be put on older properties.Hi Bronte, the OP mentioned that he/she needs a BER of at least B3, due to health issues. From what I can see, most of those properties are F or less.
The parties involved ended up in dispute.
Well, ending up in dispute is one thing... ending up in a mess that cannot be resolved is another.
City centre Cork, under 100k
http://www.daft.ie/cork-city/property-for-sale/cork-city-centre/?s[mxp]=100000&s[mnb]=1&s[mxb]=2
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