I’d be very grateful if someone could look over the following and advise if I have any hope of getting a second mortgage? I cannot live in my current mortgaged house due to location
Age: 44
Marital status: single/separated
Employment: Full time, pensionable, HSE since October 2018 (newly qualified midwife)
Dependant: 1 child, 6 years
Income
*Salary: €29000 + €2000 location allowance + overtime/unsocial hours approx €4000 - approx €2600 per month with increased tax credit for resident parent
Salary will increase by annual increments
*If the new pay agreement goes through (which I strongly suspect it will), current salary will increase to €34000 (inc location allowance) and rise again in February 2020 to €38000 (including location allowance). Due to nature of my job, Overtime/unsociable payment premiums are expected/unavoidable and will be paid at an average of 15% of basic salary per year.
Children’s allowance: €140
I own a property which is rented. Mortgage is 500 per month, received rent is 600 rented through HAP. I have 20 Years left on mortgage and approx €40k equity.
Outgoings
Due to my ambition of buying a home, I’m still living like a student, ie frugally!
Rent €550 Per month
Bills: €220 per month
Diesel: €120 per month
Food/clothing/social etc: €250 per month
No debts
Current savings: €15000
I currently save €600 Per month.
I intend to save €1000 per month from this month onwards.
So, have I any hope of getting a mortgage?! Age, salary etc I feel are against me.
I live in a cheaper part of the country so would hope to buy a small 3 bed for approx €160,000 at today’s prices. This prices are rising however...
Many thanks for your time
Age: 44
Marital status: single/separated
Employment: Full time, pensionable, HSE since October 2018 (newly qualified midwife)
Dependant: 1 child, 6 years
Income
*Salary: €29000 + €2000 location allowance + overtime/unsocial hours approx €4000 - approx €2600 per month with increased tax credit for resident parent
Salary will increase by annual increments
*If the new pay agreement goes through (which I strongly suspect it will), current salary will increase to €34000 (inc location allowance) and rise again in February 2020 to €38000 (including location allowance). Due to nature of my job, Overtime/unsociable payment premiums are expected/unavoidable and will be paid at an average of 15% of basic salary per year.
Children’s allowance: €140
I own a property which is rented. Mortgage is 500 per month, received rent is 600 rented through HAP. I have 20 Years left on mortgage and approx €40k equity.
Outgoings
Due to my ambition of buying a home, I’m still living like a student, ie frugally!
Rent €550 Per month
Bills: €220 per month
Diesel: €120 per month
Food/clothing/social etc: €250 per month
No debts
Current savings: €15000
I currently save €600 Per month.
I intend to save €1000 per month from this month onwards.
So, have I any hope of getting a mortgage?! Age, salary etc I feel are against me.
I live in a cheaper part of the country so would hope to buy a small 3 bed for approx €160,000 at today’s prices. This prices are rising however...
Many thanks for your time