How hard its to get a Mortgage ?

[JessicaLoveit]

Hello Guys

I hope I can get some advice or help from any of you ;-)
Renting for the moment and pay my rent on time every month but on the end its "deth money" realy. I could pay the same money, if not less, towards the mortgage. I found this property which I would like to get, its on the market for 75k.

How hard would be to get a Mortgage on it and what is the best way to do that?

I will appreciate any advice xxx

[doodlebug]

I'm no expert but you would need to have a deposit saved up and a good credit rating, you would need to be able to show proof of earnings etc so it may not be that easy.

[thehighwayman]

I think it'll be more difficult now compared to a few years ago. Everyone got a mortgage then whether they could afford it or not. They will look into earnings more now.

[sharkskin]

...
How hard would be to get a Mortgage on it and what is the best way to do that?
...

It really depends on how much money you can put down on the property as a deposit.

The lender wants the deposit for two reasons. First of all, it shows that you do actually have access to funds. Secondly, it gives them some comfort that, if you do not make the repayments, they will be able to get their money back by taking posession of the property and selling it on.

If you only have a small deposit, they will look very hard at you and your affairs in order to decide whether or not to lend to you. If you have a large deposit, you can even get what is called a non-status or self-certified mortgage. With such a mortgage, you do not have to show any proof of income they just lend the money. It used to be that the threshold for getting a non-status mortgage was a deposit of around 25% but today, it is likely to be higher.

It might be worth your while to speak to a mortgage broker. Such a person is independent of lenders and makes money by getting a commission from the people who lend the money. Since that is the way that they earn money, they are well motivated to get you a loan. Also, since it is what they do all the time, they are likely to have a good idea of who will actually be prepared to lend you the money. A google search for mortgage broker dublin is likely to show up a number of folks who might help.

[mellors]

I'm not an expert but just going on personal experience.
Renting isn't necessarily 'dead money' it depends on your circumstances , the future etc. Not only do you have to pay the mortage, but life insurance to cover it, up keep and maintenance of the property, management fees if its an apartment or your renting it out. As we know from the past few years, investing in a property isnt always a good investment.
As for getting a mortage, you will need a deposit, if your registered as self employed probably about 20-30%. Despite what the banks etc say and advertise they really will make it difficult to take out a mortage. You need to show three years accounts and even then if it doesnt fall into certain criteria (above average income, solid job prospects!) they wont lend.
Dont want to put you off, but it isnt the shoe in it was a few years ago

[Incognito]

You will be asked for at least 3 years earnings.

The positive side of this is that you can simply give them a link to your reviews ?

If you are asked for references, I'm sure lots of volunteers here.

[JessicaLoveit]

You will be asked for at least 3 years earnings.

The positive side of this is that you can simply give them a link to your reviews ?

If you are asked for references, I'm sure lots of volunteers here.

Hahahahahahahahahahahahahahaha gosh that a good one, i was laughing for few minuts :-D

[Curvaceous Kate]

Also don't forget that if you are not able to make the payments for any reason they can repossess the building and leave you with nothing. You also want to go for a repayment mortgage, otherwise you might as well be renting with interest only and have the added worry that it could be taken from you with no where to live and all your savings gone.

It is a buyers market out there if you can afford to buy out right, but not for people who have minimal savings and no guarantee of funds in the future.

[Crazy legs]

Have only bought a house myself and needed to show 6 months of regular savings this shows your ability to pay back a loan,they wanted proof of 2 years constant employment/same job this shows you have a settled job,banks are giving 92% loans max at the moment so a loan of 75k would require around 6800 euros savings plus 1% stamp duty 750euros plus solicitors fees,best to go to a mortgage broker to find out who's lending as been refused by a bank that's not is bad for your credit history

[Dub Lad]

Real question is why anyone in their right mind would buy a home now prices will still probably go down again. for 2011 prices per quater have dropped Q1 3.41 Q2 4.14 Q3 4.06 and Q4 5.23 this is official numbers from the housing price index. So if it dropped by say 2% in the next 2 quaters of the year that's 1560e on a 78k house and in the country prices drop more rapidly or greater drop in prices than Dublin.