I’ve seen a post about mortgages for Aros and so I turned to my local professionals: parents! So this is the advise from google, an account, and a frequent ‘homes under the hammer’ fan
1- your interest is based on your deposit. So save up! The bigger your deposits the smaller the rate of interests is and less you have to take out.
2- it’s based off your household income and outcome. You have lots of loose change? Great! Mortgages are the probably actually easier for single people. I was told that the amount you can take out is 3x a single persons annual salary or 2x a couples annual salary. So I messed with some calculators:
Annual total salary for household 20k
Monthly spending= 200
Total annual salary for household=40k
Monthly spending =300
For both single and couple the monthly payments stayed the same.
3- ask your bank! Bank wants to sell you money but only money they will get back. Ask them what they think! Living alone when you’re single is just like living with a partner but you don’t have arguments about what colour to paint the wall! Play with the calculators and see what you think. It might even be cheaper than rent!
