Guide to standard qualification criteria for a mortgage.

Minimum Income requirements

• Minimum Income single applicant €35,000
• Minimum Income joint application €60,000

Maximum Mortgage

• Mortgage maximum usually 3.5 times gross Income
• Exceptions above 3.5 times income usually require €55,000 single or €80,000 joint incomes.

Employment

• Employment should be permanent and secure
• Contract employment considered in technology or medical area ( good contract history and prospects required)
• Self Employed - typically 2 years accounts and tax returns

Financial management

• Adequate deposit
• Proven repayment capacity for mortgage sought - clear evidence from savings and rent
• Good credit History
• Minimum of short term loans - except affordable car loans
• No credit card debt or overdrafts

If you are not ready yet, please focus on the criteria that need attention in order to qualify. Having a plan is important, budgeting is important and pursuing education and training to enhance your employment prospects is well worth the effort.