What chance of getting a mortgage?

[cornholio88]

Hi just wondering if anyone can provide a bit of light on this matter.
Hoping to do a rent to buy scheme, the mortgage is not due to kick in until the 3rd year. by the end of the 3 years we would have 30k paid in the rent to live scheme as a deposit.(house value 205k)
Our financial situation is not too rosy-debts of 18k(overliving etc plan in place to have this cleared in 9 months) combined income of 63k. savings of 5k.
i know it is just a vetting procedure for the rent to buy scheme but have we any hope of any bank/mortgage lender giving us the green light to go ahead with this??
If anyone can give any advice/insight on this i would be most grateful.

 

[Raskolnikov]

Hi just wondering if anyone can provide a bit of light on this matter.
Hoping to do a rent to buy scheme, the mortgage is not due to kick in until the 3rd year. by the end of the 3 years we would have 30k paid in the rent to live scheme as a deposit.(house value 205k)
Our financial situation is not too rosy-debts of 18k(overliving etc plan in place to have this cleared in 9 months) combined income of 63k. savings of 5k.
i know it is just a vetting procedure for the rent to buy scheme but have we any hope of any bank/mortgage lender giving us the green light to go ahead with this??
If anyone can give any advice/insight on this i would be most grateful.

I would ensure that I have mortgage approval before I would sign up for a "Rent to Buy" scheme; afterall, it's no use paying above market rents only to find out that you wouldn't qualify for a mortgage anyway.

It seems like AIB are mad-keen to give out mortgages at the moment, and have probably on of the better offers for first time buyers - [broken link removed]

I would definitely talk to them, get mortgage approval and go from there.