Would I qualify for mortgage?

G

Gazzaman

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Hello, I'm looking for a mortgage. - in My name preferably, as my wife has one in hers already.
We have 3 kids 10,8,6
We bought a house early 2008(before things went down hill) for 205,000 full mortgage, we have now chipped away at this only owing approx 65,000 at the minute- Mortgage is in wife's name. We would be hoping to rent out this property(but can this be income be taken into account for new mortgage?)

My Net is currently €25,000 per year. We have savings of approx €140,000 and i see a house we like at €250,000
Her Net is currently €35,000 per year.

Preference is for a mortgage in my name, Or is there any advantage to both of us applying?
Child care approx €100 a week
Wifes Mortgage currently €720 a month(is there any way we can push this mortgage out so we could save some more money?)

What are our best options here and thank you for any reply's.
Any suggestions on what foot to put forward would be much appreciated.
 
So you want to buy a house for €250k with €140k cash.
So you want a mortgage of €110k.

The lender will require a mortgage to a married couple to be in both names.

Your total borrowings will be €175k based on combined gross salaries of about €80k. You should get that ok.
 
You should ask yourself why you want to hold onto the existing house.

It looks less risky to sell it and use the proceeds to reduce your mortgage on your home as much as possible.

If you have a tracker, it might be worth keeping. But even if you have a tracker, you might be better off asking the lender to allow you to port it to the new property.

Brendan
 
Presumably there's about 100k equity in original house so you could nearly buy the new house mortgage free if you sell the original house, why not do that?
What's the thinking behind having mortgage in your own name?
 
Brendan Burgess said:
You should ask yourself why you want to hold onto the existing house.

It looks less risky to sell it and use the proceeds to reduce your mortgage on your home as much as possible.

If you have a tracker, it might be worth keeping. But even if you have a tracker, you might be better off asking the lender to allow you to port it to the new property.

Brendan
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I dont have a pension in place and was kinda thinking the first house once rented and played off could be my pension so to speak, but I'm not sure really if that is best option, no tracker either on it, but I think the current rate is 2.75, we royally got screwed on alot in early 2008. A 3 bedroom terraced house in our estate 6 months ago sold for 140,000 hours is a 5 bedroomed.

I dont understand what you mean "port" to new property, Many thanks
 
dereko1969 said:
Presumably there's about 100k equity in original house so you could nearly buy the new house mortgage free if you sell the original house, why not do that?
What's the thinking behind having mortgage in your own name?
Click to expand...
I dont know really, we wouldn't be great at this kinda stuff, and a house has just appeared on the market that we like. Who's the best to apply to for Least hassle mortgage wise.....
Probably take an age to sell our own and then maybe the other house could be gone.
 
With regards to the Pension, how old are you? What are your promotion prospects, is your job secure, are you planning to stay working in same sector until you retire? Same for your wife.
Forget about the one house in your name one in your wifes, they're all the family's.
It's impossible to tell what the housing market will be like over the coming months, both houses could sell really quickly or take ages.
"Port" the tracker would mean moving it from the first house to the next.
 
dereko1969 said:
With regards to the Pension, how old are you? What are your promotion prospects, is your job secure, are you planning to stay working in same sector until you retire? Same for your wife.
Forget about the one house in your name one in your wifes, they're all the family's.
It's impossible to tell what the housing market will be like over the coming months, both houses could sell really quickly or take ages.
"Port" the tracker would mean moving it from the first house to the next.
Click to expand...
I'm 41, and looks like my job of 12 years might go under. I dont mind, I can turn my hand to alot af things and have a few options open to me. My wife is in her job 22 years now and she is same age.
We dont have the tracker....
What's the story with banks accepting applications. My employer is giving me the covid payment and also topping up my wages at present, is there truth to the rumours that banks dont want to see "covid payment" on payslips
 
The covid payments must be gone prior to drawdown but most lenders will assess the case on your pre covid salary.

PTSB in my experience with clients is the only lender that won't approve cases if covid payments are present in people's payslips.

If you want to place a bid on a property and are concerned that your own property will take a long time to sell then
you could simply apply for a new mortgage(200Ke max, i.e. 80% of 250Ke) and present your case to the bank on the basis that you will rent out the existing property.

You have 140Ke so the current property doesn't need to be sold in order to close on the new property. You can always sell it afterwards if you want. The 65Ke mortgage you have shouldn't cause any problems in getting approved for a new mortgage.

Finance Ireland are quite quick at the minute.

As other contributors have stated - you shouldn't have any issues qualifying for a mortgage.
 
We are currently trying to switch our mortgage and have been told by Ulster bank they wouldnt accept us fully as my husbands work is using the wage subsidy scheme. They would give me mortgage on my own of 77k which is not enough.

AIB phone banking had also declined me but the lady in my local branch has been very helpful and thinks we have a very good chance of qualifying on my wage only so we are currently working through the process. Once I supply the paperwork from our current bank she said we should get our letter of offer within a few days.

Some figures that may help. My wages are approximately 60k and we are looking for 98k mortgage.

Had been dealing with KBC but the process is so long and drawn out with them we have given up. Sent all documents required in April and still nothing from them despite having answered same questions at least 3 times during phone conversations.
 
I would just draw on my experience and say go to a broker. I would be in similar pay bracket, similar age, with a decent deposit. Looking for mortgage around 200k. I have 3 kids. Wife part time, schools so she is on benefit for 8 weeks sometimes there is work, sometime not.
But Every time I approach the banks direct it's nearly always 30k short, 170k every time I approach brokers it 10k over. 210k. So if you have no luck broker should get you there. We are very frustrated with banks directly
 
AlbertM said:
I would just draw on my experience and say go to a broker. I would be in similar pay bracket, similar age, with a decent deposit. Looking for mortgage around 200k. I have 3 kids. Wife part time, schools so she is on benefit for 8 weeks sometimes there is work, sometime not.
But Every time I approach the banks direct it's nearly always 30k short, 170k every time I approach brokers it 10k over. 210k. So if you have no luck broker should get you there. We are very frustrated with banks directly
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I've no dealings with a broker, What is the advantages of dealing with broker, Any downsides?
 
Gazzaman said:
I've no dealings with a broker, What is the advantages of dealing with broker, Any downsides?
Click to expand...

A good broker will know how to present your case in the best possible light to the different lenders. a bad broker will limit your options to the ones who will pay them most commission.
 
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