Advice Please

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ClubMan said:
How on earth did you manage to get a €200K mortgage on €27K gross income!?!?
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I believe some 'brokers' have all sorts of means and methods to get relatively high mortgage approval based on a relatively low income...
 
Hi 007007

Im pretty much in the same situation as you but im managing quite well.
I got a mortgage of 270k on my wage of 33k (first active must really be throwing them out at us young ones LOL)
After bills i really wouldnt have a whole lot of extra money, but im stil getting my 2 holidays this year.
Its just down to cutting back, Instead of out every friday night with my mates and out for dinner on the saturday or sunday with boyfriend. Now I go out every second/third friday, the girls come up to me for a bit of dinner and a dvd instead of heading out. Ive become a goddess in the kitchen. really doesnt feel like im scrimping and saving cause im stil socialising as much and having my holidays, just everything in moderation. Also couldnt tell you what the canteen looks like in work, i bring my own lunch in and actually have dropped a bit of weight in the mean time
 
Hi 007007

Good advice there from MoMO - I think you should concentrate on qualifying and getting your gross salary up higher. Give yourself 6 months of focusing on increasing your earnings with the incentive that if you don't you will rent out a room. Renting a room is a great source of (legitimate!)tax free earnings

good Luck!
 
Would agree with snowey - we had to rent out a room in the begining. See how it goes. Since you dont have to give the person a lease - you may only end up doing it for a few months. But in the begining it is a really handy source of income.
If it was a choice of loosing home/and or getting up to my neck in even more debt - or renting out a room and getting some additional income... I know which I would choose.

P.
 
thanks momomo and snowey

i dont mind staying in and only going out maybe once a month, my work place has a great sports & social nites out and a lot of drinks are for free so that will help.

i have already cut down on the take-aways and have cooked all meals since i've moved in, so thats a good start...

at the moment im going a course so hopefully i'll pass and get a better job... and in sept i'll start another course.

thanks
 
To be honest your situation sounds a bit more grave than something that can be sorted by cutting back on a few nights our and takeaways. Even with these cutbacks the risk of you not being able to meet your repayments, having to incur further debt (if possible) and thus digging an even deeper hole for yourself and maybe defaulting on your mortgage (worst case scenario repossession) seems extremely high. Your situation is arguably untenable unless you consider some of the measures mentioned earlier (e.g. rent a room tenant, selling up etc.).
 
007007

Your living on in your own in a 2 bed house, same as myself.
My esb and gas bills, tv etc arent huge. with 900euro a month for bills and food, your in exactly the same situation as me.
I cant see how clubman and everyone else is telling you to sell up.
Did all ye guys moving into your house not have to make ends meet???
 
momomo said:
I cant see how clubman and everyone else is telling you to sell up.
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I never told him to sell up.
Did all ye guys moving into your house not have to make ends meet???
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Yes - but I never had a mortgage that was c. 10 times my gross income. Absolutely crazy!

What are your suggestions as to how the circle can be squared here and the original poster can reasonable afford the house and other expenses?
 
thats true moomo, my heating bills and electrictly bills wont be that expensive.... i think 900euros per month is ok to live on..

clubman, we all have to start somewhere, at the end of the day its better than renting....we all dont have great salarys (you sound like you do)
 
007007 said:
clubman, we all have to start somewhere, at the end of the day its better than renting....
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Not if you cannot reasonably afford it and end up falling into an even more precarious debt situation such as I described above it's not.

we all dont have great salarys (you sound like you do)
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Why don't you read the posting guidelines about personalised comments.

To be honest I agree with an earlier poster in wonder if this is just somebody trolling...
 
gosh I really am amazed at the banks lending the amounts that momomo and 007007 got. 2 years ago I bought an apartment for 270 with my boyfriend, we had a joint income of 63k and a lot of banks turned us down because we had a (modest) car loan. Have things changed that much in that last 2 years? Apologies as this is prob going off topic.....
 

Its absolutely crazy to you but its reality for alot of people, and im having no problems making ends meet.
The OP seems to release themselves that 900euro is quite a good amount of money to live on
 

Hi deedee
As you can see from the op they have no loans , i didnt have any loans either, so i was told by my broker that made a difference.
Ulster bank and first active both offered me a mortgage no problem on my own. If your under 30 they offer a 40year term
 
Can people please try and address the OP's issues and keep it on topic please?

Thanks.
 
Sorry, my last post seems to have disappeared.

My advice is that the OP can't afford the property, and seems to be making little effort to get out of a grave position. Recommending a 40 year mortgage is, IMHO, crazy as although this might lower the initial payment of principal and capital, it also condemns one to a life of repayments well into post-retirement. Likewise, interst only mortgages are only post poning the repayments of capital on the mortgage.

The bottom line is if you are weighing the cost of any item, from a house, to a car or a sandwich, if you can't afford it, then don't buy it.

If it was me, I would be renting out a room, and maybe taking a few other measures such as cutting back on socalising / holidays to at least let me settle down into a patternm of expenditure that I am confortbale with. Sacrafcing my privacy would be vastly preferable to a repossession and subsequrnt difficulties in buying property in future due to a bad credit history. But, as I also stated above, with almost 60% of your take home pay going on servicing a mortgage, you are already in trouble and this situation might not be easily solved.
 
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007007, have you claimed your TRS? If not, it could reduce the cost of the mortgage by €166 p.m.
 
007007,

Is the need to own your home worth living in poverty for a few years?

Why are you in such a hurry to get in such incredible debt?

I am agreement with the other posters who think you need a reality check.
 
i cant believe what im reading!
007007 is not living in poverty, she just needs to budget her money carefully.

Im sorry but i really cant get over people thinking that a girl with no debt other then 1000 euro on a credit card can not afford to pay bills and survive on 800euro.
 
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