Thanks for that FTB - i'm a bit reassured.
The appartment is in Royal Canal Park.
Prices are 250-295K - haven't seen it yet so i dont know
why the different prices.
I saw about 8 apartments in the one block.....they were basically the same layout, just on different levels. The one we picked was the dearest coz it was top floor and slightley bigger than the rest. (690sq) which is very small anyway.
Ground floor was 255,000, and 66sq size was 277, 69 sq was 287.
I'm getting the valuation report on monday but i think its pretty much within DCCs.
adm2006,
I had the same conversation with BOI who I've banked with for the past 15 years.....price range for AH is 262 - 275K...have my SSIA with BOI and have been adding to it since it matured....earning 42K in full-time permanent employment for the past 11 yrs and they had the audacity to ask me could my parents give me the short-fall of €40k!!!! I was so astounded I didn't even loose the rag with them!!! The most they were offering me was 90%....€210k!!!
Then to add insult to injury they tried to flog me another savings account before I left, they even had the cheek to say if I came up with the 40K they'd be more than happy to "do whatever it takes".....so disgusted once I get my final mortgage approval with whoever I decide to go with I'm closing all my BOI accounts.
I went to Simply Mortgages and they got me much better quotes from EBS and Haven...try a broker! Even SM were surprised with BOI but he said they don't want to touch AH candidates with the way things are going now!!!
It's insulting though....Im on a reasonably good salary, with good annual bonuses and they made me feel like I was on the bread-line...and more or less insulted my single status to boot!!!!
This is a bizarre post. You went to your bank. You asked to borrow money from them. In their professional opinion, they believe that you may not be able to afford the repayments on the loan you requested. So they declined. And you seem to be taking it personally?
If you had asked to borrow €1 million, would you be offended or insulted if they declined?
It's truly mind-boggling in 2008 to hear that there are still people out there who want to borrow more than they can afford, in a property market where values are falling, an economy that's getting shakier by the day and with the very-real possibility that interest rates may rise again as the ECB attempts to combat inflation.
Your advice to adm2006 who was in a similar situation is to find a lender who may offer more than five times annual income?
€286,000 x 30 years at 5.5% = €1,624 per month.
A single person on €40,000 is probably taking home around €2,700 per month. Loan repayments would therefore account for over 60% of take-home pay, without factoring any rate increases.
Bank of Ireland are doing you a favour.
As a general rule the monthly repayments cannot exceed 40% of your monthly income.
Hey! Does anyone know if BOI still do Breakthrough Mortages? Was just looking at it but obviously the banks are closed now so i can't ring ha! Also, just been offered a house in Clifden Road Ballyfermot - dying to view it!! One last thing, for Approval in Principle, do i need to get time off work to go to the bank or can that bit be done over the phone??
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