Are the banks giving out mortgages?

J

JohnJay

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hi everyone.

I'm thinking about selling up my Affordable Housing apartment before it falls in value below what I paid for it. I'm not sure how the council will fell about this, but hopefully I will have 13k back from the sale, plus I have another 12k in savings.

What are the chances of me getting a 220k mortgage for a house worth 240k these days? I earn about 45k a year and have no other loans/debts.

I've heard all sorts of stories recently about banks not giving people 100k mortgages on properties worth 600k, etc - are things that bad with the banks?
 
JohnJay said:
I've heard all sorts of stories recently about banks not giving people 100k mortgages on properties worth 600k, etc - are things that bad with the banks?
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Some banks have minimum amounts they will lend for mortgages - I think I recall seeing that BOI was 150k. Once the LTV is 80-90%, then the banks will judge more or less solely on your ability to repay. It's tough to get a mortgage out there, no matter what the banks would have us believe.

Sprite
 
hi john jay
can i ask were you waiting long for your affordable house?
hopefully you can sort something out with your bank!!!

cirbir
 
cirbir said:
hi john jay
can i ask were you waiting long for your affordable house?
hopefully you can sort something out with your bank!!!

cirbir
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I was waiting about 8 months at the time, but I took an apartment. I've always planned on moving on to a house sometime, hopefully this recession will let me, providing I can get a mortgage!
 
You'll have no problem getting a mortgage, in my experience. BOI will lend about 5.1 times your salary.
 
8 months is good i have just applied for the affordable housing in cork? any advice!! a house would be a good idea to buy especially in the recession the prices are falling fingers x
 
there are loads of threads on this site with information about Affordable housing. buying one is a good idea if the price is low. There are a lot of good deals to be had in "regular" houses these days - u are better off going for one of these if you can as they do not come with restrictions.
 
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