Bank only allowing 85k mortgage thought we would get twice that?

S

snipersham

Guest
Hi myself and my wife have just got word from the bank regarding a mortgage as we wish to trade up.
but firstly a brief synopsis of our situation.

1) Married with 2 kids , 6 & 3
2) i earn 50k a year , with potential for 20k for performance. My wife stays at home with the children.

3)approx 2700 to live on per month after deductions.
4) i own my own home, it's worth a conservative 150k.
5) absolutley no outstanding loans whatsoever and a clear credit history.

The bank has told me that the max they can loan me is 85k, i was expecting twice that amount. The cited the amount i take home every month as being an issue.
Can any one tell me if this is accurate or just plain outrageous?

Thanks
 
with who? - AIB offered us less than half of the amount we eventually borrowed from BOI (and I'm a long-standing AIB customer...)
 
The new mortgage market is extremely finnicky currently, with very conservative decisions being taken and many declines/reductions in term etc based on unfathomable reasons. It many cases it is "outrsageous" but there is little that customers can do in the current climate.
 
44brendan said:
The new mortgage market is extremely finnicky currently, with very conservative decisions being taken and many declines/reductions in term etc based on unfathomable reasons. It many cases it is "outrsageous" but there is little that customers can do in the current climate.
Click to expand...
you may consideder it unacceptable, but crazy lending and borrrowing destroyed the economy. It is great to see the banks being prudent now with lending decisions.
 
@sebadoh - hardly helpful?

We could say:

- every bank followed Basel II and every other dog and pony show put forward by rating
agencies and analysts
- we restructured the Central Bank in 2001 (and not 1901) and they missed the boat
- etc etc
 
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