Do you think i will get mortgage approval

H

heltipp

Guest
Myself and my boyfriend have recently applied to UB for mortgage approval and after giving my figures and information to the Bank Manager he was quite confident that we should be approved, now i do know that this might not mean anything. We have only heard back from them in relation to centain queries about our application, so still no answer. Just wondering what everyone on here thinks:

I am a public servant on 32,000 a year.... monthly take home €1840.
One Credit union loan of €18,000 paying back €400 a month. I have a credit card with €900 owing.

My boyfriend is a retail manager earning 48,000 a year plus 12,000 in bonus - monthly take away €3100. also has a cu loan of €13,000 paying back €400 a month.

We pay rent of €750.00 a month and have One child.

We have applied for €100,000.

anyone any comment on this
 
What about a deposit/savings? Also with a net income of nearly 5k per month and assuming you do have savings, why would you still have €900 owing on a credit card. Surely makes sense to pay that off when applying for the mortgage?

Either way, given the net income and both your outgoings, I wouldnt have thought there would be much problem borrowing €100,000 but then again I'm no expert. Does seem like you have quite a lot of debt though which I guess the bank might have a problem with and also the bank might not take into account your boyfriends bonus unless its guaranteed and he can prove he's received it consistently. AIB told me I would need to prove I've received the bonus for 3 consecutive years for them to factor it in.
 
thanks for reply. We have 9,000 euro in savings at the moment and are saving 600 a month.

I agree about the credit card and am trying to pay if off as quick as i can but between rent, saving every penny for deposit etc it isnt that easy.

and yes it is a big debt but mine comes from a few mistakes in my early twenties and never thinking i would find someone and settle down with a family and it has all happened now and i am living with the consquenses of silly mistakes. I am however paying it back every month without fail.

His bonues is recieved yearly and has been for the past six years.
 
As I said, I'm no expert but I cant see why you wouldn't be able to get 100K. Best of luck anyway.

Have you tried any other banks also?
 
Just on an aside, I would use the 600 you say you are using for savings to clear the CU loans, I would aggressively attack them and have them clear in 9-10 months. Then save for deposit then.
 
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