GoingPlaces
New Member
- Messages
- 2
Personal details
Age: 40
Spouse’s/Partner's age: 35
Number and age of children: 3 under 14.
Income and expenditure
Annual gross income from employment or profession: €99,000
Annual gross income of spouse: €30,000
Monthly take-home pay: €5,400 & €1,850. Combined €7,250 approx.
Type of employment:
Both Private sector employees. Full time & permanent.
In general are you:
(a) saving about 30% of combined net salaries, only really started properly a few months ago.
Summary of Assets and Liabilities
Family home worth €250k with a €185k mortgage
Cash of €85k
Family home mortgage information
Lender PTSB
Interest rate 3.9% variable
(No need to tell us the monthly repayments or what term is left)
Other borrowings – car loans/personal loans etc
Car loan: less than 12k remaining. €420 P/M.
We have no credit cards, or any other form of credit usage.
Other savings and investments:
Do you have a pension scheme? Yes.
Do you own any investment or other property? No.
Other information which might be relevant
Life insurance: Yes. Simple mortgage protection.
What specific question do you have or what issues are of concern to you?
Exploring moving house, getting a new mortgage and I have a bunch of questions about getting a new mortgage if anyone would like to help me.
1. We'd need a new mortgage circa €275-€300k for a €415-€440k home.
a. What are our chances of getting this amount?
b. Would it be easier for me to go solo for the next mortgage? As 3.5 times my salary is €345k, which is more than we want.
c. I've read advice about going to a broker at the start of the year when their percentage of clients to whom they can lend 4 x salary is re-set?
2. Should we sell our home before we go looking?
a. We have a huge close family home we can move into for several months or even a year while looking. Rent free. With a single other current occupant.
3. I did a credit report check.
a. All current mortgage payments paid in full & on time.
b. All past loans were all paid in full with zero missed payments.
c. The last Credit Union loan I had I paid off the remainder, circa €6k, in a lump sum about eight months ago.
i. Will this affect me?
ii. Will this be questioned or does this even matter?
d. The mortage lender only sees the last two years in any case, isn't that correct?
i. So, even though entire credit history is clear, only I can see the entire past five years? So it doesn't really benefit me extra?
ii. Neither of us have applied for any new loan, overdraft, or credit in over 2 years.
4. I have the potential to change job for more money. Circa €7k per annum extra.
a. If I did, I'd only have to wait until the six months probation is over and then get a fresh salary cert?
b. I've never been unemployed or had an employment gap of even one day at anytime since age 18.
5. In regards broker's.
a. We got our current (and only) mortage years ago through broker. So I found the process so easy back then.
b. I know of one near by who has a really excellent reputation.
c. Does a broker these days handle all the paperwork for you?
i. As in we give him all the certs, statements etc and they become the sole point of contact with all the potential lenders?
ii. This sounds like such less of a headache than doing it ourselves.
iii. Does anyone here recommend going through a broker?
Thanks in advance for your insights and advice.
Age: 40
Spouse’s/Partner's age: 35
Number and age of children: 3 under 14.
Income and expenditure
Annual gross income from employment or profession: €99,000
Annual gross income of spouse: €30,000
Monthly take-home pay: €5,400 & €1,850. Combined €7,250 approx.
Type of employment:
Both Private sector employees. Full time & permanent.
In general are you:
(a) saving about 30% of combined net salaries, only really started properly a few months ago.
Summary of Assets and Liabilities
Family home worth €250k with a €185k mortgage
Cash of €85k
Family home mortgage information
Lender PTSB
Interest rate 3.9% variable
(No need to tell us the monthly repayments or what term is left)
Other borrowings – car loans/personal loans etc
Car loan: less than 12k remaining. €420 P/M.
We have no credit cards, or any other form of credit usage.
Other savings and investments:
Do you have a pension scheme? Yes.
Do you own any investment or other property? No.
Other information which might be relevant
Life insurance: Yes. Simple mortgage protection.
What specific question do you have or what issues are of concern to you?
Exploring moving house, getting a new mortgage and I have a bunch of questions about getting a new mortgage if anyone would like to help me.
1. We'd need a new mortgage circa €275-€300k for a €415-€440k home.
a. What are our chances of getting this amount?
b. Would it be easier for me to go solo for the next mortgage? As 3.5 times my salary is €345k, which is more than we want.
c. I've read advice about going to a broker at the start of the year when their percentage of clients to whom they can lend 4 x salary is re-set?
2. Should we sell our home before we go looking?
a. We have a huge close family home we can move into for several months or even a year while looking. Rent free. With a single other current occupant.
3. I did a credit report check.
a. All current mortgage payments paid in full & on time.
b. All past loans were all paid in full with zero missed payments.
c. The last Credit Union loan I had I paid off the remainder, circa €6k, in a lump sum about eight months ago.
i. Will this affect me?
ii. Will this be questioned or does this even matter?
d. The mortage lender only sees the last two years in any case, isn't that correct?
i. So, even though entire credit history is clear, only I can see the entire past five years? So it doesn't really benefit me extra?
ii. Neither of us have applied for any new loan, overdraft, or credit in over 2 years.
4. I have the potential to change job for more money. Circa €7k per annum extra.
a. If I did, I'd only have to wait until the six months probation is over and then get a fresh salary cert?
b. I've never been unemployed or had an employment gap of even one day at anytime since age 18.
5. In regards broker's.
a. We got our current (and only) mortage years ago through broker. So I found the process so easy back then.
b. I know of one near by who has a really excellent reputation.
c. Does a broker these days handle all the paperwork for you?
i. As in we give him all the certs, statements etc and they become the sole point of contact with all the potential lenders?
ii. This sounds like such less of a headache than doing it ourselves.
iii. Does anyone here recommend going through a broker?
Thanks in advance for your insights and advice.
