Have I done all I can (mortage related) ?

Hi all,

Just want to see what others think, judging by what I have read though I seem not to be that bad. Anywhoo, the other half and I were looking at houses for a year, about 6 months ago I would have gotten 285k on my own and between us we could have gotten up to 480k. We did not see anything we liked and were not pushed.

Now we have found a nice house for 300k in the area but she is being made redundant (no problem getting a job after though) but still no banks will include her. So for first time buyer as myself on 42k, permanent public sector job, between us with savings of around 45k + a redundancy package of 40k from herself, coming out with over just over 2k a month thats just me but the most so far i can get approved for is a house value of 210k. Now am i just being mad and should be happy with what I can get or is there anything else I can try in the mean time? I have tried BOI, AIB, EBS, TSB, all giving quotes from 180 - 210. I have tried gurantor (sp?) but that only adds 20k.

We just dont want to let the house go as its a great deal and a few months down the line it could be gone. Should I just bite the bullet and wait and hope?

Forgot to add, no outstanding loans left, just the CC which is always paid off.

You should consider that in a few months down the line it could be (probably will be) even better value.

Put in a lower offer, closer to what you can afford and see what feedback you get on it.

yeap said:

but she is being made redundant (no problem getting a job after though)

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Do you have a crystal ball? How do you know this? - thats what the banks are thinking.

If I were you Id hang on, save more, and get a better deal later.

truthseeker said:

if i were you id hang on, save more, and get a better deal later.

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+1

Are you being offered a mortgage of between 180k - 210k or is this the max house price and that you use the 85k (savings and redundancy) towards the house so mortgage is between 95 - 125K.
If it is the former I don't see why you don't use the savings and redundancy to add to the mortgage of 210 and perhaps offer 280 so you have few bob left over for solicitor fees and furniture.