Looking for a 100,000 Mortgage. What are my chances?

L

Ladder77

Guest
Hi all, new here. Just wanted to ask a question re a mortgage. I'm looking to get a mortgage for a €100,000. (Planning on going into a 1/3 mortgage with another person paying the remaining 2/3)
I earn roughly €2000 a month, I have €500 coming out of my bank account each month to pay off loans. What are my chances of getting the mortgage? Slim?
 
Re: Mortgage Query

Hmmm tip number might be to lump your total loan small amounts (on which you are probably paying high interest) on to the mortgage (on which you will probably pay lower interest).
2. re getting a loan go to an indepenent broker.
3. Make sure you have a good solicitor and everything written down if entering into part ownership
 
Re: Mortgage Query

Thanks for the reply Jim. The loan is with the Credit Union and is taking out of my account by direct debit each month. As far as I know Credit Unions don't give out loans. Is this right? So wouldn't really be able to lump them all together unfortunately.

In what way are independent brokers a better option?
 
depends on a few factors.
what age are you?
how much are your current loans?
what is the value of the property you are buying?
what is the relationship with the person you are purchasing the property with?
can you get a guarantor?
are you in a position to rent out a room in your new place?

Your chances are slim, but it is possible.

Bob
 
Ladder,

If you're getting a mortgage with someone else, it will automatically be a joint mortgage. So your question is not whether or not you can qualify for €100,000 but whether or not jointly you can qualify for €300,000.

In other words, the other party may drag your joint application up or down, depending on what s/he earns.
 
ClubMan said:
Net or gross?
Click to expand...
Net

bobk said:
depends on a few factors.
what age are you?
how much are your current loans?
what is the value of the property you are buying?
what is the relationship with the person you are purchasing the property with?
can you get a guarantor?
are you in a position to rent out a room in your new place?

Your chances are slim, but it is possible.

Bob
Click to expand...
31
2000 with AIB, 17000 with C.Union
300,000
Shes my girlfriend
Yes
The house is already being rented out.


LDFerguson said:
Ladder,

If you're getting a mortgage with someone else, it will automatically be a joint mortgage. So your question is not whether or not you can qualify for €100,000 but whether or not jointly you can qualify for €300,000.

In other words, the other party may drag your joint application up or down, depending on what s/he earns.
Click to expand...
Shes already got a full mortgage for the house. The plan is for me to go 33% into the mortgage.
 
You still need to have a joint mortgage if both of you are to be named on the deeds of the property. You cannot have two mortgages on the same residential property, except in exceptional circumstances (or if you're a rogue solicitor. :p) If she qualifies for the full 300,000 on her own then it sounds like you will qualify for 300,000 jointly. You can choose to split the monthly repayments 66/33 if you want.
 
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