Type of Application - Joint Application
Detached house 3 acres *Builders Finish*
House Price Asking 350,000
Mortgage - 302,000
Mortgage Term - 30 years for stress testing but would aim to pay in 15/20 if possible
Savings - 22k in my Savings account
Is there a lump sum from any other source? If so give full details.
5k due from Tax back
Age of Applicants – 29/30
Combined Salary – 106k + Bonus 4-6k per year.
Employment situation -
She’s permanent public 6 years
I’m permanent private with the same company 5 years
Have you any children. - NO
Have you any court orders or Judgements. - NO
Have you any other loans and if so full details of amount/period/% rate and repayment amounts.
None – she has just finished paying off a 10k Car loan (2 year loan period) in 1 year and from next month will be saving 1k p/m
Are these loan payments over the past 12 month effectively counted as her ability to save seen as the loan is now paid off?
Cr. Card situation. Full disclosure.
No credit cards for either of us.
Have any of your existing loan or credit card monthly repayments been paid late over the past twelve months, even if you made the repayment in full a few days later? If so, how many times in the past twelve months?
No – none.
Any previous negative Cr. history by either applicant.
No.
Are your savings and rent clearly visible and identified as such in your bank accounts each month
My savings are clear – 1000 per month since Nov 2014 into savings account with same bank.
We rented a house together in 2015 and the rent for the full year (750p/m total) was paid DD.
I have been living at home since Jan 2016 and she is renting in different location - her rent since then has been paid in Cash (250 p/m)
Have you gone over your overdraft limit in the past six months, even if only for a day or two? If so, how many times in the past six months?
No
Additional Info –
My current account balance + €5k Tax Back + Savings = €33k
Her current car which she has just paid off is worth minimum €15k and could be sold for same in a matter of a week or 2 to a dealer (Her previous car was given to sister as practice car for driving – she would take this back)
If upfront money was an issue with the banks the parents would have no problem gifting cash upto 12k.
The house likely needs 15k min. to make it habitable – I am guessing the banks would take note of this? Would they be looking at the house cost to finish the house or just the upfront costs for the mortgage and deposit amount?
I would continue to live at home whilst doing some work on the house myself along with free help from skilled relatives. Plan to move in 6-8months after purchase.
I am driving an expensive to run car with €1500 year tax and high running costs – how will the bank look at this?
We treat ourselves quite regularly to meals out – €200/250 p/m
We have treated ourselves to nice holidays:
Since mid-2014 we have been on 2 big holidays and 2 smaller getaways – about 12k spent on holidays in this period. How would the banks view this? Obviously we are young and realise we can’t always live like this, with a mortgage we accept this kind of living is not possible – hence we have ‘lived it up’ while we could. I guess I hoping the Banks see the positive of this along with the negatives – as in we can spend that much on holidays without needing loans and still continuing to save.
I travel a lot with work to the America’s and Asia – we do not have a company credit card so all my flights and expenses go through my current account and I claim back expenses once I book. This means my current account fluctuates drastically with €2000+ flights been booked along with €1000+ on hotels before I am home again get to claim back.
How would this be viewed by the banks?
On 2 occasion since I started saving I had to temporarily pull across 1000 from my savings to cover the cost of an unexpected company expense or extended last minute extension to a trip – the 1000 was always put back into my account within the month once my expenses came through.
Will this be a big black mark against me? It’s the nature of my work for last minute travel and the company policy means there is always a lag between purchasing flights and getting the expenses back. I am worried this may go significantly against me and raise flags for account management... Obviously if I had a mortgage I would claim my expenses back the second I make the payment which would prevent the issue above happening again - currently I wait until I am home to claim all expenses at once knowing I have the savings as a back up when I'm abroad.
Finally my prospects for pay rises are good – my salary has increased significantly over the last 5 years and should continue.
Overall what do you think our chances would be?
Detached house 3 acres *Builders Finish*
House Price Asking 350,000
Mortgage - 302,000
Mortgage Term - 30 years for stress testing but would aim to pay in 15/20 if possible
Savings - 22k in my Savings account
Is there a lump sum from any other source? If so give full details.
5k due from Tax back
Age of Applicants – 29/30
Combined Salary – 106k + Bonus 4-6k per year.
Employment situation -
She’s permanent public 6 years
I’m permanent private with the same company 5 years
Have you any children. - NO
Have you any court orders or Judgements. - NO
Have you any other loans and if so full details of amount/period/% rate and repayment amounts.
None – she has just finished paying off a 10k Car loan (2 year loan period) in 1 year and from next month will be saving 1k p/m
Are these loan payments over the past 12 month effectively counted as her ability to save seen as the loan is now paid off?
Cr. Card situation. Full disclosure.
No credit cards for either of us.
Have any of your existing loan or credit card monthly repayments been paid late over the past twelve months, even if you made the repayment in full a few days later? If so, how many times in the past twelve months?
No – none.
Any previous negative Cr. history by either applicant.
No.
Are your savings and rent clearly visible and identified as such in your bank accounts each month
My savings are clear – 1000 per month since Nov 2014 into savings account with same bank.
We rented a house together in 2015 and the rent for the full year (750p/m total) was paid DD.
I have been living at home since Jan 2016 and she is renting in different location - her rent since then has been paid in Cash (250 p/m)
Have you gone over your overdraft limit in the past six months, even if only for a day or two? If so, how many times in the past six months?
No
Additional Info –
My current account balance + €5k Tax Back + Savings = €33k
Her current car which she has just paid off is worth minimum €15k and could be sold for same in a matter of a week or 2 to a dealer (Her previous car was given to sister as practice car for driving – she would take this back)
If upfront money was an issue with the banks the parents would have no problem gifting cash upto 12k.
The house likely needs 15k min. to make it habitable – I am guessing the banks would take note of this? Would they be looking at the house cost to finish the house or just the upfront costs for the mortgage and deposit amount?
I would continue to live at home whilst doing some work on the house myself along with free help from skilled relatives. Plan to move in 6-8months after purchase.
I am driving an expensive to run car with €1500 year tax and high running costs – how will the bank look at this?
We treat ourselves quite regularly to meals out – €200/250 p/m
We have treated ourselves to nice holidays:
Since mid-2014 we have been on 2 big holidays and 2 smaller getaways – about 12k spent on holidays in this period. How would the banks view this? Obviously we are young and realise we can’t always live like this, with a mortgage we accept this kind of living is not possible – hence we have ‘lived it up’ while we could. I guess I hoping the Banks see the positive of this along with the negatives – as in we can spend that much on holidays without needing loans and still continuing to save.
I travel a lot with work to the America’s and Asia – we do not have a company credit card so all my flights and expenses go through my current account and I claim back expenses once I book. This means my current account fluctuates drastically with €2000+ flights been booked along with €1000+ on hotels before I am home again get to claim back.
How would this be viewed by the banks?
On 2 occasion since I started saving I had to temporarily pull across 1000 from my savings to cover the cost of an unexpected company expense or extended last minute extension to a trip – the 1000 was always put back into my account within the month once my expenses came through.
Will this be a big black mark against me? It’s the nature of my work for last minute travel and the company policy means there is always a lag between purchasing flights and getting the expenses back. I am worried this may go significantly against me and raise flags for account management... Obviously if I had a mortgage I would claim my expenses back the second I make the payment which would prevent the issue above happening again - currently I wait until I am home to claim all expenses at once knowing I have the savings as a back up when I'm abroad.
Finally my prospects for pay rises are good – my salary has increased significantly over the last 5 years and should continue.
Overall what do you think our chances would be?