mortgage application

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cirbir

Registered User
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hi all,
Just wondering would i have a good chance of getting a mortgage these days from the banks have permanent job and some savings would the permanency be good when going for mortgage or is it the savings really there are looking at looking at a mortgage of about 200k
please help!!
 
ask and you shall receive, but seriously, time to ask the bank, hard to know what their views are these days
 
thanks clon boy!
im going to just put in my applications and see how it goes no harm in trying, fingers crossed
 
all though the mogages being granted are fewer than before, fact is they are still giving them out
 
cirbir said:
hi all,
Just wondering would i have a good chance of getting a mortgage these days from the banks have permanent job and some savings would the permanency be good when going for mortgage or is it the savings really there are looking at looking at a mortgage of about 200k
please help!!
Click to expand...
Some pertinent questions not answered by the above...

How much do you earn?
How much savings do you have?
Do you have any debts?
What sort of price range are you looking at?
 
clubman in response to your reply,
earn 460 pw
12000 savings
have no debts no credit union loan car paid in two months
looking at mortgage of 200,000

let me know wat you think
thanks
 
In case it helps ... just to give you some idea of the possible cost/affordability which is just one aspect considered by lenders when assessing loan applications:

€460 p.w. (let's assume net for now) = c. €2K per calendar month.

€200K @ say 5% over 25 years = repayments of c. €1.1K per calendar month (ignoring mortgage interest tax relief which may be marginal anyway). Lower repayments if term is longer obviously (e.g. 30 years).

http://www.drcalculator.com/mortgage/ie/
 
Are you married?

You need at least €16k of a deposit plus stamp duty, costs etc so you ve a way to go yet.

And as pointed out by clubman above you'd be nuts to get a mortgage for taht amount as you ll be living on beans on toast and when interest rates eventually go back up you ll be in serious trouble
 
kennyb3 said:
You need at least €16k of a deposit plus stamp duty, costs etc so you ve a way to go yet.
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Just curious - how did you calculate that? On the basis of €200K being some maximum percentage of the purchase price or something?
And as pointed out by clubman above you'd be nuts to get a mortgage for taht amount as you ll be living on beans on toast and when interest rates eventually go back up you ll be in serious trouble
Click to expand...
Just to be clear - I wasn't actually saying that - just posting some indicative figures for people (in particular the original poster) to make their own minds up.
 
Our experience

Hi All FTB,

I'd like to share my experience from our first application for a mortgage.
I have permanent job in a financial institution (been there 5+ years) and my husband is self employed. We have 2 children.
My earnings are a little more than these of cirbir. At the time of the application (early this year) we had about 130k savings + 2 properties abroad. We save 1000 each month + 332 child benefit (rates from 2-3 years ago). When you add the rent our outgoings are over 2k a month.
The problem was my husband's accounts from previous years. Only last year's earnings were ok, previous years weren't so good.
BoI didn't like his accounts, said his earnings were inconsistent and because he's self employed there is no stability in his income and even if he's done ok the previous year he could go down the next (something in those lines).
I asked the mortgage adviser if we can put the application on hold for 3 months and prove that his earnings are the same as these from the previous months and also provide them with some additional papers form his accountant - managed accounts, etc and details of what work he has lined up for the next couple of months. She agreed.
3 months latter it turns out our application was cancelled (3 months ago) because of my husband's situation with paid tax/income , not put on hold as we agreed before. She said we didn't have enough disposable income to afford the mortgage we were applying for – 120k and they could only give us 60k.
I was so disappointed, we were so looking forward to moving in a nice house, making it our permanent home.
At the time I was furious and thought this was pure discrimination ( we are eastern europeans) – she says ones our application is cancelled then says they can offer us 60 based on my salary only. You can't offer anything on cancelled application, right? I was thinking of writing an official compliant of unfair treatment, misleading information but decided it was probably for the best with falling house prices and didn't do anything.
We will try again next year and this time we'll shop around.

Good luck to all :)
 
cirbir, please followup later and let us know how you get on with the application if you choose to go for it.
 
Am I missing something here? The OP is earning 24k per annum net and is looking to borrow over 8 times that. I would imagine that banks are no longer lending that kind of multiple.

Cirbir, well done on having such great savings but I can't see a bank advancing that big a loan.

Good Luck
 
Mrs Vimes said:
Am I missing something here? The OP is earning 24k per annum net and is looking to borrow over 8 times that. I would imagine that banks are no longer lending that kind of multiple.

Cirbir, well done on having such great savings but I can't see a bank advancing that big a loan.

Good Luck
Click to expand...

No your not missing anything, still lots of delusion around
 
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