Mortgage currently in process. FTB

S

sullydublin

Registered User
Messages
20
Hi All,

I am a newbie to the forum so feel free to slap me if i am posting in the wrong area.

My situation is as follows: Me & my partner applied for a mortgage last week after getting a great deal on a house we like in a nice location for €95K, Before this i was in with the bank a few weeks back & the lady gave us approval for €192K(I take it thats in principle).

We both work full time in permanent positions , I earn 26K she earns 23K plus commission. We have savings of €8500 between us & €5K gift from my parents.

We have been renting for the last 6 months at €875 & also saving €500 a month most months.

The application has gone in but can anyone see a reason for us getting turned down?

The mortgage over 25 years works out a €512 fixed for 5 years.

Hope i am worrying about nothing.

Thanks in advance.
 
Welcome to Askaboutmoney.com.

Based on what you've posted, this sounds like a strong application, provided that the rent is visible in your bank statements.

Only reasons I can think of why this might be turned down would be: -
  • Big existing loan repayments
  • Current accounts going into unauthorised overdraft, e.g. referral fees, late direct debits etc.
  • Bad credit history on previous loans or credit cards.
  • Loads of kids eating into your disposable income (and food).
If none of the above apply to you, I'd think you should be approved for what you want. Good luck with it. :D
 
LDFerguson said:
Welcome to Askaboutmoney.com.

Based on what you've posted, this sounds like a strong application, provided that the rent is visible in your bank statements.

Only reasons I can think of why this might be turned down would be: -
  • Big existing loan repayments( Small loan outstanding of €1500
  • Current accounts going into unauthorised overdraft, e.g. referral fees, late direct debits etc.( we have no overdraft or late direct debts of what i am aware of )
  • Bad credit history on previous loans or credit cards.No credit cards thank god
  • Loads of kids eating into your disposable income (and food).Hopefully in the future but none for now
If none of the above apply to you, I'd think you should be approved for what you want. Good luck with it. :D
Click to expand...

Thanks for getting back to me, Fingers crossed, the deal is done with the seller & just praying that this comes without any problems
 
Guys how long does it take for a mortgage application to get done, I gave in everything last thursday.
 
Ring them and ask. We were dealing with UB last month and they were very prompt and open to our questions. But of all the places we applied they were very strict in their T&C's.
 
Tired Paul said:
Ring them and ask. We were dealing with UB last month and they were very prompt and open to our questions. But of all the places we applied they were very strict in their T&C's.
Click to expand...

Thanks for the reply going to get in touch with them this morning, Here's hoping for good news.
 
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