Mortgage Question - First time buyer (and poster!)

A

abiE

Guest
Hi
Myself and my partner are thinking of buying a house thats 112K

I finished up college to have a baby Dec 08 and have not worked since she was born last summer . Im going back to work for a company I previously worked for next month
I'll be earning approx 23,000 per year
He earns 25000 per year

He just finished paying a loan of 15,000 . I have a student loan of 3,000 and he has a credit card with 5,000 on it.

We have no real savings (maybe 1500)but could get 10-15K as a loan from the CU- for a deposit ?

Would it be possible to get a mortage with the above figures?
 
Unfortunately not abiE.

The deposit must come from an unborrowed source i.e savings or a gift.

As regards returning to work, will you have a probationary period or will this be waived as you worked there previously?

www.moneybackmortgages.ie
 
There wont be a probationary period.
If the loan was from a family member would that count ?
 
abiE said:
There wont be a probationary period.
If the loan was from a family member would that count ?
Click to expand...

If the loan is a gift them that would be fine, if the loan had to be repaid then this is not allowed. If it is a gift, the person giving it would have to sign a gift letter stating they would have no beneficial interest in the property.

On joint salaries of €48k, you should in theory qualify for the mortgage you require but this will depend on having your current accounts in good order (in credit, no referral fees), both of you being in secure employment and having a good employment history. It would be advisable to try and pay off the loans and credit card to make your application stronger.
 
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