We are about to post off our mortgage application later today...Im getting nervous and have some concerns that ye might be able to help me with.
Our details:
Husband: Aged 47, Gross Salary 69k permanent
Me- teacher, aged 33 (fixed term contract until August) Gross 43k + 5K additional income.
We've two children (ages 4 and 2), no childcare costs.
We have an apartment on a tracker mortgage with AIB. (its rented out to tenants)
Valued at about 200k. Mortgage left 180k
We've no loans.
I have a credit card, owe about 200 euro, I use it a lot but always clear it at the end of the month and before interest.
We ve been saving monthly between 1,100 - 1,400euro in addition to our rent of 1,200 monthly.
Current savings stand at 56k. Reckon by September we will have 65k plus a bit (10 K) of the sale of the apartment after legal fees.
So my questions are:
The last 3-4 months we have gone into our overdraft on my husbands current account by a few days, not that we were short of money but because really I guess bad cashflow management! Our mortgage on apartment was coming out and our rent and I had saved too much too soon which caused us to go into the overdraft. A couple of days later- rent from tenants and our wages were lodged in and we are back to a positive bank balance
So Im just worrying this will look negatively against us as we apply???
Secondly, Im wondering about how much they might actually give us!
I know it's a max of 3.5 times salary but with stress testing and the 2 kids, what might we expect to be given. Also my husbands age will go against us.
I asked AIB about my contract and they said to submit my CV.
I have always been lucky to find employment and have no breaks in my employment but its with different schools.
I obtained a letter from my principal to say that my position has arisen due to the retirement from a teacher so the position is ongoing.
Is there anything else I should do to help with our application?
We ve been looking around at houses- There appears to be a massive shortage of houses around the 280-330k range!
We are hoping to manage to afford a house around 350k.
Do you think we might be able to afford it!!?
Thanks in advance, Hope I haven't left any details out above.
Our details:
Husband: Aged 47, Gross Salary 69k permanent
Me- teacher, aged 33 (fixed term contract until August) Gross 43k + 5K additional income.
We've two children (ages 4 and 2), no childcare costs.
We have an apartment on a tracker mortgage with AIB. (its rented out to tenants)
Valued at about 200k. Mortgage left 180k
We've no loans.
I have a credit card, owe about 200 euro, I use it a lot but always clear it at the end of the month and before interest.
We ve been saving monthly between 1,100 - 1,400euro in addition to our rent of 1,200 monthly.
Current savings stand at 56k. Reckon by September we will have 65k plus a bit (10 K) of the sale of the apartment after legal fees.
So my questions are:
The last 3-4 months we have gone into our overdraft on my husbands current account by a few days, not that we were short of money but because really I guess bad cashflow management! Our mortgage on apartment was coming out and our rent and I had saved too much too soon which caused us to go into the overdraft. A couple of days later- rent from tenants and our wages were lodged in and we are back to a positive bank balance
So Im just worrying this will look negatively against us as we apply???
Secondly, Im wondering about how much they might actually give us!
I know it's a max of 3.5 times salary but with stress testing and the 2 kids, what might we expect to be given. Also my husbands age will go against us.
I asked AIB about my contract and they said to submit my CV.
I have always been lucky to find employment and have no breaks in my employment but its with different schools.
I obtained a letter from my principal to say that my position has arisen due to the retirement from a teacher so the position is ongoing.
Is there anything else I should do to help with our application?
We ve been looking around at houses- There appears to be a massive shortage of houses around the 280-330k range!
We are hoping to manage to afford a house around 350k.
Do you think we might be able to afford it!!?
Thanks in advance, Hope I haven't left any details out above.