Hi, we've just gotten approval in principle for a 92 per cent mortgage and are approved for what we asked for - 160k. Our situation is as follows:
Combined income of 74k. My husband works in private sector. He was unemployed for about a year and did a job bridge scheme for 6 months and he got offered a permanent contract at the end so he's been in his job a year now.
I'm a public servant with 12 years service.
We have 2 children and savings of about 17k. During the year while he was unemployed we still managed to save 200 each month and since he's been working full-time we've been saving 1400 per month. I think savings are key and while we wouldn't have huge savings they've been growing very steadily.
We went through a broker and got approval from AIB. The only thing they really looked for was a letter from my husband's employer to say his probation was finished.
To be honest when we were told we'd been approved I was floored as I expected them to say come back in 6 months. So we're delighted.
Been on the phone to estate agents since organising viewings. Looking at the first one today. There's one for sale in the estate we're renting in. Been on the market for about a year and surprise surprise the agent tells me there's an offer of 170k in on it (asking price is 195). Not sure I believe him!