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Mortgage, What is considered when applying

  • 13-10-2008 4:52pm
    #1
    Tableman
    Closed Accounts Posts: 234 ✭✭


    When applying for a mortgage, What exactly is considered? Your salary I know is considered. But Are your current savings considered? Are any assets considered? For example, I have a farm. Could I use one of my fields as collateral for the mortgage?

    My apologies if it is a stupis question but I am new to all this :confused:


Comments

  • #2
    JuliusCaesar
    Registered Users, Registered Users 2 Posts: 4,885 ✭✭✭JuliusCaesar


    Savings - amount.
    saving habit - do you save regularly? How much?
    assets.
    equity in any existing mortgages.
    any additional sources of income
    permanence or otherwise of employment.
    existing loans or debts.

    Just off the top of my head.


  • #3
    axel rose
    Registered Users, Registered Users 2 Posts: 1,050 ✭✭✭axel rose


    credit union loans paid by dd can count against you. otherwise they dont consider them.
    The basic rule is pay off the credit cards and overdraft and if you really need a car drive the cheapest p.o.s. you can get away with for your needs. Then throw everything else into the bank. Good luck:)

    Sorry I forgot to add. OH has a small farm rented out -as long as there is a habitable house on it then yes, your laughing. It can depend on where it is, if your renting or farming, that sort of thing. If its more like a rented plot of land without dwelling then they only consider the rental income. makes sense really.


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