Are banks lending at the moment?

bill_ashmount

Anyone have any idea how the banks are for mortgages now? Reading over on the Pin that they are unbelievably tight at the moment

Basically I'm looking to transfer my mortgage from one bank to another. Anyone tried this recently? Are they open to doing this in the current climate?

Just looking for a heads up before I go barging in or contacting my solictor etc for fee levels...

Cheers

ntlbell

I guess it will depend on how much equity you have etc etc

just make an appointment with a couple of banks and have a chat?

bill_ashmount

ntlbell wrote: »

I guess it will depend on how much equity you have etc etc

just make an appointment with a couple of banks and have a chat?

Ya, i'll be making a few appointments, just looking for the general feeling out there.

On the equity front i'm ok, even now, i've a fair bit of equity built up. Good salary too so that shouldn't be an issue.

ntlbell

bill_ashmount wrote: »

Ya, i'll be making a few appointments, just looking for the general feeling out there.

On the equity front i'm ok, even now, i've a fair bit of equity built up. Good salary too so that shouldn't be an issue.

You sound like an ideal customer.

this is the sort of customers banks want atm.

ebrab04

bill_ashmount wrote: »

Anyone have any idea how the banks are for mortgages now? Reading over on the Pin that they are unbelievably tight at the moment

Basically I'm looking to transfer my mortgage from one bank to another. Anyone tried this recently? Are they open to doing this in the current climate?

Just looking for a heads up before I go barging in or contacting my solictor etc for fee levels...

Cheers

Hopefully this is not too late for you but I am just so angry I have just found out that I have been turned down for another mortgage,,, yet another one I have been turned down by AIb, BOI, Ulster Bank, Permanent TSB and the EBS, between myself and my partner our incomes total 37,000 and we haev thanks to the sale of a previous house and some other savings around €125000 in the bank and we applied, 5 times, for €160000 loan over 40 years, the repayment would be basically nothing. We have tried absolutely everything I am desperate, because we had to sell our previous home when the time was right to get the most money from it we have been living in my inlaws for almost the past year. The only additional factor is that we are only 23, yeah long story as to how we bought the other home... I am so desperate my taxes are going to recapitalising the banks and stimulating the economy and I cant even get a 57% mortgage.... Newsflash THE GOVERNMENT CLEARLY HAVE NO MONEY!!! I am at the end of my rope does anyone out there have any other ideas as to where we can go to get this small mortgage It is so devastating we are actually trying to build, we have a site and I dont know how much longer we can put off paying for it and I am terrified we are going to loose it we can build the house for around €120000 but we need this money.Any ideas??

D3PO

ebrab04 wrote: »

Hopefully this is not too late for you but I am just so angry I have just found out that I have been turned down for another mortgage,,, yet another one I have been turned down by AIb, BOI, Ulster Bank, Permanent TSB and the EBS, between myself and my partner our incomes total 37,000 and we haev thanks to the sale of a previous house and some other savings around €125000 in the bank and we applied, 5 times, for €160000 loan over 40 years, the repayment would be basically nothing. We have tried absolutely everything I am desperate, because we had to sell our previous home when the time was right to get the most money from it we have been living in my inlaws for almost the past year. The only additional factor is that we are only 23, yeah long story as to how we bought the other home... I am so desperate my taxes are going to recapitalising the banks and stimulating the economy and I cant even get a 57% mortgage.... Newsflash THE GOVERNMENT CLEARLY HAVE NO MONEY!!! I am at the end of my rope does anyone out there have any other ideas as to where we can go to get this small mortgage It is so devastating we are actually trying to build, we have a site and I dont know how much longer we can put off paying for it and I am terrified we are going to loose it we can build the house for around €120000 but we need this money.Any ideas??

it really is impossible to comment without knowing all the ins and outs. I guess one thing that sticks out is your combined earniings. sounds like your both pretty much on the minimum wage. maybe the bank is worried about the likely hood of you holding onto your jobs.

the level of equity is one thing but will falling prices and a moratorium on reposessions the banks obviously feel there is still significant risk. plus they are stress testing at capability to pay back at 6 odd percent interest right now.

that said Im still surprised that you have been refused there has to be more to this than meets the eye. are you sure you have your equity levels right ?

have you factored in you will have to pay stamp duty on the new purchase ?

have you taken about solicitors fees from your savings

and so on and so forth

Senna

Your problem is not equity for the mortgage, its ability to repay. They are looking at a 2 person household earning only 37k per annum, thats not a lot to cover bills and normal living expenses for 2 adults, (with the possibility of children at some point in time).
If you were earning 37k each and wanted a mortgage of (double) 320k, you would probably get it.

You have the lump sum, why aren't you renting somewhere nice and adding to that sum. Its possible you could purchase in a few years time without a mortgage. Your 23, enjoy yourself, you dont need to own a house now, the banks are doing you a favor, it might take you a few years to realize.