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mortgage

  • 11-01-2010 11:42pm
    #1
    athlone M
    Closed Accounts Posts: 87 ✭✭


    Hi,
    I was wondering if anyone would know anything about mortgages. Recently my husband and I looked into the rent to buy scheme and as part of this scheme the developer needs to know that in three years time when your lease is up that you will be financially able to get a mortgage and so a brief look into our financial records showed that we would only qualify for a mortgage of 75k. Now my husband is working full time and earns 28600 per annum before tax and I am on a social welfare payment of approx 145 per week. We have no real loans and were shocked to learn that this was all we would get in the line of a mortgage.I would appreciate if anyone can help. Thanks


Comments

  • #2
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    athlone M wrote: »
    Hi,
    I was wondering if anyone would know anything about mortgages. Recently my husband and I looked into the rent to buy scheme and as part of this scheme the developer needs to know that in three years time when your lease is up that you will be financially able to get a mortgage and so a brief look into our financial records showed that we would only qualify for a mortgage of 75k. Now my husband is working full time and earns 28600 per annum before tax and I am on a social welfare payment of approx 145 per week. We have no real loans and were shocked to learn that this was all we would get in the line of a mortgage.I would appreciate if anyone can help. Thanks

    When you say "no real loans"; how much are we talking about here? It does effect your capacity to repay.

    The norm is 5 times salary assuming no other debt or major outgoings. A deposit will be needed.


  • #3
    athlone M
    Closed Accounts Posts: 87 ✭✭athlone M


    We have a car loan which is paid by the end of march.


  • #4
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    athlone M wrote: »
    We have a car loan which is paid by the end of march.

    What about a Credit Card? Overdraft?

    If the only credit you have is a car loan then you "may" get c140k. A deposit of 8% may give you scope to purchase a house up to c155k.

    I "doubt" the bank will take into account your income (however I stand corrected).

    Also it depends what age you are / the term you want as well.


  • #5
    athlone M
    Closed Accounts Posts: 87 ✭✭athlone M


    Thanks stepbar,
    No there is no overdraft or credit cards. My husband and myself are both 27 and we would most likely look to get a mortgage for over 30 years


  • #6
    Raskolnikov
    Registered Users, Registered Users 2 Posts: 10,148 ✭✭✭✭Raskolnikov


    Did you go to a mortgage broker or did you approach a bank yourself? Certain banks (KBC) have no interest in lending, however there are other lenders (EBS for one) who are still eager to provide mortgages.

    How much exactly were you looking to borrow?


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  • #7
    athlone M
    Closed Accounts Posts: 87 ✭✭athlone M


    We didin't approach anyone as yet it was just the amount that estate agent said was the banks would give us. We haven't seen a property that we have any interest in as yet we would like to have an idea of what we might get before we start looking


  • #8
    Da GOAT
    Registered Users, Registered Users 2 Posts: 453 ✭✭Da GOAT


    im a FTB and have been talking to Mortgageline.com or .ie and seem friendly so far. no brokers fees and they work with about 6 banks. Ive only talked to them recently and I do like them but take it as not a full recommendation.


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