Mortgage Problems

wetdufflecoats

Hi all,

Just wondering if anyone could give me some advise re getting a mortgage for a self build and whether i'd have a chance of getting one?
I'm on 40k gross with no loans outstanding and have my own site with FPP and a deposit of 20k?
Is it a runner or would i need more of a deposit in your experience?

Thanks in advance

mickdw

Depends on what type of job Id say and also how much cash you need.
Realistically you have a site of value €x plus €20,000 so If you have a bullet proof job Id say you would get a small mortgage

braftery

Interesting question ... and the lack of response is interesting too.

From word of mouth it is a pretty arduous task to get mortgage approval these days but I am sure it is still possible.

Why not simply go talk to the bank(s), I am pretty sure they will be all positive at the outset and they will outline pretty quickly the limits they can offer you based on your circumstances.

Whether or not, that initial outline will turn into an acutal formal offer I am more circumspect about.

Good luck with it and if you are willing, I for one would love updates on how you get on ! Not the details but just what hoops they make you jump through

Gillo

As brafferty said, you're best bet is to hit all the banks, no harm also in trying a broker, they might be able to advise you before you send the application in.

The worst the bank can do is say no.

JuniorB

Talk to a broker - they should give you a ballpark yeah or neigh pretty quickly. On figures given I'd say neigh (3 times salary =120 +20 - you wont build much for 140k) but best of luck anyway. Having no current loans etc is a huge plus.

LoTwan

I read this last night and thought straight away "It depends on what you are looking to borrow". I have decided to not apply for a mortgage at the moment because of how bad the situation has become. I would rather not know than hear "No"

braftery

Banks are in the business of lending money ... the only reason they are lending less now is that they dont have any !!

wetdufflecoats

JuniorB wrote: »

Talk to a broker - they should give you a ballpark yeah or neigh pretty quickly. On figures given I'd say neigh (3 times salary =120 +20 - you wont build much for 140k) but best of luck anyway. Having no current loans etc is a huge plus.

Jeez i hope they can give me more than that anyway...was looking for about 200k!!

LoTwan

wetdufflecoats wrote: »

Jeez i hope they can give me more than that anyway...was looking for about 200k!!

We earn a decent amount more than you and have no debts and they won't go near us for that amount

muffler

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