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Applying for a mortgage

  • 26-01-2011 8:57am
    #1
    pw01
    Closed Accounts Posts: 168 ✭✭


    Hi, i visted my broker and was told that a car loan i have would have to be cleared before applying for a mortgage, is this true with all banks?
    i have saving for the mortgage but if i use theses to clear off the loan , wont have enough. the loan is for 15k.

    thanks for any help!


Comments

  • #2
    stephendevlin
    Closed Accounts Posts: 1,307 ✭✭✭stephendevlin


    Usually standard practice is to be debt free and have at least 10% of the cost of your house. Some banks do differ about the 10% some more some less. They are not taking any chances at them moment so it may be harder to get a mortgage considering the times we are in. So any outstanding loans / credit cards are not in your favour. :)

    You (and your partner) need to be in full time employment. To stand any chance. (Not a requirement)


  • #3
    pw01
    Closed Accounts Posts: 168 ✭✭pw01


    yeah i'm in full employment, was told the only problem was the loan! Always thought they it could be rolled into it. Seems to be very hard to get a mortgage as right


  • #4
    stephendevlin
    Closed Accounts Posts: 1,307 ✭✭✭stephendevlin


    pw01 wrote: »
    yeah i'm in full employment, was told the only problem was the loan! Always thought they it could be rolled into it. Seems to be very hard to get a mortgage as right

    Back in the day yes maybe they could have done it. (maybe still but only under certain circumstances)

    Your car would cost you twice what you paid for it if your paying it off over 25/30 years


  • #5
    pw01
    Closed Accounts Posts: 168 ✭✭pw01


    Did anyone elses have this problem of not getting a mortgage cause of a loan they had?


  • #6
    stephendevlin
    Closed Accounts Posts: 1,307 ✭✭✭stephendevlin


    pw01 wrote: »
    Did anyone elses have this problem of not getting a mortgage cause of a loan they had?

    They are not likely going to give someone who is -€15,000 + Interest a Mortgage.

    If you had €30,000 savings they would look at you differently or you were a Doctor.

    I am in the same position as you are. Unfortunatly that seems to be the way it is.

    They want all car loans / credit cards / personal loans cleared. + Savings in the bank. :(

    You could talk to a loan officer in the bank but you will get a simmilar answer.


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