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applying for mortgage

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  • 24-10-2011 11:47am
    #1
    Registered Users Posts: 176 ✭✭


    hi im thinking of going for a morgage ,my husband is on low wage so he gets supplemented with family income supplement we just wondered is that counted when you go for a mortgage. any help or info would be appreciated thanks.


Comments

  • Registered Users Posts: 3,816 ✭✭✭unclebill98


    Depends on bank.

    Income support is exactly that. It's not to support the payment of a mortgage.


  • Registered Users Posts: 33,607 ✭✭✭✭NIMAN


    I'm guessing it will depend on what you do for a living, and how long you have been in permanent employment.

    Plus you will need to have a pretty hefty deposit. At least 12% I'd guess.

    Also, banks are rejecting most applications, and using any excuse to do it, so do not be too shocked if they reject your application too.


  • Registered Users Posts: 3,816 ✭✭✭unclebill98


    Banks are only rejecting mortgages that don't meet there very public t&c.

    You can still get up to 92% mortgages.

    Quick rule. No more than 40% of your income can be on set outgoings like, new mortgage amount, any loans, cc min payments etc. Everything else like home/life ins, esb and other bills and general living expenses comes from the 60% left over.


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


    kline64 wrote: »
    hi im thinking of going for a morgage ,my husband is on low wage so he gets supplemented with family income supplement we just wondered is that counted when you go for a mortgage. any help or info would be appreciated thanks.

    Not sure how you could afford a mortgage when the family unit qualifies for Family Income Support, but it would help if you could detail what the total household income is (broken down as PAYE vs Social Welfare (FIS + Children's Allowance etc).


  • Registered Users Posts: 176 ✭✭kline64


    thanks for the help but have been refused for morgage,my husbands wages a year doesnt even qualify us to the smallest amount! even offering to pay 20% of the deposit & they still said no. we are only looking for a morgage around 60,000 euro. :(


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  • Closed Accounts Posts: 5 Wondering1


    U should apply for a council mortgage. A council mortgage is to accomodate lower earners and as long as there is a primary earner in full time work then social welfare after that is taken into account. If u are currently paying rent u have a good chance. They require a 3% deposit so your deposit on 60k would be small. also your partner may be a low earner but this is a small mortgage u are looking for so your repayments will probably cheaper than a months rent!!


  • Registered Users Posts: 1 Desmonds10


    Hi
    Myself and my wife are applying for a mortgage in the next few months.we have been saving hard for the past few mOnths and are half way there with our deposit.we are looking at a house worth 195k.we have spoken to the banks recently and they said we need regular savings.I am in full time employment in a permanent job and my wife works agency.we have a combined monthly income of 4400 and we will be getting 20k as a gift towards the price of the house.

    My question is I had a credit card and car loan that I missed a few payments on but were both cleared within their time frame.my car loan finished two years ago and my credit card was paid off 2 years ago too.will missing a few payments affect my chances of getting a mortgage?

    We have no loans or credit cards.im often in my agreed overdraft of 1200 as we use my acc to pay all bills and here to use for savings.We have wired record of all bills incl rent etc and all have been paid in time in last 2 years

    Can anyone help as I have just applied for my credit rating cert and I am very worried we may be refused due to me missing a few payments in the past due to having a good time in the past


  • Registered Users Posts: 4,502 ✭✭✭chris85


    Desmonds10 wrote: »
    Hi
    Myself and my wife are applying for a mortgage in the next few months.we have been saving hard for the past few mOnths and are half way there with our deposit.we are looking at a house worth 195k.we have spoken to the banks recently and they said we need regular savings.I am in full time employment in a permanent job and my wife works agency.we have a combined monthly income of 4400 and we will be getting 20k as a gift towards the price of the house.

    My question is I had a credit card and car loan that I missed a few payments on but were both cleared within their time frame.my car loan finished two years ago and my credit card was paid off 2 years ago too.will missing a few payments affect my chances of getting a mortgage?

    We have no loans or credit cards.im often in my agreed overdraft of 1200 as we use my acc to pay all bills and here to use for savings.We have wired record of all bills incl rent etc and all have been paid in time in last 2 years

    Can anyone help as I have just applied for my credit rating cert and I am very worried we may be refused due to me missing a few payments in the past due to having a good time in the past

    The fact is that your credit rating will be affected from the loan and credit card and this will impact on your ability to get a mortgage. Furthermore regular use of an overdraft, even an authorised one, looks fairly bad financially so this will also impact it. Your wife's income may not even be considered on a mortgage application due to it being agency work.


  • Registered Users Posts: 542 ✭✭✭Liam D Ferguson


    chris85 wrote: »
    The fact is that your credit rating will be affected from the loan and credit card and this will impact on your ability to get a mortgage. Furthermore regular use of an overdraft, even an authorised one, looks fairly bad financially so this will also impact it. Your wife's income may not even be considered on a mortgage application due to it being agency work.

    +1

    Get a copy of your own credit report from www.icb.ie

    If the missed payments appear on your ICB report, then you'll probably have to wait another three years before they disappear.

    If they don't appear on the ICB report, then I'd say stop using your overdraft for at least six months before trying a mortgage application.

    As chris85 says, you may still have a problem with the fact that your wife is doing agency work.


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