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First time mortgage application

  • 13-11-2011 10:44pm
    #1
    FOLLYTHEROAD
    Registered Users, Registered Users 2 Posts: 2 ✭


    Hi

    I am about to apply for a mortgage with BOI in Dublin. I earn €46k p.a. Looking for approx €200k which is within their guidelines for what I earn. I have about €65k in personal savings. no loans or debts. I'm with my current employer for 5 years +.

    Just wondering if you've been approved/rejected recently, and what sort of hoops the mortgage company may have made you jump through..


Comments

  • #2
    E Dunphy
    Closed Accounts Posts: 8 ✭E Dunphy


    Hi, Can you PM me and let me know how you get on when you apply.

    Like yourself, i earn 46k pa and am saving at the moment, i hope to apply early next year and will have around 25k saved.
    I will be looking for a mortgage of around 160K and work fulltime in CIE.

    Cheers


  • #3
    wetdufflecoats
    Registered Users, Registered Users 2 Posts: 26 ✭wetdufflecoats


    Neither of ye should have any problems.I'm in my early thirties and have €25k deposit,40k per year salary and they had mortgage approval of €140k the next day.


  • #4
    killers1
    Registered Users, Registered Users 2 Posts: 1,443 ✭✭✭killers1


    Neither of you will have any issuing in qualifying for the amount you need based on income. The main thing now for banks is repayment capacity i.e. have you proven you can afford the proposed monthly repayments? This is done by way of rent, savings etc. I wouldn't just look to BOI as their rates aren't the most competitive out there at the moment...PM me if you'd like more details, I'd be delighted to assist.


  • #5
    Tommy34
    Closed Accounts Posts: 2 ✭Tommy34


    Hi
    Myself and my partner have banked with BOI from when we have started earning.
    We have circa 40k in savings and earned €74,000k per annum.
    We have been trying to get a mortgage with BOI since late 2008 since the downturn hit.
    They constantly change the goalposts everytime we meet. We have two kids and I dont know if this is going against us we cannot get a straight answer from them.
    Has anyone experienced this before or can anyone recommend another company to go with?
    We havent threatened to move our banking elsewhere but have thought about it to see if this might change their minds. probably not.


  • #6
    killers1
    Registered Users, Registered Users 2 Posts: 1,443 ✭✭✭killers1


    Tommy34 wrote: »
    Hi
    Myself and my partner have banked with BOI from when we have started earning.
    We have circa 40k in savings and earned €74,000k per annum.
    We have been trying to get a mortgage with BOI since late 2008 since the downturn hit.
    They constantly change the goalposts everytime we meet. We have two kids and I dont know if this is going against us we cannot get a straight answer from them.
    Has anyone experienced this before or can anyone recommend another company to go with?
    We havent threatened to move our banking elsewhere but have thought about it to see if this might change their minds. probably not.

    Hi Tommy,

    The problem you are facing is that banks have had numerous credit policies since 2008 and you've just been unlucky in so far as a different one has been in place each time you met them. I am an independent mortgage broker and would be happy to discuss your options with you. In particular, with recent rate events BOI are certainly not the cheapest out there at the moment.


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