Possible mortgage

kellyj77

Hi I was seriously considering buying a house in the next year or so but not sure if could get one.

I am 23 years of age and a trainee accountant earning 30k at present. That is increasing as I pass exams and hope to be qualified in year and half and on approx 50k. I have 25k savings and no loans. I am also saving anywhere between 600 and 1000 a month. I am hoping to get a loan of approx 120k, would there be any chance I could and could I afford repayments?

killers1

Do you have a permanent job with your current employer and how long have you been with them? You would qualify for €120k based on your current income and your savings give you a proven repayment capacity for the amount required.

kellyj77

yea I have a permanent contract and have been there a year and a half. Would i have to wait a bit longer or until I was qualified before I was entitled to a mortgage?

How much would I be expect to pay a month in repayments a month approximately?

killers1

kellyj77 wrote: »

yea I have a permanent contract and have been there a year and a half. Would i have to wait a bit longer or until I was qualified before I was entitled to a mortgage?

How much would I be expect to pay a month in repayments a month approximately?

The banks insist you are in a permanent job and your salary allows you to qualify for the amount required on their calculator which it does in your case. Approx repayments over a 35 year term amount to just under €500pm. Any queries send me a PM

mbiking123

Hello

Are banks/building society's actually giving mortgages ? I hear people getting approval but when they go to actually get the money they are having problems. A few months back I overheard a couple talking to the manager (EBS) and they were unable to get the amount they needed to buy a house or at least the house they wanted. The manager told them maybe when EBS join up with AIB they will be able to give a larger loan but not at the moment.

regards

killers1

Yes, the banks are lending to applicants when the application is within their credit policy on amount sought v income and the applicant has a proven repayment capacity for the amount required. In the case of EBS, they are currently being merged into AIB but have no funds to lend at present and are not active in the market.

mbiking123

but have no funds to lend at present and are not active in the market.

Thanks for quick reply

Can you indicate who is and not active

thanks

stepbar

BOI seems to be the only show in town at the minute -

http://www.bankofireland.com/about-boi-group/press-room/press-releases/item/289/bank-of-ireland-provided-1-in-every-2-mortgages/

And then you are left with the rest - AIB, Ulster, KBC, PTSB, NIB, EBS. I doubt the last 3 are lending much as the minute - PTSB are certainly not and I doubt NIB or EBS have anything to lend at the minute.

killers1

stepbar wrote: »

BOI seems to be the only show in town at the minute -

http://www.bankofireland.com/about-boi-group/press-room/press-releases/item/289/bank-of-ireland-provided-1-in-every-2-mortgages/

And then you are left with the rest - AIB, Ulster, PTSB, NIB, EBS. I doubt the last 3 are lending much as the minute - PTSB are certainly not and I doubt NIB or EBS have anything to lend at the minute.

AIB are up there with BOI at the minute. Don't believe everything you read from a banks press room! It really depends on the application to be honest e.g Ptsb have by far and away the cheapest 5 yr fixed rate for ltv's less than 50% (cheaper than most banks variable rate!) They've priced themselves out of the ftb Market but are attracting all the low risk low ltv applications where if there was a further 50% drop in house values the security would still be sufficient

stepbar

For info - the press release was based on this research - http://www.ibf.ie/gns/publications/research/researchmortgagemarket.aspx