Problem

asomeday

Hi guys-came across our first problem -got refused mortgage by TSB today ,the reason they gave was that although we have all the money for the deposit in a savings account they have not seen it build up slowly over a few months...

This frustrates me as our salaries for one year cover the price of the mortgage we require

My question now is:should we opt to visit a mortgage broker now to give us the most options for approval?

Thanks

Senna

I'd say your problem is you went to PTSB. AFAIK they have one of the highest standard variable interest rates and aren't in the market for new business.
Try BOI and AIB, their rates are much better, but all of them will want evidence of ability to save, as that translates to ability to service a mortgage.

asomeday

Senna wrote: »

I'd say your problem is you went to PTSB. AFAIK they have one of the highest standard variable interest rates and aren't in the market for new business.
Try BOI and AIB, their rates are much better, but all of them will want evidence of ability to save, as that translates to ability to service a mortgage.

Thank you-You've calmed my nerves slightly...will probably go with a BOI or UB application as they are quite close to us geographically.

Do lenders not take rent into account?

This whole mortgage and house thing has arisen very quickly therefore we haven't been saving over a number of months but our dream house (at tge right price) is now on the market at the perfect time and we are worried we won't get the loan,which is Only for 63k,because our regular savings stopped in August due to job loss

D3PO

if one of you lost your job in August and is on the mortgage application thats likely holding you back aswell. Even if you or your partner have found a new job banks will require that the person be in full time empolyment for a min of 6 months.

so iif one of you isnt and you havent got a savings record then these are two black marks against you unfortunatly. Id still go to BOI or AIB to see what they say but perhaps there are other things that you havent mentioned aswell that are impacting your applicaton.

loans ? credit card debt ? etc

Duckjob

asomeday wrote: »

...but our dream house (at tge right price) is now on the market at the perfect time

I know it can be hard but you should try to shake yourself out of the "this is our dream house" mentality. You'll discover plenty of "dream houses", and as each week goes by more and more of them will be drifting into your price range.

..And whatever you don't ever give an EA a sniff of the idea that a property is your "dream house" and you don't want to walk away from it - if you do that you're doomed.

asomeday

D3PO wrote: »

if one of you lost your job in August and is on the mortgage application thats likely holding you back aswell. Even if you or your partner have found a new job banks will require that the person be in full time empolyment for a min of 6 months.

so iif one of you isnt and you havent got a savings record then these are two black marks against you unfortunatly. Id still go to BOI or AIB to see what they say but perhaps there are other things that you havent mentioned aswell that are impacting your applicaton.

loans ? credit card debt ? etc

No loans,no credit cards,no debt,in fact all previous loans have been repaid early

I became unemployed for one Month from November to December and have secured a job,he has been employed steadily for five years and his employment is pensionable


Re dream house: don't worry the EA can't even get a sniff of dream house from us