Mortgage Advice

Millieblossom

Hey guys..... Hopin to get some info.... heres my situation!!
Me and my bf decided last year to buy a house this year..... The house we were looking at and fell in love with has jus been reduced to 119000!!! This is a recievership sale!!! The thing is, my bf has bin let go as he finished his apprenticeship with his company who he worked for for 6 years.... He now just does nixers until he gets a new job but this isnt evidence of income!!! My hours in work (where im employed 5years) have been cut so my salary is now 15000... We were hoping end of summer so by then we will have 12000 saved for deposit..... We have no loans what so ever and constant saving going into credit union without missing a week, no children or credit card bills.... My current account is in pretty good condition with a certain amount always in there and missing no direct debits( car insurance and phone bill) His on the other hand has started to drop since he is out of work..... We will need a loan of 108,000 so payments a month approx 560 which would be easily paid by us together!! Im really panicking over this as its a great price for the house and our situation where we live at the moment is not great as we share a house with his 2 sisters and 1 of them has a baby on the way...... All advice given would be greatly appreciated as were desperate to get on the right track.... Also is there still stamp duty for first time buyers as some people say yes and some saying no..... Thanks a mill

MagicMarker

You want to borrow 100k+ with a combined household income of 15,000 per year?

You haven't a hope, sorry.

The_Honeybadger

Are you for real? You have an on-paper joint income of € 15k and you expect to get a six figure mortgage? Sorry but no bank in the world will lend you the money, concentrate on saving if possible and wait until your work situation improves. Sorry for being blunt but what you are hoping to do is beyond madness.

ShadowHearth

Sorry op, but you won't have a chance to get mortgage.

You need to be employed for 2 years atleast and you will have to provide payslips for 3 months.

Me and misses got combined around 38k and we got approved for 80k. Had small personal loan and -200eu in visa. With you on such lowish income and your partner with no job it will be imposible.

Millieblossom

Sorry guys wasnt very clear thats jus my salary his was 30 k last year and he is waiting for a job he's bin "promised" thats why were waitin till end of summer so hes out of the so called probation period!!!!

The_Honeybadger

Millieblossom wrote: »

Sorry guys wasnt very clear thats jus my salary his was 30 k last year and he is waiting for a job he's bin "promised" thats why were waitin till end of summer so hes out of the so called probation period!!!!

Depends then on how solid the bank regard his and your employment to be. Unless his new job is pretty safe I'd say wait. If he's in construction or some related field it is highly unlikely the bank will give you the money anyway.

MagicMarker

Your BF would have to be in a job a minimum of 12 months for it to be considered permanent and even then it still may not be long enough for the bank to approve that kind of mortgage.

Millieblossom

Thanks Mickeyk, absolute nightmare!!!! Its always the way when u decide these things then u really want it and somethin like that happens!!! Cheers!!

drunkmonkey

Millieblossom wrote: »

Thanks Mickeyk, absolute nightmare!!!! Its always the way when u decide these things then u really want it and somethin like that happens!!! Cheers!!

Don't be disappointed, keep saving away your going well. Property prices are going down every day and will do for maybe the next 10 years. If the 2 of ye really put your heads down for the next 4/5 years you should be able to buy a house without a loan or a very small loan.

House seems a bit cramped, might be worth looking at some where to rent. You could even contact the receiver and tell them your interested in renting that particular property.

Millieblossom

Ye that sounds like a good idea drunkmonkey thanks for that.... But about renting i think id rather jus save any extra few bob i have rather than spend it on rent see how it goes anyway...... Were really kickin ourselves now though cos we cuda done it last year ( prob just aswell we didnt) But we went to Florida thinkin it was all good that cost a bomb in itself. Any how thanks for the advice!!!!

drunkmonkey

Treat yourself again this year, it's less than you'll have lost in depreciation if you bought last year. Italy's a lot cheaper to get to and the beaches are just as warm;)

djimi

Millieblossom wrote: »

Im really panicking over this as its a great price for the house

Do yourself a favour and get this way of thinking out of your head! It might be a decent price for the house now but it will be cheaper this time next year, and then again the year after. Do not rush into buying something that you cannot afford just because it seems like your dream house or whatever; its only a house, there are plenty more out there and they are getting cheaper all the time. Keep saving and this time next year youll be in a stronger position, with a bigger deposit and looking for a smaller mortgage on a cheaper house.

If your current living situation is that bad then rent somewhere out while you save. Dont rush out and buy just to get out of your current accomodation.

TwoShedsJackson

Me and my bf decided last year to buy a house this year..... The house we were looking at and fell in love with has jus been reduced to 119000!!!

Don't get emotionally attached to a particular house - it's a business transaction, not a love affair.

You haven't a hope of getting the mortgage you would need at present, but save what you can and wait until your partner is in his job a year, by then houses will have gone down further and you will save yourself a lot in the long run.

dufferlover

MagicMarker wrote: »

Your BF would have to be in a job a minimum of 12 months for it to be considered permanent and even then it still may not be long enough for the bank to approve that kind of mortgage.

This isn't true actually. My other half was only seven months in employment when we got approval. Before that he was two years unemployed. It depends on the lender it seems. However, in this situation I think the majority are right, sadly, ye haven't a hope of getting a mortgage at this point in time.

killers1

MagicMarker wrote: »

Your BF would have to be in a job a minimum of 12 months for it to be considered permanent and even then it still may not be long enough for the bank to approve that kind of mortgage.

AIb will look at the application once permanent and 6 months with current employer so that is the minimum you'll have to wait once your boyfriend gets a job and is made permanent. Unfortunately your won't qualify for what you need based on your current sole income.

fareastgirl

It's pity that your bf was let go. Based on your current situation,the bank wont approved you. I,myself is just getting a mortgage in few weeks,just signed the contract and paid the full deposit. Just continue to save coz the bank is looking for the history of savings esp AIB. Before I got the full loan approval,they asked me loads of things to submit. Esp Im not in permanent contract yet in HSE because of the embargo in permanency. But because I have a very good savings and Im morethan 2 years in the job,they approved me. This is the best time to buy a house. Just pm me if you want to ask more about the mortgage process. Cheers

Villa05

does anyone else feel there is a dead cat bounce on the way. Very dangerous for those who do buy considering the economic Armageddon we are facing.

Evsytrad

The reality is (as above) you will not get the amount needed for a loan with the income stated... but give credit where credits due guys. This is a young couple saving to buy a house... I wish the other half of young couples would get up off there arses and start saving or even look for work! Good for you... good for you I say. You will have a lovely house one day. Good Luck to the both of you!

Villa05

Evsytrad wrote: »

This is a young couple saving to buy a house... I wish the other half of young couples would get up off there arses and start saving or even look for work! Good for you... good for you I say. You will have a lovely house one day. Good Luck to the both of you!

Young couples have being doing this since time beginning of time. Unfortunately in our toxic isle, the establishment and vested interests took advantage through greed and corruption to trap an entire generation in negative equity.

fricatus

Villa05 wrote: »

Young couples have being doing this since time beginning of time. Unfortunately in our toxic isle, the establishment and vested interests took advantage through greed and corruption to trap an entire generation in negative equity.

You're right, but let's look at the positives, OK?

OP, well done on saving all that money. I know it's tough now, especially with your living situation, but just concentrate on keeping the savings going consistently every month and wait until your boyfriend is permanent in his job. When the time comes, you'll have no problem getting a mortgage.