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Any chance of a mortgage?!

  • 01-03-2012 6:05am
    #1
    goldbird200
    Closed Accounts Posts: 26 ✭


    Single lady here would love to buy a house and want to know what my chances are.

    I have about 11k in the credit union, 8 k saved with AIB, and I managed to save about 14k this year in Australia and have left that in my Australian account.

    I will be going straight back into a permanent job in April where my income will be about 35k.

    I've never had a bank loan as I have always done car loans and holiday loans with credit union.

    Will my Australian bank statements help towards my case in an Irish bank?

    I'm nearly too frightened to even approach a bank to apply but surely I'd have some hope. I'd even rent a room out in the house for a few years if needs be...

    Any advice/help would be appreciated.


Comments

  • #2
    professore
    Closed Accounts Posts: 5,857 ✭✭✭professore


    Aside from the fact that if you get a mortgage, property prices are still collapsing and you will almost certainly pay tens of thousands too much at this point, you should read http://www.davidmcwilliams.ie/2012/02/29/if-the-eu-wants-our-agreement-the-ecb-must-help-our-banks to understand why the banks are not giving out mortgages, because they are basically still bust.

    However for most people a house is not purely a financial investment, so I would try a foreign bank operating here, perhaps KBC.


  • #3
    GSF
    Registered Users, Registered Users 2 Posts: 1,831 ✭✭✭GSF


    goldbird200 wrote: »
    I'm nearly too frightened to even approach a bank to apply but surely I'd have some hope.
    Why - the banks are just a shop selling money, so I dont really get why people should be afraid to approach them?

    Depends what type of property & where that you want to buy. On the face of it you have a high deposit and a reasonable income.


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


    goldbird200 wrote: »
    Single lady here would love to buy a house and want to know what my chances are.

    I have about 11k in the credit union, 8 k saved with AIB, and I managed to save about 14k this year in Australia and have left that in my Australian account.

    I will be going straight back into a permanent job in April where my income will be about 35k.

    I've never had a bank loan as I have always done car loans and holiday loans with credit union.

    Will my Australian bank statements help towards my case in an Irish bank?

    I'm nearly too frightened to even approach a bank to apply but surely I'd have some hope. I'd even rent a room out in the house for a few years if needs be...

    Any advice/help would be appreciated.

    Is the permanent job from April the same one you were in before you went away? If so, you should be able to get an approval at some level. The amount you qualify for will depend on your age and how much you have a proven repayment capacity for based on prior to when you went to Australia & whilst you were away. If you managed to save €14k whilst in Australia were you working there full-time or how did you manage to save that amount? The money in your Australian account will help with your application. If you're too afraid to go to the bank then go to a Broker! We don't get frightened by the Banks!!


  • #5
    goldbird200
    Closed Accounts Posts: 26 ✭goldbird200


    I'm 27.
    Yeah going back to the same company, but in a promoted role. So I think I was earning about 28k Pre Oz. and will be earning 35 now.
    Yes I worked for 8 months on a massive project where I was paid wages I could only ever dream of earning back home.

    Pity Im such a home bird really!!


  • #6
    st1979
    Registered Users, Registered Users 2 Posts: 936 ✭✭✭st1979


    I am not a broker or never was. But having got mortgages before from brokers and direct from bank (during good times) I would definitely use a good broker. Takes a lot of the hassle away from you and it sounds like you could do with that


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  • #7
    killers1
    Registered Users, Registered Users 2 Posts: 1,443 ✭✭✭killers1


    goldbird200 wrote: »
    I'm 27.
    Yeah going back to the same company, but in a promoted role. So I think I was earning about 28k Pre Oz. and will be earning 35 now.
    Yes I worked for 8 months on a massive project where I was paid wages I could only ever dream of earning back home.

    Pity Im such a home bird really!!

    You should have no difficulty in qualifying for a mortgage based on your income & savings so long as you can prove that the repayments are affordable


  • #8
    dotsman
    Registered Users, Registered Users 2 Posts: 3,636 ✭✭✭dotsman


    professore wrote: »
    so I would try a foreign bank operating here, perhaps KBC.
    Why???

    AIB/BOI are by far the best 2 banks at the moment for mortgages, both in terms of LTV and interest rates. AIB variable is more than 1% cheaper than KBC which is a saving of several thousand euro per year (depending on the size/term of the mortgage)


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