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Will I get Approved for Mortgage?

  • 11-05-2012 9:50am
    #1
    JeanLucPicard
    Closed Accounts Posts: 115 ✭✭


    Here's the situation;

    First Time Buyer

    Salary €41000 Civil Service Job

    Looking for €150000

    No loans. 0 balance on credit card.

    Savings €1000 in Post Office (a small weekly amount over the past few months)

    €1500 in Prize Bonds

    Partner has €40000 in savings but cannot make a joint application as she is unemployed.

    Father has offered to go guarantor.


    Ive applied over the phone on Tuesday but heard nothing back since.


    What do you all think my chances are of getting approval?


Comments

  • #2
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    Ok how long is a piece of string but a few observations. You are on a good salary yet only €1000 in savings so the bank will wonder how you only have €1000 in savings from the salary. They will be checking carefully where the money is going to if it is not being saved. You may have zero debts but bad spending would be part of it.

    You will need between 8% and 20% of the price of the house for a deposit. I will presume your partner will be giving this to you as without a deposit no point in applying.

    A rule of thumb these days is they will give about 4 times the salary.

    I would start saving proper as this will be a downfall for your application.


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