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Help on mortgage application

  • 26-10-2012 2:13pm
    #1
    paddymcgowan
    Registered Users, Registered Users 2 Posts: 2 ✭


    Hi guys, just look for some views on the following situation. me and my finance are planning in the next year to apply for a mortgage..

    the details are

    my finance already has a joint property with her dad which has a balance of €220k left, originally was €330k but they pay extra each month no missed payments etc.

    my finance has savings of approximately €140k. Salary is €42,000 plus overtime.

    here is the bad partof the situation me.

    my salary is €30,000 approximately €5k in saving and i have a bad credit rating from one loan that was being paid back with GE money missed a 4 payments but paid it all back. this will not be removed until 2016.

    what are the chances does anyone think of us getting a mortgage together for approximately €300k.

    thanks
    Tagged:


Comments

  • #2
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 51,690 Mod ✭✭✭✭Stheno


    paddymcgowan wrote: »
    Hi guys, just look for some views on the following situation. me and my finance are planning in the next year to apply for a mortgage..

    the details are

    my finance already has a joint property with her dad which has a balance of €220k left, originally was €330k but they pay extra each month no missed payments etc.

    my finance has savings of approximately €140k. Salary is €42,000 plus overtime.

    here is the bad partof the situation me.

    my salary is €30,000 approximately €5k in saving and i have a bad credit rating from one loan that was being paid back with GE money missed a 4 payments but paid it all back. this will not be removed until 2016.

    what are the chances does anyone think of us getting a mortgage together for approximately €300k.

    thanks
    None until 2016 I would reckon. You need that record cleared.

    Also are you looking for 300k on top of the 145 savings

    And sorry for being pedantic, but it's fiance (assuming this is the person you are engaged to be married to)


  • #3
    phormium
    Registered Users, Registered Users 2 Posts: 3,442 ✭✭✭phormium


    Not a hope I would say until your credit rating is clear, even then your fiancee is carrying a fairly hefty debt which will have to be factored in to your joint salary of 70k before future borrowings.

    Does her father live in the property or is it rented?


  • #4
    StillWaters
    Closed Accounts Posts: 1,799 ✭✭✭StillWaters


    Is the house rented, and or are ye living in it? Is it in NE?
    Having a mark on your credit history does not necessarily mean a no. I think you are best going to a broker. On the buying in 2012 thread you might get recommendations. Good luck.


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