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Will we get a mortgage..help :-(

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  • 06-02-2013 12:01pm
    #1
    Mashyling
    Registered Users Posts: 22 ✭


    Will we get a mortgage?? We have 20,000.00 in savings - I am 3 months into a full time permanent job after being unemployed for 9 months due to non renewed contract. My partner is self employed farmer. I have no outstanding debt, My partner has a loan for machinery (not huge). We were hoping to get small mortgage of 100,000.00 - with partners father as guarantur. We hope to apply for mortgage at his bank, we can move our savings to this bank also etc. What are our chances ...Scared:(
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    #2
    biko
    Registered Users Posts: 81,223 ✭✭✭✭biko


    Only the banks can say for sure but it looks pretty good (in my opinion).
    Try more than one, it often pays to shop around.


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    #3
    Mashyling
    Registered Users Posts: 22 ✭Mashyling


    Thanks , we will try more than one if BOI fails us. I suppose we have been scaremongered into believing that the banks arent lending...we have been paying rent for the last two years also with no problems- so hopefully!!


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    #4
    roro2
    Registered Users Posts: 412 ✭✭roro2


    The savings will be enough but, in terms of repayment capacity, a lot will depend on your partner's accounts over the past couple of years, as well as your current income. It's difficult to say from the info in your post. You will also have a much better chance with AIB once you are 6 months in permanent employment, and 12 months for other banks.


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    #5
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,204 Mod ✭✭✭✭godtabh


    I've been asked for 2 months pay slips for a car loan. I would assume you would be asked for a lot more for a mortgage. I would think you would need to be in the job at least 6 months to a year before they even entertain you


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    #6
    Mashyling
    Registered Users Posts: 22 ✭Mashyling


    Yeah i thought that being in the job only 3 months would go against me, we are not in any major hurry but would really like to get moving on it. Was considering doing the mobile home thing for a year and live on family property, that way we could save big and get an even higher deposit. But it just seems like massive hassle and paying out money on a mobile home on top of trying to save would be slightly mad. Any other tips anyone could give to increase your chances...swing them my way....I am really glad I didnt do this a few years ago when I could have signed my life away!!!:-) Does anyone know if someone goes guarantur for a mortgage - how much will it increase your chances of it going through?


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    #7
    The_Morrigan
    Moderators Posts: 9,368 ✭✭✭The_Morrigan


    OP, have you spoken to the bank about the guarantor on the mortgage?


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