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Mortgage approval

  • 07-06-2013 2:40pm
    #1
    V123
    Closed Accounts Posts: 130 ✭✭


    hope im in the right forum :)
    Hi, I am new to boards.ie so I hope I am in the right place. redface.png I was wondering if I could have some advice on Mortgage approval in theory.

    I am married with one child. Stay at home mam and husband works permanent positon for 8 years earns about 31000 a year. We are looking to buy a house for 85000. We have 8000 deposit and 4000 gift.

    My husband has a good credit history however I do not have any credit history (no loan, credit cards).

    We are renting for 4 years paying 800 euro a month and saving 100 euro a week. We have no outstanding loans, credit card etc.

    What do you think the chances are that we would be approved?

    I have also heard that you need to have 2000 + 250 (for each child) left after mortgage repayment every month - my husband and I would have about 1900 after repayment!


Comments

  • #2
    V123
    Closed Accounts Posts: 130 ✭✭V123


    also just wondering is there a % of mortgage payment per month over the net income? and if so does this include property tax, insurance etc?


  • #3
    sullydublin
    Registered Users, Registered Users 2 Posts: 179 ✭✭sullydublin


    The only way you will know for sure is by going & speaking to the banks. I would say that you have a good chance as the amount you are looking for is low.

    I'm currently going through the mortgage process myself & the one thing i have found is you're better off going straight to your bank as they will be the ones to be most honest with you.

    Best of luck & if i can help in anyway let me know


  • #4
    hfallada
    Closed Accounts Posts: 4,180 ✭✭✭hfallada


    You are probably best asking a broker how to get a mortgage. As they actual know who is getting loans and which banks are lending.


  • #5
    Lyn256
    Registered Users, Registered Users 2 Posts: 857 ✭✭✭Lyn256


    In your situation, you are prob best to use a broker.
    I'd suggest you get in touch with Killers1-he's very helpful

    http://www.boards.ie/vbulletin/showthread.php?p=81901811


  • #6
    Hannibal
    Registered Users, Registered Users 2 Posts: 1,819 ✭✭✭Hannibal


    hfallada wrote: »
    You are probably best asking a broker how to get a mortgage. As they actual know who is getting loans and which banks are lending.
    Bank of Ireland don't deal directly with brokers though and thy're the ones best for lending at the minute, brokers use ICS instead of BoI as they're the same company in many ways but from my experience it's better to go direct to your own bank branch if you're with BoI. The amount you're looking to borrow is quite low and over a normal 30 year mortgage is only in around €400 p/m which is half a normal rent rate


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  • #7
    V123
    Closed Accounts Posts: 130 ✭✭V123


    thanks all for your advice :D! I will try to book an appointment with BOI and have had contact with a broker too so hopefully all goes well whatever happens and also good luck to any of you looking to get a new home too! :)


  • #8
    goodlookin
    Registered Users, Registered Users 2 Posts: 1 ✭goodlookin


    Hi Folks dont wana takeover thread but iv just a quick question.

    Im getting all my documents in order and just waiting on an icb report to make sure its clear..

    A cleared loan showed up on a previous search which had few late payments which was due to be removed 3 weeks ago 01-06-14,
    so im hoping it gone,

    Is their anymore credit search agencies i can check or is icb the main one
    Thanks all


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