Buying a house

sikahuntejack

Here is the story im working full time same job 6 years after tax 500 a week the parther is working through a ce scheme 200euro a week this job is only for another 8 months. we have 3 kids ,we are looking to buy a house for 75,000 we will put 10,000 as deposit leaveing morgage for 65,000 we will have no loans or credit cards saveings will be small most going on the deposit ,for the last 2 years we have being paying 700 a month rent on time every month problem is with cash we ****ed up not haveing a direct debit set up which we have set up now, in october we plan on going for the morgage im 34 my parther is 29 do you think we will get it ,thanks

plichma234

Try Ulster Bank. Get 6mths statements from your existing bank, highlight when you used atm card and paid cash to your landlord. Get your landlord to do up a letter confirming you were paying him for the last x months x amount of money.
They will use only your income in consideration and child benefit as seccondary income. Can't guarantee but worth to try it. And you have to have a house picked. Good luck!

sikahuntejack

plichma234 wrote: »

Try Ulster Bank. Get 6mths statements from your existing bank, highlight when you used atm card and paid cash to your landlord. Get your landlord to do up a letter confirming you were paying him for the last x months x amount of money.
They will use only your income in consideration and child benefit as seccondary income. Can't guarantee but worth to try it. And you have to have a house picked. Good luck!

thanks getting all my paper work together now

4th horsemen

don't think you'll have to much a problem in my opinion for only 65k mortgage
Good bits:
your in full time employment last 6 years with decent wage,
your missus has a smaller income but still an income,
ye have savings,
you won't have loans or credit cards outstanding.
And you are only looking for 65k mortgage

Negative bit's are:
no direct debit for rent (but get signed proof, as mentioned, of payments)
Your partner does not have a full time job (but she has an income)
3 kids might be seen as expense in banks minds (no offense of course, just from money point of view)

Me and partner got mortgage last December house 160k, mortgage 142,800.
Got it through mortgage broker, who were excellent. and they check different banks and they will find errors or missing dockets that you might overlook before they send everything to the banks, and do a proper portfolio of your application so it looks good.
They are also great for information and things you might overlook. Their commission is from the bank, we paid 1 fee of €192, money well spent.
I'm full time in same job for years, earning bit more than yourself but partner only part time. I cleared loan/overdraft/credit card before paperwork was sent off.
We applied with the details of the house we ended up buying which we put down as 160k (house was 175k) and we got approved by all the banks that mortgage line applied for us and we choose one with best rates at the time.

Have your p60, up to date payslips for x amount of months, up to date current account statement and savings statement, if u took lump sums out at any stage they might ask you why there will be other stuff too.

take this into consideration:
Surveyor, get decent one roughly €400
Land registry Fee's, good few hundred
Stamp Duty for us over €2,500
Solicitor, get decent one, expect to pay roughly €2,000 unless you can get cheaper, they do a lot of work so can get expensive.

Banks will look to see you have money to cover the costs of the buying process as well as your deposit.
p.s. do not get stressed out!!!

Good luck with it,

sikahuntejack

Do i need a surveyor and did not know about the land registry fee the house is in a small estate was being sold in the boom for 200,000 we can have for 75,000 we can put 10,000 towards deposit leaving morgage for 65,000

4th horsemen

sikahuntejack wrote: »

Do i need a surveyor and did not know about the land registry fee the house is in a small estate was being sold in the boom for 200,000 we can have for 75,000 we can put 10,000 towards deposit leaving morgage for 65,000

You can do without a surveyor but you could make a very expensive mistake if there is a serious problem with house you do not know about, i.e. roof damage or hidden defects, water damage or defects, hairline crack in chimney, etc and things like that.
Bank might want you to get one but they will do their own evaluation of the house, not so much a survey but just a evaluation to make sure they are investing in something worth the money.
You may not need to pay land registry fee's if in estate but check it anyway.

Lyn256

Its very very unlikely that you will get a mortgage at the moment.
We've been turned down by everyone recently and we're looking for less money than you and have a very very large deposit and then reason is that. like you, we've been paying our rent in cash. (We had excellent advice and a broker acting on our behalf)
The advice that we've been given is to set up a DD and try again in 6 months

OP,
Just recently got approval for our mortgage of €80K. Took a while but got there at last. Without the help from Killers a broker here on boards Id have packed it in long ago. He was a dream to deal with and took all the hassle out of the application.

He is recommended by a few on here for very good reason. I would recommend him without a shadow of doubt. Give him a shout and he will tell you straight out.

misshoney

We had a deposit of 65k.We were looking for 160. Im a teacher, 7 years permanent, boyfriend has a permanent job in the construction industry that he started about 4 months ago. Up until this point he was working continuously. We had no loans and were saving 1250 per month. We got turned down because they wanted my boyfriend in his job longer even though he had a salary cert saying he was permanent and on payscale. We were with a broker. We have been advised to wait 6 months. As far as I see, you need to be a perfect candidate. They just don't seem to be giving it out.

Ray Palmer

The CE scheme will probably be ignored as income. It is not a "job" and will not last forever.

limnam

misshoney wrote: »

We had a deposit of 65k.We were looking for 160. Im a teacher, 7 years permanent, boyfriend has a permanent job in the construction industry that he started about 4 months ago. Up until this point he was working continuously. We had no loans and were saving 1250 per month. We got turned down because they wanted my boyfriend in his job longer even though he had a salary cert saying he was permanent and on payscale. We were with a broker. We have been advised to wait 6 months. As far as I see, you need to be a perfect candidate. They just don't seem to be giving it out.

It's fairly common knowledge that banks like you to be in employment for a minimum of 6 months and some 12 months. At 4 months your partner is not even past a probation period for most "professional" jobs.

You were refused because you do not meet the most basic criteria for a mortgage. Nothing to do with banks "not giving it out"

claregal

I agree with Limnam above, banks are lending. I got full approval from AIB last month for a loan amount of €128800. I had 10% saved plus the amount required for outlays. I went for the mortgage on my own as my boyfriend is a self employed electrician and although he has been working continuously for the past 8 months it was much easier to base it on my salary alone as I am in a permanent position for 3yrs +.