Mortgage Application - Hopeful / Delusional / Depressed

on_my_oe

My OH and I have made a mortgage application with PTSB, and are nervously waiting on an answer.

My partner has been employed by the same company for 10 years but 2 years ago was put on a 3 and half day week. I've been on contracts for the last two years with different companies, but 9 months ago joined a new company on a permanent basis and I've successfully completed probation period.

We have €20,000 saved, saving €1100 per month, plus we have rent of €900 per month. No other commitments beyond the normal utilities, insurance etc We own our cars outright, and our credit card of €1,200 limit is rarely used but is set up to automatically debit our bank account to clear the full outstanding balance if we do use it. I did have a 1 year loan through the Credit Union for €1,500 for college fees which I cleared in 9 months - mainly to develop a credit rating. Our combined earnings are €52,000.

We spoke to PTSB in a 'Approved in Principal' meeting, and he said that €225,000 on 35 years would likely be ok. We said we didn't expect to need that, and were hoping for around €120,000 on 20 years. We then found a property which we will need €130,000 for, and we've done the official application ('Household Expenses, Salary Certificates, statements, blood type and DNA etc) to PTSB.

Long story short, anyone with a bit of inside knowledge or even just most of a clue, do we have a hope? We really like this house!

Trish56

Based on your income and savings you should have no problem in qualifying for 130k mortgage. MY only concern would be that you are only in your present employment for 9 months and their credit policy is 12 months.
Best of luck

on_my_oe wrote: »

My OH and I have made a mortgage application with PTSB, and are nervously waiting on an answer.

My partner has been employed by the same company for 10 years but 2 years ago was put on a 3 and half day week. I've been on contracts for the last two years with different companies, but 9 months ago joined a new company on a permanent basis and I've successfully completed probation period.

We have €20,000 saved, saving €1100 per month, plus we have rent of €900 per month. No other commitments beyond the normal utilities, insurance etc We own our cars outright, and our credit card of €1,200 limit is rarely used but is set up to automatically debit our bank account to clear the full outstanding balance if we do use it. I did have a 1 year loan through the Credit Union for €1,500 for college fees which I cleared in 9 months - mainly to develop a credit rating. Our combined earnings are €52,000.

We spoke to PTSB in a 'Approved in Principal' meeting, and he said that €225,000 on 35 years would likely be ok. We said we didn't expect to need that, and were hoping for around €120,000 on 20 years. We then found a property which we will need €130,000 for, and we've done the official application ('Household Expenses, Salary Certificates, statements, blood type and DNA etc) to PTSB.

Long story short, anyone with a bit of inside knowledge or even just most of a clue, do we have a hope? We really like this house!

on_my_oe

I thought originally it was 'off probation' but after reading the Boards.ie sections this week, I've realised its 'off probation' plus 'length of tenure'.. so I think you've marked our card correctly there.

Fingers crossed they forget to count the months off the calendar

Thanks very much!

on_my_oe

Trish56 wrote: »

Based on your income and savings you should have no problem in qualifying for 130k mortgage. MY only concern would be that you are only in your present employment for 9 months and their credit policy is 12 months.
Best of luck

We got turned down, but not because of my tenure. Their reasoning is 1) we pay our rent in cash as the agent refuses to receive it by direct credit 2) they think we save too much and don't believe our sums add up.

Trish56

That is awful news. Banks are very strict on showing a paper trail of rent paid and will only accept applications whereby the rent is either paid by standing order or bank transfer. Am shocked at the 2nd reason.. they think you save too much!!!!! usually it's people do not save enough.

Trish 56

on_my_oe wrote: »

We got turned down, but not because of my tenure. Their reasoning is 1) we pay our rent in cash as the agent refuses to receive it by direct credit 2) they think we save too much and don't believe our sums add up.

Lux23

That is just so unfair, a hard working couple who are sensible with money get turned down? What's point of saving at all?

Marchbride

on_my_oe wrote: »

We got turned down, but not because of my tenure. Their reasoning is 1) we pay our rent in cash as the agent refuses to receive it by direct credit 2) they think we save too much and don't believe our sums add up.

Ouch!!! That's awful how can they turn you down on your savings?! That's ridiculous. Do you mind me asking what bank it was? We just applied for ours last week with aib & if your reasoning behind being turned down is anything to go by then I may as well wish it goodbye!!
So sorry for you try a broker I've read lots if positive things about them getting decisions turned around. Good luck

F1ngers

Marchbride wrote: »

Do you mind me asking what bank it was?

on_my_oe wrote: »

My OH and I have made a mortgage application with PTSB, and are nervously waiting on an answer.


We spoke to PTSB in a 'Approved in Principal' meeting, and he said that €225,000 on 35 years would likely be ok. We said we didn't expect to need that, and were hoping for around €120,000 on 20 years. We then found a property which we will need €130,000 for, and we've done the official application ('Household Expenses, Salary Certificates, statements, blood type and DNA etc) to PTSB.

PTSB.

Marchbride

F1ngers wrote: »

PTSB.

Sorry I couldn't get full thread on my phone!! So sorry again for you n your oh but try other banks, PTSB are one of the stricter ones with high interest!! KBC are suppose to be great??

a71

I applied for a mortgage from 4 banks and got turned down each time
I have great credit rating, full time/permanent job, great wages,
20,000 savings and was turned down for a 45,000 loan 65k-20k=45k
the excuses they gave me were a joke
they have no money to lend but want to mess people around by applying
ill save the full amount and they can go f*** themselves
rant over
so I know how you feel :mad:

Marchbride

a71 wrote: »

I applied for a mortgage from 4 banks and got turned down each time
I have great credit rating, full time/permanent job, great wages,
20,000 savings and was turned down for a 45,000 loan 65k-20k=45k
the excuses they gave me were a joke
they have no money to lend but want to mess people around by applying
ill save the full amount and they can go f*** themselves
rant over
so I know how you feel :mad:

Oh my god ^^^^^^ that is bloody awful a71!! And for such a small amount I be turned down, that is ridiculous!! There has to be more to it than that!! Have you asked for a better reason than that dribble of not having money to lend?! I don't get that at all!! Maybe try broker.. Killers1 on this comes very highly recommended!!
So sorry for ya

a71

its a buy to let in good area,
reasons I was given was

payslips don't match p60(this is wrong),

I borrowed to buy batches of prize bonds and paid loan back each time no problems
this was my way of saving and It worked but was told I "borrowed" for my deposit well yes, but "repaid "in full so this is as good as cash,

I bank with the credit union was another stupid reason,

I borrowed to pay my credit card yes I did as I booked our holiday by visa
then repaid with cu loan 2k and repaid in full in 2/3 months,

I know this sounds a bit funny but it is absolutely true,
im amazed and keep thinking they put the decibel point in the wrong place

Marchbride

a71 wrote: »

its a buy to let in good area,
reasons I was given was

payslips don't match p60(this is wrong),

I borrowed to buy batches of prize bonds and paid loan back each time no problems
this was my way of saving and It worked but was told I "borrowed" for my deposit well yes, but "repaid "in full so this is as good as cash,

I bank with the credit union was another stupid reason,

I borrowed to pay my credit card yes I did as I booked our holiday by visa
then repaid with cu loan 2k and repaid in full in 2/3 months,

I know this sounds a bit funny but it is absolutely true,
im amazed and keep thinking they put the decibel point in the wrong place

I'm in complete shock reading that A71
Especially since you've paid your loans and had deposit. I'm hoping someone on this sees this post and can offer some constructive advice to you. It's terrible.