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Meeting the bank for mortgage

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  • 29-08-2013 11:13am
    #1
    RedPeppers
    Registered Users Posts: 606 ✭✭✭


    Hi,

    My wife and I will be looking for a mortgage in the near future, we are currently waiting on planning approval for a 2300sq ft house. We are thinking of approaching the banks to see our mortgage options while we wait on planning.

    We will have 70,000 between us to put towards the house, nearly all of this money is currently in credit union. We will be looking for €120,000 from the bank.

    We save €400 each per month but its only in the last two months that I have set up savings account as prior to this I just withdrew money when I got paid from AIB account and lodged it to the credit union, will this count against me that I have only been a regular saver for the past 2 months with AIB? My wife is monthly saver with BOI.

    Both our jobs are full time although I am only in current one past 11 months. We have no other loans, debts, pay €500 rent and utility bills every month.

    Neither of us have any experience dealing with banks, never had to call on them until now.

    What should we have prepared for our initial meeting with them, what would you make of our chances of securing the mortgage? Any advice would be appreciated. Also don't know if this makes any difference but my wife is 3 months pregnant with 1st child, does that come into it?

    Thanks in advance.
    RP


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    #2
    zenbuffy
    Registered Users Posts: 170 ✭✭zenbuffy


    Last year, I applied for a mortgage and eventually bought my house. I can't speak for the bank, but I expect that you can show them your savings record from the credit union, and also a record of you paying rent regularly. All of these things will show your ability to contribute money regularly (to savings/rent) and demonstrate that you can make good on your mortgage payments.

    It shouldn't matter if the savings aren't with AIB - my savings were split between Ulster Bank and PTSB, and my mortgage is with AIB. I just had to provide statements showing my regular savings, etc.


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    #3
    Boardieman
    Registered Users Posts: 54 ✭✭Boardieman


    You should use a broker because the banks are slow and a lot of them won't lend no matter what your current financial situation. Banks can take weeks to approve a mortgage but through a broker you could be approved in days and for the very most you can afford. I got nowhere at first going directly to the bank. They made me a silly offer until I went to a broker and got the money I needed. A bit of advice though. Use a private broker and not a brokerage company as a private broker will work faster and more efficiently. My mortgage has been passed onto the secretary in a big mortgage company and I am waiting weeks to get silly things done. The girl (owner) I initially had the consultation with no longer gives a crap about my application because I paid them. From experience don't pay a broker. The bank will pay them if they do their job and get you to a point where you have the keys to your new house.


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