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Mortgage Options

  • 20-10-2014 2:32pm
    #1
    pamweld
    Registered Users, Registered Users 2 Posts: 132 ✭✭


    Hi,

    Myself and my partner are currently in market to buy a house, we are first time buyers in Laois area and have a good deposit behind us but main problem is my partner is only in his current job 10 months and had short time of unemployment before that so our offers are quite low! I currently stay as home with our two small children. AIB offered us €63,000 and BOI only offered €40,000. Its really frustrating as they see we currently pay out €800 a month with our rent and a personal loan that will be cleared for mortgage. There are a few houses in our budget but not great condition but we have found quite a nice house, great condition and ready to walk into, 4 bed also which is great plus! Our problem is that after clearing our personal loan with CU and mortgage offered we have €95,000 but house we are looking at is €120,000. We have asked the bank to reconsider seeing as we have honored our €800pm payments for last 4 years so def be able for mortgage of €500 but no movement from them!
    I know because I have very good track record with CU I'd have great chance of obtaining a loan of €25,000 to make up difference but know bank would not be happy with this!
    If my father was to 'gift' me this money while drawing down the mortgage and then have that amount of money approved from CU to pay him back after purchase, could this work??? Would we be liable to any tax etc or any other ideas? So frustrating having good deposit and banks won't budge! Funny thing is back in 2007 we had no money at all to our names and approval of €380,000 for purchase!!!!
    Tagged:


Comments

  • #2
    Michael D Not Higgins
    Registered Users, Registered Users 2 Posts: 7,223 ✭✭✭Michael D Not Higgins


    Gifts can only be considered in the deposit if they're actually gifts. You can't pay your father back if he gifts you part of the deposit and you will have to have your father sign an agreement to that in order to get the mortgage.


  • #3
    Lucy B
    Registered Users, Registered Users 2 Posts: 97 ✭✭Lucy B


    If you clear the loan ASAP then the bank will offer you more I think.


  • #4
    pamweld
    Registered Users, Registered Users 2 Posts: 132 ✭✭pamweld


    Lucy the bank have condition we clear loan so they are accessing us based on no loans and having the balance left over after clearing the loan so shouldn'tmake a difference


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