Chances of getting a low mortgage?

janandbren

Hey, just looking for opinions really!
Myself and partner are getting married in August and were putting off a mortgage for a while as we didnt see any building prospects come up any time soon. So we havent been getting mortgage ready as such. Accounts are not in perfect condition, maybe 2 or 3 unpaid dds, one or two online bets of €5 or less! And maybe going overdrawn by under €10 for just a day or two, when we didnt have overdraft facilities. Now we pay rent of €850 a month through the bank and also save €400 a month through the bank.
A house has just come up for €90k that we would love. We would have the deposit of €10k.
My partner is in defence forces 8 years, salary of 38k, I am self employed, only in business 18 months so he would be applying on his own. With the payments on that mortgage being under €400 per month, surely it is more than affordable, but would the banks overlook the little mistakes we have made when the risk is lower?
Looking forward to hearing any opinions? Thanks!

Nody

How do you get the repayments to be less than 400 EUR a month? Plugging in even a basic rate of 4% on a 30 year loan at 180k you're looking at 850 a month, even at 2% you'd be at above 650 a month and that's before we add in all the additional costs (i.e. insurance, registration etc.) and you said we save 400 EUR but if he's applying alone then his salary alone is of interest here and with only 400 EUR a month in savings you're showing quite high costs beyond the rent for his salary alone to cover. Speak to the bank but don't be surprised if you get a no as you're showing minimal deposit, high cost, poor track record (overdraft and unpaid DDs) and very low budget margin to take an upcoming interest increase (which will come). This is even before we'd start talking about you getting children etc. which would directly take you into not affording it in a bank budget calculation.

tracey turnblad

Is she not only looking for a mortgage of 90k though not 180k

janandbren

Thanks for the reply, The mortgage would be for 81k, AIB online are showing monthly repayments over 35 years would be €345? The house price is €90k. We would have €10k to put down on it. And its actually his account all the savings come from - but goes into a savings account with joint names in it - Do you still feel the same? Maybe you thought I meant €180k?

Nody

janandbren wrote: »

Thanks for the reply, The mortgage would be for 81k, AIB online are showing monthly repayments over 35 years would be €345? The house price is €90k. We would have €10k to put down on it. And its actually his account all the savings come from - but goes into a savings account with joint names in it - Do you still feel the same? Maybe you thought I meant €180k?

Sorry for some reason I misread that with a 1 in front of the 90; then your chances are much better because their risk is significantly lower Best bet is to go to your local branch in person as they know him and speak to them directly; much better chance of success that way.

Pawwed Rig

Talk to a bank or a broker would be the best bet. The online gambling thing might be an issue but the other items I wouldn't have thought would make much difference.

janandbren

No problem - was wondering have I been reading it all wrong myself - Ya we will talk to bank this week! Just feel so stupid now for leaving little faults like that in our account. We were excellent before, just with the wedding and savings we have let things slip, hope the bank give us a little lee way! Thanks for replies!