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Is it as hard to switch a mortgage as it is to get a new one?

  • 01-02-2018 10:51pm
    #1
    Lovelyguy
    Registered Users, Registered Users 2 Posts: 135 ✭✭


    Hi all. We got our Mortgage in 2008 from Haven (part of EBS/AIB). Never missed a payment etc. etc. I earn approx 35k and my wife only earns 14K. Not in negative equity.

    Am I right thinking banks won't even consider us for a switch?

    Cheers for any input.


Comments

  • #2
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    Depends on how much you want to borrow, ages and over what term, other loans, dependents, childcare etc. and what is the current value of your property.

    Lovelyguy wrote: »
    Hi all. We got our Mortgage in 2008 from Haven (part of EBS/AIB). Never missed a payment etc. etc. I earn approx 35k and my wife only earns 14K. Not in negative equity.

    Am I right thinking banks won't even consider us for a switch?

    Cheers for any input.


  • #3
    Lovelyguy
    Registered Users, Registered Users 2 Posts: 135 ✭✭Lovelyguy


    Trish56 wrote: »
    Depends on how much you want to borrow, ages and over what term, other loans, dependents, childcare etc. and what is the current value of your property.

    Thanks for response. We've no childcare costs, 2 kids; non mortgage loan repayments of 300 per month, apt worth around 300k, outstanding balance about 280.


  • #4
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    You wont be able to switch lender until your loan to value is below 90% and joint income of 49k with 2 dependents wont qualify you for a mortgage of 280k under current lender conditions.


  • #5
    Lovelyguy
    Registered Users, Registered Users 2 Posts: 135 ✭✭Lovelyguy


    Trish56 wrote: »
    You wont be able to switch lender until your loan to value is below 90% and joint income of 49k with 2 dependents wont qualify you for a mortgage of 280k under current lender conditions.

    Thanks. Had a chat with a bank today, and you were right, they wouldn't look twice at me.

    Jesus, I feel for people trying to get a mortgage for the first time. You'd want to be on about 100k with no kids by the looks if it.


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