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What's the chances of mortgage approval

  • 16-01-2020 3:31pm
    #1
    me123x
    Registered Users, Registered Users 2 Posts: 4 ✭


    Hi, not sure if right place.. we have applied for a mortgage with aib for 65,000 joint income is about 40,000 a year plus over time. We have savings/gifts of 40,000. Our rent at the minute is 380 a month and repayments on the mortgage over max term is 270 . Our issue is they want proof of rent as it was paid in cash at the post office and we never kept receipts now I need a statement from the council but we never paid regularly they charged it weekly but we paid monthly -ok with the council as we get paid monthly they just never changes the charges to a monthly sum. So on the statements it looks like we are behind in payments also we never paid it on the same date will this affect our chances?


Comments

  • #2
    DublinCJM
    Registered Users, Registered Users 2 Posts: 826 ✭✭✭DublinCJM


    They just need proof that you can repay 270 a month.

    How much were you saving each month? If it's more than 270 then that will do to satisfy the central bank ability to repay requirement. And you then don't need to worry about proving your rent payments.

    At least that's my understanding of it.....


  • #3
    me123x
    Registered Users, Registered Users 2 Posts: 4 ✭me123x


    DublinCJM wrote: »
    They just need proof that you can repay 270 a month.

    How much were you saving each month? If it's more than 270 then that will do to satisfy the central bank ability to repay requirement. And you then don't need to worry about proving your rent payments.

    At least that's my understanding of it.....

    Thanks for replying we are saving 500 a month except December we only saved 200 then. I thought that the savings would cover repayments also. Hopefully they will see past it as we never went in arrears after the month was up it was always back to zero again. The stress of it all!


  • #4
    DublinCJM
    Registered Users, Registered Users 2 Posts: 826 ✭✭✭DublinCJM


    I'd say if you can show you're saving 500 a month, and not then dipping into it :D that should do them.

    They'll let you know quick enough if it won't!!

    Good luck with it.


  • #5
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    I think they will insist on a statement from the Council as evidence that you are not or ever were in arrears.
    I don't think the monthly repayments will be an issue once they can see on the statement that you made a payment every month.

    When you get the statement just write on it that repayments were agreed monthly.

    Best of luck


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