Any point applying for mortgage?

pooch90 · 31-07-2018 11:35am #1

Hi guys,
As indicated by the title, I'm wondering should I even dream of getting a mortgage.

I'm a permanent teacher, annual salary of 50k. Hubby has been a mix of self employed and working for a company. He has recently handed in his notice though. The self employed wages are sketchy at best and quite low.

We've about 10k saved and my mam could possibly top this up by 20k+
I've found a house I love that is 235k.

We've been paying rent of 800 And saving 450 a month. I applied for mortgages 2 years ago before we started this saving and KBC advised we'd need to save 150 a month to show our ability to pay 950/month for stress testing.
Is there any point even trying now that hubby will be back self employed and on peanuts? I'd be well able to pay the mortgage on my wages.

Should I just forget about it?

judeboy101 · 31-07-2018 11:38am

pooch90 wrote: »

Hi guys,
As indicated by the title, I'm wondering should I even dream of getting a mortgage.

I'm a permanent teacher, annual salary of 50k. Hubby has been a mix of self employed and working for a company. He has recently handed in his notice though. The self employed wages are sketchy at best and quite low.

We've about 10k saved and my mam could possibly top this up by 20k+
I've found a house I love that is 235k.

We've been paying rent of 800 And saving 450 a month. I applied for mortgages 2 years ago before we started this saving and KBC advised we'd need to save 150 a month to show our ability to pay 950/month for stress testing.
Is there any point even trying now that hubby will be back self employed and on peanuts? I'd be well able to pay the mortgage on my wages.

Should I just forget about it?

If you are permanent take career break, 2 yrs in Emirates you could buy for cash.

Cash_Q · 31-07-2018 12:59pm

Go to a broker, we did so and got approval while both on temporary contracts. By the time we found a house we were luckily both made permanent but we had approval before that.

I'm a teacher on point 8, husband works in admin on about half my salary, would have had less outgoings and slightly more savings per month. If your Mam is going to give you that 20k, get it now, easier for the broker to approach lenders when you have the money in the bank than on a promise

pooch90 · 31-07-2018 1:32pm

Leaving the country isn't feasible for us unfortunately.
Yeah I'm going to approach my mam and get that cash handed over alright.
I'm on point 12 of the pay scale and possibly applying for deputy principal position. So that's an extra allowance.
So you think a broker would be best plan? Did you use Cornmarket? Was that recently you got approved?

brownbinman · 31-07-2018 1:37pm

broker was great for us. Wife is teacher and I was on probation with new job. He did all hard work and we got good deal

No harm going to one as they'll know what your chances are. I think you've very good chance to be honest

zig · 31-07-2018 1:47pm

pooch90 wrote: »

Hi guys,
As indicated by the title, I'm wondering should I even dream of getting a mortgage.

I'm a permanent teacher, annual salary of 50k. Hubby has been a mix of self employed and working for a company. He has recently handed in his notice though. The self employed wages are sketchy at best and quite low.

We've about 10k saved and my mam could possibly top this up by 20k+
I've found a house I love that is 235k.

We've been paying rent of 800 And saving 450 a month. I applied for mortgages 2 years ago before we started this saving and KBC advised we'd need to save 150 a month to show our ability to pay 950/month for stress testing.
Is there any point even trying now that hubby will be back self employed and on peanuts? I'd be well able to pay the mortgage on my wages.

Should I just forget about it?

Im not sure why you're so negative about your outlook? Roughly what wages does your husband take?

Everything you've said seems to point to being able to afford a 235K house. Although I say that assuming your husband is taking something, even small, but perhaps he's literally not earning, Im not sure.

pooch90 · 31-07-2018 3:37pm

He's just about to go back to being self employed(after 2 years in a company) so no real figures to present to a bank, even an estimate. And I'm just wary that they will want a few years of accounts, which he doesn't have.

Tbh I'm more positive about it. He's not. So I'm hoping some advice from here could push him into trying so I can get my dream house ðŸ˜†

zig · 31-07-2018 3:48pm

Ah ok, I see what you what you mean.

Based on your salary and your savings + gift you should be able to get approx €205K by yourself.

Its a tricky one alright to be fair, I see where your husband is coming from, they would probably want to see something at least regarding your husbands potential income if you're looking for more than $205K.

You would probably get away with not having a few years accounts stuff if he could show contracts and other stuff from his potential self employment work.

But if he has literally nothing to show yet then Im afraid they may only be interested in your income alright.

Id definitely have a chat with a bank though because really its only 30K more they would be making a decision on.

Mark1916 · 31-07-2018 3:48pm

How about you go as the sole applicant? Leave him out of the equation when applying for the mortgage considering he's currently unemployed.
No harm in you having a conversation with a broker about this as I would say it's a case for them

smelly sock · 31-07-2018 3:50pm

judeboy101 wrote: »

If you are permanent take career break, 2 yrs in Emirates you could buy for cash.

Whats the salary in the emirates for the a teacher?

pooch90 · 31-07-2018 4:30pm

Mark1916 wrote: »

How about you go as the sole applicant? Leave him out of the equation when applying for the mortgage considering he's currently unemployed.
No harm in you having a conversation with a broker about this as I would say it's a case for them

They won't let us as we're married . I asked KBC and Ulster bank before.

[Deleted User] · 31-07-2018 4:33pm

judeboy101 wrote: »

If you are permanent take career break, 2 yrs in Emirates you could buy for cash.

No you couldn't. Teaching in UAE is not very well paid for the first few years anyway. I know a number of teachers over there and they are on around the same (or less) take home pay than an equivalent teacher here. They get a bit of a bonus alright if they wait long enough but it might help towards a deposit not anywhere near the sort of cash needed to buy.

pooch90 · 31-07-2018 4:42pm

Zig, thanks so much for your replies.
I think I'm just going to have to nag him into giving it a shot. If they say no then fair enough. But tbh I would think my mam might offer to top up the difference in what we'd need (within reason) If anyone would touch us.
Would you think a broker or straight to the banks?

hanaimai · 31-07-2018 5:24pm

Banks generally look for 2 years self employed accounts I believe do it doesn't look likely they will take whatever small amount your husband earns into account. Unlikely you will qualify for an exemption either, as they are generally reserved for the 'best' cases.

[Deleted User] · 31-07-2018 6:31pm

hanaimai wrote: »

Unlikely you will qualify for an exemption either, as they are generally reserved for the 'best' cases.

A permanent teacher is a very safe bet for the bank though so I wouldn't rule out an exemption.

Cash_Q · 31-07-2018 6:37pm

I'll pm you the broker we used, as another poster said, teachers are viewed as very favourable applicants. I understand your concern regarding your husband's self employment, but the broker will be able to tell you which banks will entertain you and what you need to do to satisfy them.

We were provisionally approved in August, made permanent in September so approval issued again in October, sale agreed in November and moved in in March

The best advice we got last year, was to approach the banks/broker. People tend to wait until they feel they've got all their ducks in a row, but it's rare that they don't get sent away to show xyz for 3 months before they can be considered, so go now and they'll tell you everything you need to do, instead of you doing everything you think you need to do but falling short.

Interested Observer · 31-07-2018 7:00pm

Cash_Q wrote: »

I'll pm you the broker we used, as another poster said, teachers are viewed as very favourable applicants. I understand your concern regarding your husband's self employment, but the broker will be able to tell you which banks will entertain you and what you need to do to satisfy them.

We were provisionally approved in August, made permanent in September so approval issued again in October, sale agreed in November and moved in in March

The best advice we got last year, was to approach the banks/broker. People tend to wait until they feel they've got all their ducks in a row, but it's rare that they don't get sent away to show xyz for 3 months before they can be considered, so go now and they'll tell you everything you need to do, instead of you doing everything you think you need to do but falling short.

Any chance you could PM me your broker too please?

Cash_Q · 31-07-2018 7:08pm

Interested Observer wrote:

Any chance you could PM me your broker too please?

Done

jlm29 · 31-07-2018 7:15pm

Pooch90, we applied for a mortgage earlier this year, my OH is self employed, and he had to send in a couple of years accounts signed off by his accountant. He’s been self employed for Yonkers, and does all his business through the bank we went through, so it was all very transparent.

I often see you posting on the Tipperary forum. If you’re in south tipp, there’s a guy in EBS in Clonmel who a few friends have gone to and found him great. He’s not a broker obviously, but I have heard great things!

pooch90 · 01-08-2018 9:56am

Jlm, our next door neighbours have actually just gotten approved with ebs in town so they were on our list. The guy in Ulster Bank that I met 2 years ago was also very good so I'll go back to him as well I think.

Cash Q, you're totally right. That's what hubby is wanting to do but I just want to know what steps we should be taking instead of guessing. But we do need to meet an accountant anyway to sort out tax credits and stuff. So maybe if we got that done he'd feel more prepared.
Thank you so much for your PM about the broker. They sound great.

Alanstrainor · 01-08-2018 10:28am

Some great advice in this thread already. I think getting out there and talking to brokers and banks is the best options really. No harm having a few meetings anyway to see where you stand.

_Brian · 01-08-2018 10:32am

Why if he hasn’t enough self employed work is hubby handing in his notice.

I know some jobs can be tough, I’ve had my fill of crap bosses and awful hours but it’s going to make things so much harder if he essentially has no income at all.

silent_spark · 01-08-2018 12:32pm

_Brian wrote: »

Why if he hasn’t enough self employed work is hubby handing in his notice.

I know some jobs can be tough, I’ve had my fill of crap bosses and awful hours but it’s going to make things so much harder if he essentially has no income at all.

I agree with this. It's a really terrible time to hand in notice if you're trying to buy a property, particularly with only €10K in savings (which seems a little low for someone on €50k - are your outgoings particularly high?). Is there any chance his employers would take him back, even if only for another year - this would give you both time to save a deposit and buy. If he feels his self-employed income is more stable at that point, he could hand in his notice at that stage instead.

GoneHome · 03-08-2018 2:43am

pooch90 wrote: »

He's just about to go back to being self employed(after 2 years in a company)

Would he stick with the company job for another couple of months while you put in the mortgage application, get the house and then do what he wants work-wise?

Sorry I just read back on a few posts and I see other posters have suggested the same

BKWDR · 03-08-2018 2:49am

OP have you look at this http://rebuildingirelandhomeloan.ie?

Seems to fit what you are looking for

GoneHome · 03-08-2018 2:51am

BKWDR wrote: »

OP have you look at this http://rebuildingirelandhomeloan.ie?

Seems to fit what you are looking for

Possibly over the income limit I would think if the teacher is on 50k and the self-employed worker is surely on at least 25k, as well as the need for two years accounts for self-employed

BKWDR · 03-08-2018 2:59am

GoneHome wrote: »

Possibly over the income limit I would think if the teacher is on 50k and the self-employed worker is surely on at least 25k, as well as the need for two years accounts for self-employed

Ah ok, thought he was making move to self employed. But yeah capped at 75k so probably over

mvl · 03-08-2018 5:56pm

pooch90 wrote: »

They won't let us as we're married . I asked KBC and Ulster bank before.

Actually, I got mine approved last November, with me being perm, husband self employed -> we both wanted to have the mortgage application under my name and AIB didn't have an issue with it in my case. Not sure if it depends on how much money you are looking for (I didn't go as FTB).

pooch90 · 05-08-2018 3:01pm

Completely out of the blue, the mortgage guy I'd met in Ulster Bank 2 years ago rang me on Friday. I was flagged as having a steady income going through the account and he wanted to check in.
We had a good chat and I outlined everything to him. At the end he basically said that I could possibly be approved for €175/180K and that he'd pass everything onto another girl who will ring me Tuesday/Wed.
Just RE hubby staying in the job he's in. It's a done deal now and honestly the best thing for us personally. Mental health and family life etc.

utmbuilder · 06-08-2018 4:15am

Try pepper mortgages they are meant to be easier to get approved

Aoife_ · 10-08-2018 6:06pm

Hi guys,

Just wondering if anyone has experience with KBC approval recently and if the savings aspect is a big issue?
Currently in the middle of the process but haven’t been saving and currently on fixed term accountant/solicitor training contracts which seems to be making banks nervous ( we’re 23/25 so hard to be permenat at this stage). Have 70k deposit and looking for approx. 260ish

Have we any chance or need to just get out acts together and come back in 6 months

Thanks

Any point applying for mortgage?

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