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Mortgage Query

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  • 18-09-2011 11:53pm
    #1
    twentysomething
    Registered Users Posts: 135 ✭✭


    Hi Folks,
    Myself and my fiance are going to be saving for a deposit once we get married next year and i just have a couple of questions about this.
    Firstly, he is 41 i am 25, will this affect our mortgage length?
    Both FTB, no major debts, but i have maybe 3 years left on a loan repayment.
    We are both in full time permanent employment and should have a 20,000 deposit saved within 2 years, so we are good prospects financially i would imagine...
    He already owns a house which he inherited, but we cant live there (too far away) and he wont be selling it ever, we'll prob rent it at some point. Will this help?
    I suppose what im asking is do we have a good chance of being approved, and if so, what kind of length could be expect to get?
    Would we be wise to talk to the bank before saving up even?
    Thanks!


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    #2
    Victor
    Registered Users Posts: 78,281 ✭✭✭✭Victor


    twentysomething wrote: »
    Firstly, he is 41 i am 25, will this affect our mortgage length?
    It may be difficult getting a mortgage much past 65 / retirement age.
    Both FTB,
    I suspect he won't be treated as a first time buyer as he already owns a property. However, the benefits for FTBs are much reduced.
    no major debts, but i have maybe 3 years left on a loan repayment.
    Can you pay it off early. You are likely to pay much more interest ont eh loan that you would get by having the money in a savings account.
    He already owns a house which he inherited, but we cant live there (too far away) and he wont be selling it ever, we'll prob rent it at some point. Will this help?
    While it gives extra security, the bank is unlikely to consider the rent unless there has been a steady income.
    Would we be wise to talk to the bank before saving up even?
    I don't think there is much reason to be talking to the banks as they aren't leanding much and you don't have much savings. Start saving and review in 1-2 years.


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    #3
    twentysomething
    Registered Users Posts: 135 ✭✭twentysomething


    Thanks for the reply!
    We do actually have savings at the moment, but we will be using it for our wedding first, we were thinking of going and talking to the bank/broker not long before the wedding when we have built up a substantial amount and seeing what we would have to do to qualify for a mortgage. Is that possible to do, or is there somewhere that we can go to find out that sort of thing?


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