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Applying for Mortgage question

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    #32
    theballz
    Registered Users Posts: 1,272 ✭✭✭theballz


    manatoo wrote: »
    Fair play. And FML, what do I need to do to get your kind of income

    Hardwork and timing. :)

    Very best and thank you


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    #33
    theballz
    Registered Users Posts: 1,272 ✭✭✭theballz


    Another quick update:

    Went sale agreed last week :)


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    #34
    SozBbz
    Registered Users Posts: 1,889 ✭✭✭SozBbz


    Congrats OP.

    Did you go through a broker in the end? I'm in a similar field (earning similar) and was actually surprised how much I got approved for. For context I already have 1 mortgage and was looking for a second joint mortgage with my partner (not in sales). Couldnt believe some of the numbers that came back. I thought my existing mortgage would count against me, and that my bonus wouldnt be factored in at all.... both not true (although depending on the bank, it varied by how much). We were offered almost double what I'd expected.

    From my experience a few years ago buying the apartment by myself, no bank wanted to consider any part of my bonus (as in sales its never guaranteed)

    Also recently sale agreed and delighted to be able to keep the apartment and still have a decent budget for a house that I'm happy with. Obviously we'd have had more to spend if we sold up and put everything into the house purchase, but actually happy with what we've got lined up and I don't feel like we've compromised too much as the new house gives us both all the warm and fuzzies.

    I've no intention of drawing down the full amount approved though. I don't want a massive mortgage just because I can.


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    #35
    theballz
    Registered Users Posts: 1,272 ✭✭✭theballz


    SozBbz wrote: »
    Congrats OP.

    Did you go through a broker in the end? I'm in a similar field (earning similar) and was actually surprised how much I got approved for. For context I already have 1 mortgage and was looking for a second joint mortgage with my partner (not in sales). Couldnt believe some of the numbers that came back. I thought my existing mortgage would count against me, and that my bonus wouldnt be factored in at all.... both not true (although depending on the bank, it varied by how much). We were offered almost double what I'd expected.

    From my experience a few years ago buying the apartment by myself, no bank wanted to consider any part of my bonus (as in sales its never guaranteed)

    Also recently sale agreed and delighted to be able to keep the apartment and still have a decent budget for a house that I'm happy with. Obviously we'd have had more to spend if we sold up and put everything into the house purchase, but actually happy with what we've got lined up and I don't feel like we've compromised too much as the new house gives us both all the warm and fuzzies.

    I've no intention of drawing down the full amount approved though. I don't want a massive mortgage just because I can.

    Yes, I did go with the broker in the end. It took him a little bit of time but the process on my side was very straight forward.

    I do agree, after reading these replies, speaking to friends and first hand seeing peers get turned down I was rather surprised.

    Best of luck with the second house (should you decide to go for it!)


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    #36
    TheSheriff
    Registered Users Posts: 1,108 ✭✭✭TheSheriff


    Hey,

    Would it be possible to get a PM of the broker you used to secure this ? My partners is in sales and we are hoping to apply for a mortgage in the few months.

    Any contacts appreciated !


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    #37
    SozBbz
    Registered Users Posts: 1,889 ✭✭✭SozBbz


    theballz wrote: »
    Yes, I did go with the broker in the end. It took him a little bit of time but the process on my side was very straight forward.

    I do agree, after reading these replies, speaking to friends and first hand seeing peers get turned down I was rather surprised.

    Best of luck with the second house (should you decide to go for it!)

    Yep I think a broker is the way to go if your situation is in anyway non standard. We'd a few things, my existing property, my partner is a contractor, I work in sales... so all in we thought it would be easier to take advise for a few hundred euro rather than spend ages wasting out time applying to banks that wouldn't accept our circumstances. It the context of buying a house its nothing really.

    I did it myself the first time around, went straight to the bank but I suppose it was a single applicant /first time buyer and I wasn't expecting to have my commission taken into account. I did get an exception then, to 4.5x my base salary so perhaps that was their way of factoring it in.

    We're sale agreed and getting our survey/valuation done soon so fingers crossed. We're only looking to borrow 2/3rds of what the banks have offered us, I just set that limit personally as I want our mortgage to be super manageable and I don't want us to find ourselves over extended in hanging on to the apartment also.


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