Obtaining a Mortgage...

serotonin_sam

As a first time buyer I want to achieve the following:


Trying to purchase a new 4 bedroomed house.

Cost: 145,000
Deposit: 20,000
To Finance: 125,000


Gross Pay: 1800/month (21,600 pa).
Overtime: 200/month
No car financing/personal loans out right now.
No bad credit
Will rent out a couple of rooms.

Now based on the above, i'm well over the guidelines for the max. amount i *should* be given. However, i have waited around long enough and have to find a way of sorting this out.
They usually run with 4x income. As you can see, I am looking for 6x income.

Whats the chances I can swing this??

I know there are plenty of you out there who have found yourselves in similar positions. How can i sort this out - some banks are supposed to be slacker with this than others.


And yes, i do know that i will be saddled with debt but theres no other way to go. Even at this price, the location is not the greatest - its difficult to get much for anything less than 150k...

pete

I know of 1 building society that claimed to be more interested in your ability to repay, and based part of their mortgage calculations on a 'proven history of saving' with them. But that was a few years ago and i wouldn't be surprised if they'd had their knuckles rapped over it.

Go talk to a mortgage broker. Some of those guys can work miracles.

But the main thing is to take a long, hard look at your future outgoings and be sensible about what you can realistically afford to repay.

Anyway - where are you finding a new 4 bedroom house for that kind of money????

eth0_

pete wrote:

Anyway - where are you finding a new 4 bedroom house for that kind of money????

Somewhere like Donegal you can easily get a nice 4 bed house for that kind of money!

serotonin_sam

Well, the first broker i have tried reckons they can sort it. Will put in an app and see..

nyway - where are you finding a new 4 bedroom house for that kind of money????

A nice little village in Roscommon - in a tax incentive area - so some more savings on top of the capital cost. I couldnt manage Dublin/Galway, etc. prices... I think i can put up with lack of services within the initial area...dont have much choice!

FX Meister

Just out of curiosity, where about in Roscommon? And what are these tax incentives you speak of? Do you have much of a work comute?

gibo_ie

I asked the bank for a 100% mortgage of 300k between me and my gf. I had collatoral but would not let them use it as it was my grandmothers home etc...which is not mine and i didnt want to possibly loose. They allowed me to use the land which the house was to be built as collatoral against the unbuilt house...if you know what i mean.

Basically what i am saying is the banks are falling over themselves if they can see you have the ability to keep up payments, it doesnt really matter the ammount you want. I was told it would be difficult to get a 100% mortgage. Then i told them i wanted 92% of 360K please...works out at 100% of what i actually needed. Manager laughed and said fair nuf!!

Sweet talk them, go in well dressed and dont lie to them (much) it worked for em.
Good Luck!!

FX Meister

How can you put up something you don't own as collatoral?