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Mortgage Running Out

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  • 18-11-2005 4:45pm
    #1
    Carb
    Registered Users Posts: 831 ✭✭✭


    I tried posting this on the finance forum but had no joy, so I thought I'd try here next, as I'm sure I'm not the first Self Builder to run over budget.

    Basically, I borrowed 40K less than my earnings allowed at the start of this year to finance a self build. It's looking like I'm heading over budget by about 20/30K. The problem is that my wife recently had a baby and isn't working now, so this would change dramatically the amount we'd be able to borrow, if I was applying today. What way do banks deal with this, ie do they base your request for a top up on the original application and circumstances, or is it like applying all over again, which means supplying proof of income, half of which isn't there any more. Any advice would be much appreciated.


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    #2
    rooferPete
    Registered Users Posts: 1,497 ✭✭✭rooferPete


    Hi,

    You may get more informed feedback in Accommodation / Property under the Shop header.

    The lender may look at the asset and it's value today instead of the income, provided your income can in their view meet the payments.

    I think it might be a question for your Solicitor before approaching the lender as there may be clauses built in regarding income and changes in your living expences.

    .


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