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Help regarding mortgage

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  • 17-04-2008 6:53pm
    #1
    youngshooter
    Closed Accounts Posts: 15 ✭


    I know every one is probably sick of answering queations about mortgages but any replies would be greatly appreciated as i have no idea where to go or who to contact.

    Here is my situation i am a 22 year old male living in dublin and due to the recent death of a family member the house is to be sold and i would love to buy it. My main problem is i would have a bad credit rating as i spent most of last year putting my money behind the bar rather than in a bank. The house is to be sold this year but if there was a chance i could buy it im sure it could be postponed but not for to long I dont want to be ignorant but i also dont want ramble on and stray fom the point so ill just let you know my situation

    22 yo male living at home
    in pemanent employment 6 yrs
    earn approx 60k a year before tax
    owe e8000 on a car loan
    mortgage will be for between 350k to 400k

    My main question is am i wasteing my time is it possible to get a mortgage with a bad credit rating also is it possible to get one on my own

    Any of your replies would greatly appreciated or any advise is there anywhere i can go besides a bank and get advise.

    im sorry if im reapeating any former q's but im finding it hard to find any relevent to my situation.

    once again thanks


Comments

  • Options
    #2
    Ruu_Old
    Closed Accounts Posts: 36,634 ✭✭✭✭Ruu_Old


    Moved from the Helpdesk.


  • Options
    #3
    Noelie
    Closed Accounts Posts: 999 ✭✭✭Noelie


    do you just think you have a bad credit rating or do you actually have you.
    your post isn't quite clear on it. If you only think you have one because you haven't been saving i wouldn't worry about it. you're wage is quite good but you'd need to geto ut of the habit of spending all your money in the pub.


  • Options
    #4
    gamer
    Closed Accounts Posts: 2,227 ✭✭✭gamer


    go to a mortgage broker,open savings account ,save at least 300per week, start this week ,on that income you wont have problem getting mortgage,it really depends on value of house,is it 300k,or larger,bank likes 2see you can save x amount per week,so the more u save NOW THE BETTER, plus be consistant, set up direct debit to put x amount into your bank account every week.thenwill your family agree a price with you.


  • Options
    #5
    Supercell
    Registered Users Posts: 15,401 ✭✭✭✭Supercell


    The car loan will stand heavily against you, clearing that should be a priority.
    Banks are increasingly giving loans of 90% (compared to 95% or higher in the last few years) against houses and only 80% against apartments (which seem like a spectacularly bad buy right now as a result) so much bigger deposits are needed unless you are in one of the professions mentioned below.

    If you are an accountant/doctor/civil servant of any description then you'll be able to borrow far more than most other individuals on the same salary as its very unlikely you'll ever be out of work.
    What line of work are you in ?
    https://www.loughlinstown.ie/

    Have a weather station?, why not join the Ireland Weather Network - http://irelandweather.eu/



  • Options
    #6
    starky
    Closed Accounts Posts: 103 ✭✭starky


    youngshooter wrote: »
    I know every one is probably sick of answering queations about mortgages but any replies would be greatly appreciated as i have no idea where to go or who to contact.

    Here is my situation i am a 22 year old male living in dublin and due to the recent death of a family member the house is to be sold and i would love to buy it. My main problem is i would have a bad credit rating as i spent most of last year putting my money behind the bar rather than in a bank. The house is to be sold this year but if there was a chance i could buy it im sure it could be postponed but not for to long I dont want to be ignorant but i also dont want ramble on and stray fom the point so ill just let you know my situation

    22 yo male living at home
    in pemanent employment 6 yrs
    earn approx 60k a year before tax
    owe e8000 on a car loan
    mortgage will be for between 350k to 400k

    My main question is am i wasteing my time is it possible to get a mortgage with a bad credit rating also is it possible to get one on my own

    Any of your replies would greatly appreciated or any advise is there anywhere i can go besides a bank and get advise.

    im sorry if im reapeating any former q's but im finding it hard to find any relevent to my situation.

    once again thanks

    ok get the facts:

    http://www.icb.ie/

    you can order a credit report from this shower, you will get acces to the very same information that any bank will have access to. get a report and see for your self what state your credt history is in. you never know it may not be as bad as you think .....


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