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Mortgage Approval

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  • 17-05-2008 10:09am
    #1
    Caoimhín
    Closed Accounts Posts: 3,789 ✭✭✭


    Hi all
    I have a quick question about getting mortgage approval.
    My situation is;
    I have my own site which my father gave me, i have planning permission for this house to build which will cost 250,000k. Now i have 20k of that saved and I earn 55 k per year, i can afford the mortgage. No other loans and a clear credit rating (i checked with the ICB).
    What I'm worried about is that my employer is on shaky ground. Its a good business with a high turnover. Thing is he has been bankrupted 10 years ago and went through an examination process 2 years age.

    Now the question is if the lending institution can hold this against me when deciding on approving the mortgage.


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    #2
    dotsman
    Registered Users Posts: 3,636 ✭✭✭dotsman


    caoibhin wrote: »
    Hi all
    I have a quick question about getting mortgage approval.
    My situation is;
    I have my own site which my father gave me, i have planning permission for this house to build which will cost 250,000k. Now i have 20k of that saved and I earn 55 k per year, i can afford the mortgage. No other loans and a clear credit rating (i checked with the ICB).
    What I'm worried about is that my employer is on shaky ground. Its a good business with a high turnover. Thing is he has been bankrupted 10 years ago and went through an examination process 2 years age.

    Now the question is if the lending institution can hold this against me when deciding on approving the mortgage.

    The truth is - possibly. It depends on if there is any basis for what you are worried about. If the bank you approached had knowledge that your employer might go under, then certainly they would have to reassess the situation (given today's climate). However, the main focus is on your profession/skills etc. How readily employable are you? Is there a lot of demand for your profession? What I mean is that certain professions such as doctors/solicitors/accountants etc are considered very safe.

    Why don't you make an appointment with your bank and find out? There's only one way to find out!


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    #3
    Caoimhín
    Closed Accounts Posts: 3,789 ✭✭✭Caoimhín


    dotsman wrote: »
    The truth is - possibly. It depends on if there is any basis for what you are worried about. If the bank you approached had knowledge that your employer might go under, then certainly they would have to reassess the situation (given today's climate). However, the main focus is on your profession/skills etc. How readily employable are you? Is there a lot of demand for your profession? What I mean is that certain professions such as doctors/solicitors/accountants etc are considered very safe.

    Why don't you make an appointment with your bank and find out? There's only one way to find out!

    Thanks, im a forestry so we are relatively unaffected by economic changes outside Ireland, full employment in the profession. I think i will just call into the bank and see what happens.


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    #4
    Gurgle
    Closed Accounts Posts: 5,064 ✭✭✭Gurgle


    caoibhin wrote: »
    Hi all
    I have a quick question about getting mortgage approval.
    My situation is;
    I have my own site which my father gave me, i have planning permission for this house to build which will cost 250,000k. Now i have 20k of that saved and I earn 55 k per year, i can afford the mortgage. No other loans and a clear credit rating (i checked with the ICB).

    ^^ Thats all the lending institution needs to know.

    The other questions are for you:
    How likely is it that you will lose your job?
    How hard will it be to get another?


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    #5
    Caoimhín
    Closed Accounts Posts: 3,789 ✭✭✭Caoimhín


    Gurgle wrote: »
    ^^ Thats all the lending institution needs to know.

    The other questions are for you:
    How likely is it that you will lose your job?
    How hard will it be to get another?

    Very unlikely to loose my job, cash flow problems due to the companies poor accounting and bad debtors.
    Could start with a semi-state within a matter of days if i wanted. I suppose im just overanalysing it by wondering if the bank will check my employers credit history.
    Thanks for the help lads.


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    #6
    MortgageBrbr
    Closed Accounts Posts: 17 ✭MortgageBrbr


    caoibhin wrote: »
    Hi all
    I have a quick question about getting mortgage approval.
    My situation is;
    I have my own site which my father gave me, i have planning permission for this house to build which will cost 250,000k. Now i have 20k of that saved and I earn 55 k per year, i can afford the mortgage. No other loans and a clear credit rating (i checked with the ICB).
    What I'm worried about is that my employer is on shaky ground. Its a good business with a high turnover. Thing is he has been bankrupted 10 years ago and went through an examination process 2 years age.

    Now the question is if the lending institution can hold this against me when deciding on approving the mortgage.

    If you were involved in the business with your employer 10 years ago this may affect your credit rating if not you should be fine. You can request a report from www.icb.ie this will give you your credit rating. Think it costs about €7 euro.


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    #7
    kaiser sauze
    Registered Users Posts: 1,558 ✭✭✭kaiser sauze


    MortgageBrbr wrote: »
    If you were involved in the business with your employer 10 years ago this may affect your credit rating if not you should be fine. You can request a report from www.icb.ie this will give you your credit rating. Think it costs about €7 euro.

    In his post he says that he checked the ICB. :rolleyes:


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