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Problems with getting a mortgage

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  • 15-10-2008 2:51pm
    #1
    The Gambler 101
    Registered Users Posts: 265 ✭✭


    With the country in a recession, how is house buyers finding it in a getting a mortgage, or are buyers even thinking of buying now? Is there many problems facing house buyers in a getting a morgage?


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    #2
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    TBH apart from no one doing 100% mortgages and the loan to value changing the banks are very open to lending people money. I've had people giving out to me regarding the lack of 100% mortgages, and the papers blame the bank. People still want 100% mortgages.


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    #3
    broker2008
    Registered Users Posts: 750 ✭✭✭broker2008


    Yes one can still get a mortgage but they might not lend as much. They have differing criteria based on your occupation, industry etc. One of the problems is valuations. I have seen a number of loans recently scuppered by valuers where they have valued properties a lot lower than in previous months.


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    #4
    The Gambler 101
    Registered Users Posts: 265 ✭✭The Gambler 101


    im i right in saying if you are in the construction, finance, banking industries and probable more , your chance of getting a mortgage would be slim due to the uncertainty hanging over your industry?


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    #5
    tHE vAGGABOND
    Registered Users Posts: 6,687 ✭✭✭tHE vAGGABOND


    People still want 100% mortgages
    Those people should cop on and start saving up a decent deposit..

    All the while sitting back and watching prices fall all around them :)


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    #6
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    The Gambler 101 wrote: »
    im i right in saying if you are in the construction, finance, banking industries and probable more , your chance of getting a mortgage would be slim due to the uncertainty hanging over your industry?

    Nope, thats rubbish.

    You get looked at as an individual not as part of the industry you work in.


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    #7
    The Gambler 101
    Registered Users Posts: 265 ✭✭The Gambler 101


    if lenders not giving 100% mortgages, what is the most they are willing to loan out now?


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    #8
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,919 Admin ✭✭✭✭✭Toots


    The most I've heard of now is 90%, I think that was with IIB or something. I know a lot of banks are only doing 80%.


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    #9
    LightningBolt
    Registered Users Posts: 1,639 ✭✭✭LightningBolt


    Toots85 wrote: »
    The most I've heard of now is 90%, I think that was with IIB or something. I know a lot of banks are only doing 80%.

    IIB still doing 92% afaik, AIB still doing 90 odd per cent loans also although I've been told it's mainly professionals that get that rate from them.


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    #10
    The Gambler 101
    Registered Users Posts: 265 ✭✭The Gambler 101


    is interests rates at the present time good or bad?


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    #11
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,919 Admin ✭✭✭✭✭Toots


    LightningBolt wrote: »
    IIB still doing 92% afaik, AIB still doing 90 odd per cent loans also although I've been told it's mainly professionals that get that rate from them.

    Yeah, I think most places seem to be quoting on a case by case basis. My sister in law is looking for a mortgage at the moment and she's finding most places are saying 80-85%, then that they can possibly appeal for more depending on how strong an application they are.


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