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Mortgage

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  • 22-01-2009 11:02pm
    #1
    eon58
    Closed Accounts Posts: 20 ✭


    im thinking of getting a mortgage and the house we were looking at has dropped by 45 000 in the space of 3 months....we are saving like mad for 12 months but the question is will the lovely banks give out a mortgage to us...we both have permenent jobs and those jobs are fairly secure and we are saving well over the average monthly repayment on a house between 250000 to 300000......would i be just wasting my time going to them now for a mortgage


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    #2
    niceirishfella
    Closed Accounts Posts: 5,538 ✭✭✭niceirishfella


    Keep saving, why the rush to buy? - i'd wait till the market bottoms out and when it does, you'll still have plenty of choice of properties. The propery you're eying up has dropped 45k in 3 months, imagine what'll be gone of the asking price in the next hard 12 months. Don't be told different like all the suckers who believed the banks,developers, the gov. over the last decade.
    The old days are long gone.


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    #3
    JuliusCaesar
    Registered Users Posts: 4,882 ✭✭✭JuliusCaesar


    eon58 wrote: »
    ...would i be just wasting my time going to them now for a mortgage

    there's only one way to find out. Take all documents you need - bank statements, pay slips etc down to a few different banks and ask how much they're prepared to lend you. Speak only to the Mortgage Advisor!!! And go to a few different banks. I went to 6 banks and building societies. 2 lent me as much (and were prepared to lend more) as I needed; 4 wouldn't lend me enough. They are all different.

    Getting mortgage approval in principle would let you know where you stand now, even if you decide not to buy till later - by which time the goalposts may have moved again. (But your savings will also be greater!)

    But most Approval in Principles will stand for a period of 3-6 months, depending on the bank/bldg society.


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