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are the banks giving out mortgages

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  • 15-10-2009 9:48pm
    #1
    mel123
    Registered Users Posts: 2,204 ✭✭✭


    im going to start applying for a mortgage tomorrow, but with all the scaremongering and the state of the banks im worried that they just aint giving out the mortgages. i had a mortgage, sold just when the slump was starting, and was on the lookout for a new house, while renting, for the last couple of years but only now have i found what i like. only thing is im worried the banks really are not giving out mortages now. looking for around 350kish, two salaries, say mine is average, his is higher, both in secure (i hope) jobs and have been for years. do you think i will have any problems?? anyone any experiences in the last while?


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    #2
    Davy
    Registered Users Posts: 19,340 CMod ✭✭✭✭Davy


    If your not selling a house you have a big step up already. Thats the worst part for most people as they are at such a loss at the moment.

    You wont get it as easy as a 18months ago, but with 2 good salaries 350 can be gotten. The money is coming from ebs, boi and aib


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    #3
    Jet Black
    Registered Users Posts: 3,845 ✭✭✭Jet Black


    Banks are still lending, the only problem is things are much more stringent. Its going to be a more difficult this time than the last time. A big factor is ICB, how were you with the first mortgage? Were payments mad every month on time? Same with any other finance you had over the last 6 years (loans/credit cards/car loans)
    Another thing is if you have savings and how you manage your current account and wages.

    Off the top of my head you would need a combined income of between 60-70k for a mortgage that size.


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    #4
    mel123
    Registered Users Posts: 2,204 ✭✭✭mel123


    thanks guys, makes me feel a bit better. now for the head wreaking part of getting all the wage slips, p60's, everything together!! our first mortgage we never missed a payment etc etc, both have good credit rating, the current accounts would be more or less empty come the end of every month, but thats because money gets transferred into savings accounts etc, so i suppose if i can show all that. gas thing is, about two and a half years ago, banks couldnt give us enough money, think we were approved for 550k, know we wouldnt have a hope of getting that now...not that i want it!!!


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