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Mortgage - what are my chances ???

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  • 09-02-2010 11:19pm
    #1
    greengirl31
    Registered Users Posts: 416 ✭✭


    Hi there ... I'm looking for a few opinions or pointers here ...
    I'm parent on an anual income of 38K. I have had bad credit in the past but and all my debts were paid - eventually and I've been debt free for 5 years now.

    Recently, i've been presented with an oppertunity to purchase a property worth about 280/290K for 170K - it's a relative selling who wants a quick sale and to keep it in the family. my question is, before I get my hopes up, what are my chances of getting a mortgage for this ...


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


    Definitely have a chance. Depends on more details and info, but you defo have a chance. Try EBS, Aib and Boi.


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    #3
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    greengirl31 wrote: »
    Hi there ... I'm looking for a few opinions or pointers here ...
    I'm parent on an anual income of 38K. I have had bad credit in the past but and all my debts were paid - eventually and I've been debt free for 5 years now.

    Recently, i've been presented with an oppertunity to purchase a property worth about 280/290K for 170K - it's a relative selling who wants a quick sale and to keep it in the family. my question is, before I get my hopes up, what are my chances of getting a mortgage for this ...

    Firstly dealing with family on these things is tough. Dont let it cloud any issues. Not saying you will but beware can happen a lot. Just got through everything with a firm business head as if these family member was a normal seller.

    For instance is the property worth what you say its worth or what they said it was worth when last valued. It needs to be valued at current economic conditions to see whats its worth

    In relation to your credit history if you are debt free for five years then you shouldnt have problems with listings on the ICB.


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    #4
    jor el
    Closed Accounts Posts: 16,713 ✭✭✭✭jor el


    You can use the calculators on the bank websites to see what you could get, and how much that might cost. As an example, BOI say the max you could apply for is €190k, and details of the repayment can be seen here.

    After that, the only thing you can do is apply and see what happens.


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    #5
    rameire
    Registered Users Posts: 4,152 ✭✭✭rameire


    just did a quick calc on a spreadsheet i have
    stress rate 6%
    i placed you as single parent
    1 dependant
    gross as you say 38k
    term 30 years
    190k is what you would possibly be able to get from all banks currently lending in the irish market ( boi, aib, ub, tsb, ebs, )

    🌞 3.8kwp, 🌞 Split 2.28S, 1.52E. 🌞 Clonee, Dub.🌞



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    #6
    greengirl31
    Registered Users Posts: 416 ✭✭greengirl31


    Thanks for going to the trouble folks ... I'm afraid to get excited incase i get knocked back ...

    you hear alot about Banks not lending etc - and if they do it's only to public sector workers ... Do you know if theres any truth in this ... I'm working in the private sector but I'm in my job for 10 years.

    I'm a bit warey of the family connection but Ive put my cards on the table and she's said she's willing to accept - i've given her plenty of time to think about it or change her mind and have said it's all dependant on me getting a mortgage so she's happy with that ...

    Fingers crossed ...


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