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Mortgages

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  • 22-07-2010 2:27pm
    #1
    muffinman11
    Registered Users Posts: 26 ✭


    You can calculate the mortgage repayments on any bank site but how accurate would they be?? Would they be alot higher than what it shows on the site? And also how difficult is it to get one now... even if you have parents being guarantur for you


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    #2
    dubsuperstar
    Registered Users Posts: 159 ✭✭dubsuperstar


    General Rule would be, dont trust those calculators. They are so far from the truth its not funny....in fact dont trust anyone in the banks unless you have it in writing.


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    #3
    tenchi-fan
    Closed Accounts Posts: 3,339 ✭✭✭tenchi-fan


    Hi
    You can probably trust the calculators! They will be correct for a few months. Then either the ECB or the bank will up their lending rate and you'll be paying a lot more.

    As for getting a loan.
    * You need to have been in a permanent, secure job for over one year
    * You need to have saved a 12% deposit and provide bank statements to show evidence that you are able to repay a mortgage. Typically either showing that you saved the 12% deposit or that you have been paying rent.
    * You will probably get a loan for 4 times your income. Any more and they will be a lot stricter.

    They will also take into consideration your occupation and a valuation report for the property.


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