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Help with obtaining a small mortgage

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  • 02-01-2011 10:29pm
    #1
    Morphie
    Closed Accounts Posts: 34 ✭


    Ok well I have seen a house i wish to buy and have had an offer accepted for €40,000. The house needs some work so i was hoping to apply for an extra €10,000 to get the basics done on the house i.e. re-wiring, plumbing, windows etc. (this is a rough guess as i may be way out, i am waiting for a quote) The rest of the work i intent to get done after i move in and as and when it can be afforded. I have been saving for a few months and have €1,500 in a credit union account. I need a 10% deposit so €5000. I had intended to continue to save for a house deposit before i found this place and i don't want to miss out on it as it is a bargain. So my question is... If i borrow the rest of my deposit will it affect my mortgage application. The mortgage repayment would be about €200 a month, i earn €1200-€1500 a month. I roughly calculated that my loan repayments from the credit union would be about €300 a month (if i were to repay the loan over 2 years). Any advise would be greatly appreciated.


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    #2
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,920 Admin ✭✭✭✭✭Toots


    Yes, your loan would affect your mortgage application. Have you made any applications yet?


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