Will I get a mortgage? Advice please

Dymo

skmck wrote: »

The house itself is 2700sq mtrs & it has a garage of approx 1200sq mtrs.

Make sure you get your measurements right, a house 2700sq mtrs would need to be insured for €3.8 million. I think you mean sq feet which would give you a value of €350,000

Monife

Sorry to hijack this thread.

Just wondering, how long would you have to be in a permanent job before the banks would consider you for a mortgage?

And around how much savings would you need?

Thanks

not even wrong

Monife wrote: »

Just wondering, how long would you have to be in a permanent job before the banks would consider you for a mortgage?

You'd need to be finished any initial probation period, which can be up to a year; check your employment contract.

And around how much savings would you need?

You will need at least 8% of the purchase price of the house, plus 1% for stamp duty.

*WKD*

OP - Hope you get your mortgage sorted, been there for the past year and a half:o

JuliusCaesar

Dempo1 wrote: »

Hmmm, so why the need to use a Broker to get a mortgage approval. Haven, now let me think, o yes! Sub rime.!

I thought Haven was EBS's mortgage arm and NOT a sub prime lender such as Start.

Isn't it?

Dempo1

JuliusCaesar wrote: »

I thought Haven was EBS's mortgage arm and NOT a sub prime lender such as Start.

Isn't it?

Yes your correct however just like PTSB own Start or smart mortgages, can't recall which one. These are sub prime off shoots and feature prominently in the High court seeking repossessions! Kind of a subsidiary that handles the dirty linen!

badgerhowlin

Hope you get the mortgage skmck,

My situation is a little different than yours.

Im an IT contractor in the same place for a year and contract is extended for another 6 months. on 18.5 per hour
The wife is a social care worker on a min of 70 hours a month netting €2200 a month we have 50000 in back too.

Getting plot of land off my father for house.

Going into bank in 3 hours to ask for a mortgage for 160,000-180,000

Ill let you know if they laugh at us or what.
Hopefully it will be the OR WHAT!

D3PO

seanhowlin wrote: »

Hope you get the mortgage skmck,

My situation is a little different than yours.

Im an IT contractor in the same place for a year and contract is extended for another 6 months. on 18.5 per hour
The wife is a social care worker on a min of 70 hours a month netting €2200 a month we have 50000 in back too.

Getting plot of land off my father for house.

Going into bank in 3 hours to ask for a mortgage for 160,000-180,000

Ill let you know if they laugh at us or what.
Hopefully it will be the OR WHAT!

2 of the reasons you wont get a mortgage. The banks are just ultra cautious right now so this is a major issue for anybody not in steady full time employment

badgerhowlin

Well where to begin

kind of thought that they would say not to a joint mortgage whch they did,

But my wife cant even get a mortgage on her own,

We make 4000 a month which was good but then told them i was only contacting. They didnt like it! They said that a dual mortgage was out of the question.

When we asked if my wife could get one on her own they said NO. Since we were married we couldnt do that, they said that we need an disposable income after the mortgage had been paid for a month of 2500 Than means my wife would need to be bringing home 3200 a month after taxes and all!

But if she was single she would only need to has an disposable income of 1500 after the mortgage was paid.

WHAT A LOT OF ...

Bigcheeze

seanhowlin wrote: »

Well where to begin

kind of thought that they would say not to a joint mortgage whch they did,

But my wife cant even get a mortgage on her own,

We make 4000 a month which was good but then told them i was only contacting. They didnt like it! They said that a dual mortgage was out of the question.

When we asked if my wife could get one on her own they said NO. Since we were married we couldnt do that, they said that we need an disposable income after the mortgage had been paid for a month of 2500 Than means my wife would need to be bringing home 3200 a month after taxes and all!

But if she was single she would only need to has an disposable income of 1500 after the mortgage was paid.

WHAT A LOT OF ...

Don't just go to one bank. Try a mortgage broker. Even if you are a contractor you're probably highly employable.

gurramok

A colleague of mine who is a contractor in IT just got a mortgage through a mortgage broker, he has been contracted for 6 yrs though.

badgerhowlin

Thats what we are going to do now.

But, anyway hope you got your mortgage skmck

badgerhowlin

When to mortgage broker and they can only find mortgages for us if we go contract work. NO one will consider a self build house.

to me this is very IRISH.

Contract build will increase the amount we will have to borrow by about 30-40k i would say.

It just doesnt make sence to me at all.

I want 180k to build my house
No you cant have 180k you can only have 220k. take it or leave it

How did you get on with your application Skmck?

*WKD*

Seanhowlin We have just got our mortgage approved after a year of headaches. Through Haven actually whos rates weren't that much higher than larger institutions. Anyways we ended up being turned down loads due to dh's rolling contract w dept of Ed. Finally had to discuss with builder/contractor prices and he came down from 230-190 so we were able to get approval. We have just taken out a few bits and bobs on build. You could speak to different contractors put your build out to tender and see what they come back with given your current situation with bank. I know this is a complete nightmare for you and wish you every luck and success in getting your mortgage!

phormium

I can understand the banks reluctance to finance the self build, the reason being that an enormous percentage of these go over budget meaning you will be back with house not finished looking for more money. That is what they see anyway.

To be fair the bank are right to have fears in this regard, I have seldom seen a self build not go over budget (many years lending experience), normally in the past this would just mean doing a top up loan but in the current tight lending climate that is next to impossible. Bank is looking at worst case scenario of their security (your new house) not completed fully, you unable to borrow extra to finish it and both of you left with a problem.

Goldenlady

Just wondering if any one has any updates, particularly op?? We have tried ebs now and are waiting for an answer, it's a disaster though as we put an offer in for a house when we thought boi mortgage would be enough to cover it, now the contracts are wit our solicitor and we are still awaiting mortgage approval! Hope we get it!!

irlrobins

These days I think the better approach is to get mortgage approval first, then look to see what you can afford, and then make an offer. Not the other way round. Saves you wasting both your time and the sellers time if you haven't a hope of getting a mortgage for the place.

Goldenlady

irlrobins - We had actually approval from BOI, this is why we went looking and put an offer in for an amount far less than our approval! Then came January 1st and the budget had such an impact on the amount available to us, it was unreal.
I don't think its the case of us not having a hope getting a mortgage somewhere else. Hopefully all will work out.
Id just like to see how everyone else has got on?

irlrobins

Apologies Goldenlady. My mistake. But you be surprised at how often you read on here of people putting an offer in and only then approaching the bank to get approval in principle. Madness.

Goldenlady

No hassle irlrobins. Our update is ebs have said no!! So annoyed. My partner was married, now divorced. His ex was responsible for mortgage when he moved out, court order and maintainance in place, but he never took his name off mortgage, he wasn't even thinking about those kind of things, do his ex missed 9 payments on mortgage, and it's the reason they won't give us mortgage!! I think we are just not meant to buy, even more annoying his ex has since got a mortgage and bought s house. Arghhhhhhhh

skmck

Apologies for the late reply but Im only getting word back now on my mortgage. Yes we got approval from three different banks which is amazing, wasnt expecting that at all. Mortgage has been granted for 240k.
I put the approval down to going through a mortgage broker - we went with blue sky mortgages & have to say that they were very helpful.
Now the exciting and stressful part lies ahead - the actual purchase, but Im really looking forward to it now.
Hope everyone else gets what they want!