Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Mortgage Advice!

Options
  • 26-07-2011 2:02pm
    #1
    Blingy
    Registered Users Posts: 1,326 ✭✭✭


    Hi, I am considering applying for a mortgage. I am aware there are only a couple of banks currently approving mortgages and I am looking for as much advice as possible.

    We are a married couple with joint income of approx €75k. Both in permanent full time jobs, no dependents. Spouse has a current small loan. Savings of less than 10k And will be gifted the rest towards the deposit.
    We currently pay rent of €850. Will be looking for a mortgage around the €275k mark (hopefully) which will be approx 92% LTV.

    Any advice of what the chances might be of us getting approved? Who are the main players at the moment that we should apply to? Any other advice would be greatly appreciated...thank you!


Comments

  • Options
    #2
    BillieB
    Registered Users Posts: 21 ✭BillieB


    I have recently gotten a mortgage through AIB - they have the best rates at the minute. I went through a broker so I would say that is your best bet. I used Sherry Fitzgerald and everything was done by phone/e-mail they couldnt have being more helpful :) They dont charge as they get commision off the Banks :) The only thing is ur savings I know u said u will be gifted some money but banks like u to save a certain percentage yourself. Im sure though the broker will tell you that straight away :)


  • Options
    #3
    jay gatsby
    Registered Users Posts: 292 ✭✭jay gatsby


    Blingy wrote: »

    Any advice of what the chances might be of us getting approved? Who are the main players at the moment that we should apply to? Any other advice would be greatly appreciated...thank you!


    Just from my own experience - I was in with AIB in the past few weeks just to suss out what our chances would be if we did take the plunge. in a broadly similar position to yourself, not making quite as much money but savings are a bit higher. AIB rep was very positive, said they had gotten 4 approved in the past few weeks etc. etc. Lump sum savings were not as important as ongoing payments so your gift should be fine there.

    Really what he did was look at what the mortgage would be per month then added our savings and rent per month to see if that would cover it. Reckoned you need about 1000 per person left after this for living expenses.

    To me it sounds like you should be in with a good shout.


  • Options
    #4
    tenchi-fan
    Closed Accounts Posts: 3,339 ✭✭✭tenchi-fan


    No offence, I don't know your circumstances but taking your opening post at face value it sounds like you'd really be stretching yourselves (particularly assuming that's your gross wage you quoted).

    €275k over 30 years with an interest rate of 6.5% (bearing in mind PTSB already charge over 6%) and no TRS is a monthly payment of €1,705.

    Now add in the monthly cost of house insurance, life assurance, income protection (the bank may insist on this), + the "full" property tax being introduced from 2014 onwards... and the reality that mortgage interest rates could hit 10% in the next few years.. I think if you're lucky you won't be able to find a bank that will lend you so much.

    It's a renters market at the moment. My advice is to spend a bit more on rent, concentrate on saving, and wait until large repossessed properties start hitting the market.


Advertisement