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no mortgage approval boi

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  • 11-04-2012 11:43am
    #1
    scrubber72
    Closed Accounts Posts: 1,215 ✭✭✭


    Wife (35)and I (40) are looking to buy at the mo. I am permanent and she is only back working temporary after 4 months unemployed. 17K saved and no loans or debts.
    Had mortgage approval for 254k last year but let it pass as her job was in doubt at the time. Found house lately that we really liked for 160k but boi won't approve mortgage. I earn 31k but p60 for last year shows 41k due to lots of overtime.
    My job is very secure and wife will be made permanent in 6 months. Is there any chance of us getting a mortgage anywhere. Don't want to miss out on house.


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    #2
    jameshayes
    Registered Users Posts: 3,772 ✭✭✭jameshayes


    Have you tried any of the other companies? AIB gave me a mortgage this month and I am hearing they are more open to giving mortgages since christmas... their process is very quick but you need to make sure you have all your documents in order


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    #3
    Lux23
    Registered Users Posts: 7,134 ✭✭✭Lux23


    Ulster Bank are supposedly lending more so maybe try there.


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    #4
    im invisible
    Closed Accounts Posts: 4,372 ✭✭✭im invisible


    Watcha gonna do about it, boi?


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    #5
    xcatiex
    Closed Accounts Posts: 3 ✭xcatiex


    hi there i got mortgage approval in ulster bank. They where very helpful.


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    #6
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    If she is temporary they may not include her income as it may not be around in a while which is a concern. Also they would not include your overtime as this also could be removed potentially. Back in the boom days this was the sort of thing they were including but not very good practice to do.

    Based on that your income to be considered would be your €31k base salary. i think it 4 times salary as a rule of thumb they are giving out.

    I would be concerned would you be able to afford a mortgage if your income drops (i.e. partner is let go and your overtime is dropped) but obviously I am just mentioning these things and dont know how likely they are.


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    #7
    Eddie2008
    Registered Users Posts: 49 ✭Eddie2008


    Hi Scrubber72
    My husband and I are in a similar situation in terms of age and that my husband is temporary but will be permanent in the coming weeks. The reason BOI refused was because your wife is in her job less than 12 months and not permanent. There criteria is 12 months plus and permanent.

    AIB's criteria on the otherhand is 6 months and permanent, so perhaps try them when your wife is. But they will only lend up to 65 years old, so at age 40 they will only approve you for 24/25 year mortgage - which is no bad thing but will affect how much they will borrow to you which may be less 160K


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    #8
    hwfs.ie
    Registered Users Posts: 25 ✭hwfs.ie


    you could use a mortgage broker who will deal with most of the banks on your behalf. i agree with previous poster that your wife has not been in her position long enough for her to be considered, also currently only temporary, when permanent you should have no problems getting the mortgage.

    dont worry about that house, there are plenty out there.


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