Mortgage Query

mortgagequery

Hi All,
Looking for any help or advice, all greatly appreciated.

Before I met my partner he had bought a house, we are now thinking of building our own house. But I want to try and get this mortgage on my own. This is the situation I'm in:

~I'm in full time permanent employment with a very realiable firm for the past 6 years now, earning €26000 per year.
~As it is at the moment betweeen savings and paying off loans €975 per month is gone out of my wages.
~We have been gifted a site to build on and also my father is willing to gift me €20000 as a deposit for a mortgage because as it currently is I only have about €2000 in savings of my own that they'll see going back threw my bank statements.

~If my partner needs to come with me he will and we should be ok then as he is in full time employment in the public sector.

*The only thing is, I nearly have my car loan paid off but when I got it first I struggled with some of the payments, will this go against me when applying for a loan?
I was also granted an overdraft by my current bank last year which i used at the end of the year, will this go against me aswell?

Any info or anyone who was in the same situation with info I would greatly apprecite any advice etc.

Thanks
Mortgagequery.

marcus2000

mortgagequery wrote: »

I nearly have my car loan paid off

I'm sure someone with better mortgage knowledge will comment on all your questions, but you should do whatever you can to clear the actual car loan first!!! I remember that was a problem for me initially. I hadn't much left to pay, but they said clearing it will make all the difference.

mortgagequery

Ya that will be cleared by the time were applying for a mortgage. The only reason I kept paying it monthly was to show that now I can reach the payments every month on time.

rainbowtrout

mortgagequery wrote: »

Hi All,
Looking for any help or advice, all greatly appreciated.

Before I met my partner he had bought a house, we are now thinking of building our own house. But I want to try and get this mortgage on my own. This is the situation I'm in:

~I'm in full time permanent employment with a very realiable firm for the past 6 years now, earning €26000 per year.
~As it is at the moment betweeen savings and paying off loans €975 per month is gone out of my wages.
~We have been gifted a site to build on and also my father is willing to gift me €20000 as a deposit for a mortgage because as it currently is I only have about €2000 in savings of my own that they'll see going back threw my bank statements.

~If my partner needs to come with me he will and we should be ok then as he is in full time employment in the public sector.

*The only thing is, I nearly have my car loan paid off but when I got it first I struggled with some of the payments, will this go against me when applying for a loan?
I was also granted an overdraft by my current bank last year which i used at the end of the year, will this go against me aswell?

Any info or anyone who was in the same situation with info I would greatly apprecite any advice etc.

Thanks
Mortgagequery.

If you are earning 26K a year before tax, that is approximately €2160 per month before tax and would roughly be 1850 per month net pay. If €975 is going on loans etc that leaves you 875 a month to live on as it is

How are you proposing to pay all your bills and a mortgage on that much money? I'd imagine on that income that you wouldn't be eligible for a mortgage for much more than 100k on your own, even at that you could be stretched.

chris85

Ok about the car loan you say you struggled at the start so if you missed payments and they went more than 30 days overdue it would be recorded on the Irish Credit Bureau and bank will see this when you apply for a mortgage.

Also I get the feeling you have other debts. You say you have €975 going out between loans and savings from your wages yet only €2000 savings so sounds like its a lot more going to loans than savings which needs to be sorted.

An overdraft is fine as long as its managed correctly. If the banks sees you constantly using an overdraft they would be concerned money is not being managed correctly.

Banks will lend about 4-5 times annual salary on the mortgage. May be less for a self build mortgage, unsure about them.

killers1

mortgagequery wrote: »

Hi All,
Looking for any help or advice, all greatly appreciated.

Before I met my partner he had bought a house, we are now thinking of building our own house. But I want to try and get this mortgage on my own. This is the situation I'm in:

~I'm in full time permanent employment with a very realiable firm for the past 6 years now, earning €26000 per year.
~As it is at the moment betweeen savings and paying off loans €975 per month is gone out of my wages.
~We have been gifted a site to build on and also my father is willing to gift me €20000 as a deposit for a mortgage because as it currently is I only have about €2000 in savings of my own that they'll see going back threw my bank statements.

~If my partner needs to come with me he will and we should be ok then as he is in full time employment in the public sector.

*The only thing is, I nearly have my car loan paid off but when I got it first I struggled with some of the payments, will this go against me when applying for a loan?
I was also granted an overdraft by my current bank last year which i used at the end of the year, will this go against me aswell?

Any info or anyone who was in the same situation with info I would greatly apprecite any advice etc.

Thanks
Mortgagequery.

You're looking at a max loan amount of €75k on your own. If you are going to apply jointly with your partner then his existing mortgage will also be factored in which may increase or even reduce this amount depending on his salary & mortgage o/s on his existing property