Will I get Approved for Mortgage?

JeanLucPicard

Here's the situation;

First Time Buyer

Salary €41000 Civil Service Job

Looking for €150000

No loans. 0 balance on credit card.

Savings €1000 in Post Office (a small weekly amount over the past few months)

€1500 in Prize Bonds

Partner has €40000 in savings but cannot make a joint application as she is unemployed.

Father has offered to go guarantor.


Ive applied over the phone on Tuesday but heard nothing back since.


What do you all think my chances are of getting approval?

whiterob81

I'd say they're very good.

I'm also a civil servant and a guy in my office on 35,000 a year is just after getting approval for a mortgage of 190,000 for himself.

ntlbell

I'm not sure why people keep posting these threads.

pick up the phone and talk to the bank.

no one here can you tell you if you will or won't get one.

if you're in long term employment have proving savings and little or no debt you have a chance.

Rabidlamb

OP, don't even mention the gf's father & his offer in your application.
If you only need €150k I take it that's 90% hence you need €17k in savings going in as you're looking at spending €167k.
The bank may want to see a history of saving hence the girlfriend dropping €16k into your bank account may not be the best idea.
Instead drip feed it in @ €2K a month max, this will put back your application process but don't worry as house prices aren't going anywhere but down.

JeanLucPicard

ntlbell wrote: »

I'm not sure why people keep posting these threads.

pick up the phone and talk to the bank.

no one here can you tell you if you will or won't get one.

if you're in long term employment have proving savings and little or no debt you have a chance.

I have talked to the bank. They never said yay or nay over the phone (not that I expected that)

I was only looking for people's opinions/experiences....as are most people who post on this forum and others.....maybe that is why people post threads like this.

fricatus

Rabidlamb wrote: »

Instead drip feed it in @ €2K a month max, this will put back your application process but don't worry as house prices aren't going anywhere but down.

Hmmm, I see where you're coming from on this, but the bank will still see that money coming in and will want to see where it has come from.

They will calculate your eventual repayments and stress test them to take account of higher interest rates, and then make sure that you're able to cover the amount each month.

Generally this means the amount that you've been putting away in rent plus savings for the past six months to a year. They might take into account the amount of any car loans or personal loans if these are nearly paid off, as that money would now be freed up once again out of your monthly salary.

Bigcheeze

ntlbell wrote: »

I
no one here can you tell you if you will or won't get one.

Apart from Killers

Man007

fricatus wrote: »

Hmmm, I see where you're coming from on this, but the bank will still see that money coming in and will want to see where it has come from.

From Personal Experience the bank don't care where the money is coming from once they can see regular savings.

Withdraw it from one account and lodge cash to another

ntlbell

JeanLucPicard wrote: »

I have talked to the bank. They never said yay or nay over the phone (not that I expected that)

I was only looking for people's opinions/experiences....as are most people who post on this forum and others.....maybe that is why people post threads like this.

every situation is unique and will be assessed that way by the person processing your application.

There's 1001 things that could be happening on your current account that we don't know that could swing it one way or another.

so in the time you write the question here you probably could have filled out the approval in principal application on one of the online banks.

so most of the time it's always the same.

Good credit history

Good savings history..consistency is the key here not the amount.

A deposit of a min 8%

Long term consistent employment.

You're in with a good a chance as anyone else.

But again, you will still need to talk to the bank.

the groutch

as already mentioned it's the lack of savings history that's the major issue.
I hope you do get approved (you tick all the other right boxes), just don't be surpised if they turn you down

Zamboni

JeanLucPicard wrote: »

Here's the situation;

First Time Buyer

Salary €41000 Civil Service Job

Looking for €150000

No loans. 0 balance on credit card.

Savings €1000 in Post Office (a small weekly amount over the past few months)

€1500 in Prize Bonds

Partner has €40000 in savings but cannot make a joint application as she is unemployed.

Father has offered to go guarantor.


Ive applied over the phone on Tuesday but heard nothing back since.


What do you all think my chances are of getting approval?

You are on €41k a year and have €2,500 in savings.
I'd say you will get nothing.
Get the partner into a job for six months and then try.

JeanLucPicard

Zamboni wrote: »

You are on €41k a year and have €2,500 in savings.
I'd say you will get nothing.
Get the partner into a job for six months and then try.

I know its pretty poor looking but I was clearing off a college loan of 9k and I recently paid 14k for a change of car.

Zamboni

JeanLucPicard wrote: »

I know its pretty poor looking but I was clearing off a college loan of 9k and I recently paid 14k for a change of car.

Paying 14k towards a car looks even worse to be honest.
Don't let the bank know that!

dory

Zamboni wrote: »

You are on €41k a year and have €2,500 in savings.

This is what jumped out at me. I would think you wouldn't get approved until you have a bit more than €2500 to your name. But of course, none of us have a clue til the bank get back to you.

ted1

is it a prtner of spouse?

if its a spouse, you will have to get a joint mortgage. My wife doesn't work and has no income but she had to go on to the mortgage.

socco

dory wrote: »

This is what jumped out at me. I would think you wouldn't get approved until you have a bit more than €2500 to your name. But of course, none of us have a clue til the bank get back to you.

how much would you be expecting him to save?

Zamboni

socco wrote: »

how much would you be expecting him to save?

That would really be dependant on a host of variable factors to which the information is unavailable on this thread.

spockety

whiterob81 wrote: »

I'd say they're very good.

I'm also a civil servant and a guy in my office on 35,000 a year is just after getting approval for a mortgage of 190,000 for himself.

What. The. F**k?

the groutch

spockety wrote: »

What. The. F**k?

why the shock?
he's taking home approx €2,300 pm nett
a 30 mortgage for 190k @ 3.29% (aib std variable) he'd be paying €825pm (€700 with interest relief)
not that much out of someone's budget (especially if they're single), and probably less than the rent he had been paying.