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First Time Buyer - Mortgage Advice Required

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  • 30-08-2012 1:39pm
    #1
    timotei11
    Registered Users Posts: 14 ✭


    Hi there,

    First time poster.

    I'm really just looking for some general advice on where you think I might stand in regards a mortgage.

    I have an appointment with the bank (Ulster Bank) next week to discuss being granted a mortgage.

    Currently I earn 40k p/a.

    On top of this I earn bonus (not guaranteed) of between 0-12k p/a. I've been in my job almost 4 years and in the last two years (the only two I've been qualified to earn a bonus, I've earned between 6k and 8k).

    I currently have 19k in savings.

    On top of that I participate in two work sharesave schemes, the first matures in December this year, and the second in December next year - i'll be looking at just over 20k back for each of them.

    In terms of current disposable cash - from my wages at the minute goes my rent, tv/phone/internet, car loan (completed in April 2014, currently 200p/m and car insursurance.

    How am I looking for this meeting next week?

    Any input greatly appreciated, not sure where i really stand.


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    #2
    dearg lady
    Closed Accounts Posts: 2,091 ✭✭✭dearg lady


    How much is left on the car loan? You'd be in a much better position with no outstanding loans.
    Plug your number into some online calculators, but I would imagine banks would be reluctant to lend to you at the moment, you'll be in a muchg better position come december.


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    #3
    davet82
    Closed Accounts Posts: 3,753 ✭✭✭davet82


    dearg lady wrote: »
    Plug your number into some online calculators

    What ever figure they give you on the calculators shave 20k off it imo


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    #4
    timotei11
    Registered Users Posts: 14 ✭timotei11


    dearg lady wrote: »
    How much is left on the car loan? You'd be in a much better position with no outstanding loans.
    Plug your number into some online calculators, but I would imagine banks would be reluctant to lend to you at the moment, you'll be in a muchg better position come december.

    200 a month for 20 months (4k).

    I assumed it might be December for me tbh... However, if I go down on next week and explain my situation to the guy, if the banks refuse to lend me will that be 'held against me' come December?


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