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An 100k Mortgage

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  • 17-10-2012 5:26pm
    #1
    Annabananna
    Registered Users Posts: 161 ✭✭


    Hey

    A friend has asked me to posty this question she and her husband are renting 775 a month and they hoping to buy a house near them it priced at 110k and they think they get it for around 100k as it been on market for a while she wants to know if they get a mortgage here the details

    Husband basic 68k
    Her parttime self emplyed 7k
    loans 15k
    Credit union loan 2k
    Savings around 7500eur
    2 children

    Thanks


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    #2
    okiss
    Registered Users Posts: 698 ✭✭✭okiss


    They need to pay off any loans asap and then build up there savings before applying for a mortgage. When the loans are paid off get them to open a regular savings account and put the loan money into this or more each month.
    The banks have got very strict on giving out loans.
    They need to build up there savings and go to the bank with 10% to 20% of the value of the home they wish to buy as a deposit.
    Also the bank will take into consideration that they have 2 children so the more of a deposit they have the better.
    I would get them both to check there icb report before applying for a mortgage to make sure the information is correct.
    The bank will want to see prof of income, outgoings, bills, ect.
    If either of them has on online gambling account get them to close it as it will show up on a bank statement.
    Tell them to get rid of an overdraft, keep all the bills and start to build up all the paperwork the bank could ask for.


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    #3
    handlemaster
    Registered Users Posts: 6,003 ✭✭✭handlemaster


    You don't mention the ages of the applicants or what sector they work in this is also important


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    #4
    tony81
    Closed Accounts Posts: 595 ✭✭✭tony81


    They need to tighten the belt and save at least €15000 to cover the minimum deposit, solicitor fee, valuation cost and survey.

    Also Their bank bal incl savings need to show an increase month on month.

    The bank will look at ability to repay. So income less living expenses less loan repayments. Ideally they should pay the loan down a little. Also his job needs to be relatively stable.


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    #5
    kodoherty93
    Closed Accounts Posts: 169 ✭✭kodoherty93


    They need more savings to satisfy the bank. Also if they miss one repayment on any of those loans they can kiss a mortgage goodbye.

    I know someone was denied a mortgage over 2 missed credit card repayments which they then cleared the following month


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