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First Time Buyers Advice.

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  • 28-10-2012 12:05am
    #1
    Firstmortgage
    Registered Users Posts: 5 ✭


    Hi everyone.

    May I ask for some mortgage advice, as I'm planning to go for one over the next few months. I'm currently earning 27k ex tax deductions, have 30k saved up.

    I'm looking for a mortgage of 130,000 ex deposit over 35 years.

    Is their anything I should do? Need to know.

    Thank you.


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    #2
    rainbowtrout
    Registered Users Posts: 15,382 ✭✭✭✭rainbowtrout


    Mortgage is based on your gross salary not on your net salary. It'll depend on a few factors: what that gross salary is, if you have any other outstanding debts, if your job is stable etc....


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    #3
    Zeek12
    Registered Users Posts: 13,455 ✭✭✭✭Zeek12


    I think the old "rule of thumb" was the Bank won't lend an amount more than 4 times the gross salary. Though, clearly that was put to one side there for quite a few years:(

    From what I've heard, lending criteria now is stricter than ever. And they would also factor in any other debts you are currently re-paying.

    Some banks may be less likely to loan than others right now. Probably depends on how catastrophic their loan book is!
    You could make an appointment with them to discuss it, and go through the figures.
    Maybe start with the Bank where you have your savings a/c (assuming the savings are with a bank). Although that account doesn't directly affect your credit rating, at least it shows you have a good savings record and a responsible attitude to your finances.


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    #4
    TORYTOP30
    Registered Users Posts: 4 ✭TORYTOP30


    Hi There

    Im gradually coming to my wits end and would appreciate any advice or tips on the obtaining a mortgage.

    Myself and my husband have been renting a house for the past 3 and a half years at 800 euro a month. We are looking to purchase our own first home. Im a receptionist in a perm position for the last 6 years and earn €28500 per annum. My husband WAS an electrician but now works in a permanent position since July as a general operative. He earns €30200 per annum plus LOTS overtime.We dont have any kids/loans/credit card debt. We are looking at houses in the region of €185000 (asking price). We have savings of €22000 and my parents have kindly offered us a gift of €60000. my husband has credit union savings of €2500. We are only looking for a mortgage of approx €100k. The thing is that i took a loan from AIB in 2007 of €8k. In my absolute stupidity i missed a few payments (roughly 5 or 6) but did manage to get the loan paid off in just over 3 years. Im kicking myself ever since. I know I can check my credit score with ICB but id rather not know and just let the banks find out for themselves.

    Is this something that will effect our chances of getting a mortgage considering that we have managed to pay rent comfortably over the past 3 and a half years, our savings, my parents gift, both perm jobs, my husbands good credit rating, and the small mortgage we are looking for? Im worried that because of my stupidity in the past i have jepordised BOTH our chances of owning our own home. Im hoping that the banks are view mortgage apps on a case by case basis and looking at ALL the factors.

    Also, does anyone know of another route we can go down if we do get turned down by the banks?

    Any advice would be greatly appreciated.

    Thanks


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