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

misshoney

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

I am a primary school teacher, permanent 6 years on a salary of about 40k. My boyfriend is an electrician. He was working in England for the last two years and returned home at Christmas. He is working as a maintenance electrician for the last 4 months. He takes home about 500 per week. His job would be fairly stable but isn't called permanent as such a thing barely exists anymore. Between us we have no debts and 65k in savings.

However I have a record of being overdrawn since 2010, a problem I could have fixed ages ago that I stupidly thought wouldn't affect my credit rating. I was steadily saving and living on my wages, just in the red. Anyway, I have just topped up my account so that I am not in arrears. We have seen a house that we love and want to put an offer on it. I am afraid my bad credit rating will affect our chances. I know I could give myself 6 months to show a better credit rating but Im afraid the house will be gone. Also, I haven't been living on credit really because Im still only using the same amount of money. Do you think with a permanent job, good savings and now with no arrears, we might still stand a chance?

smcgiff

was it an approved overdraft?

roughly how much are you considering trying to borrow?

misshoney

yes, it was an approved overdraft. we would be looking to borrow about 200

smcgiff

You'd be looking for under 80% mortgage and have a permanent PS job. That's in your favour.

I don't think using an approved OD is a big deal.

Which bank is your salary paid into?

misshoney

Bank of Ireland

killers1

misshoney wrote: »

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

I am a primary school teacher, permanent 6 years on a salary of about 40k. My boyfriend is an electrician. He was working in England for the last two years and returned home at Christmas. He is working as a maintenance electrician for the last 4 months. He takes home about 500 per week. His job would be fairly stable but isn't called permanent as such a thing barely exists anymore. Between us we have no debts and 65k in savings.

However I have a record of being overdrawn since 2010, a problem I could have fixed ages ago that I stupidly thought wouldn't affect my credit rating. I was steadily saving and living on my wages, just in the red. Anyway, I have just topped up my account so that I am not in arrears. We have seen a house that we love and want to put an offer on it. I am afraid my bad credit rating will affect our chances. I know I could give myself 6 months to show a better credit rating but Im afraid the house will be gone. Also, I haven't been living on credit really because Im still only using the same amount of money. Do you think with a permanent job, good savings and now with no arrears, we might still stand a chance?

You'll qualify for a higher loan amount if you apply on your own as your BF's income won't be considered. You'll need to be able to prove a repayment capacity by way of savings and rent in your own right and any contribution your BF is making to these won't be considered. There's no problem operating your account overdrawn if you were within an authorised overdraft facility & have had little/no 'referral fees' or Unpaid Fees.

smcgiff

misshoney wrote: »

Bank of Ireland

I think you will qualify for a mortgage, but not sure at what level.

Good luck, and if you get a chance let us know how ye get on.

misshoney

thanks

munchies2013

Hi misshoney, did you get an answer from the bank yet?
Im in a similar(ish) situation. We are waiting from news back from the bank at the moment. My boyfriend was also advised to go it alone on his mortgage application as I already have a mortgage on another property. He earns approx 35k after tax. He has savings of about 6k and a gift of 90k. He wants another 120k. Does anyone have any idea of what his chances are? The bank are very slow to come back to us. He has no loans and has been paying between 600 and 800 rent per month on his own for the last few years. He is in the same job for about 8 years.

misshoney

We got turned down as bf isn't in his job long enough.

Tubbs4

Did you try a broker as only PSTB would approve our mortage. I was with bank of Ireland for years who turned us down. We had less money for despot and roughly the same amount you went for

misshoney

We did and we were advised to wait. We then went to EBS ourselves and were turned down. Bf was made permanent but made no difference. We will try again in a few months.

Tubbs4

Good luck and hope you get it.

misshoney

Thanks

from_atozinc

misshoney wrote: »

We got turned down as bf isn't in his job long enough.

Surprising, you seem to have a decent setup. Savings , 2 jobs etc

Gone very strict.