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Mortgage chances?

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    #32
    the groutch
    Closed Accounts Posts: 16,096 ✭✭✭✭the groutch


    Marchbride wrote: »
    Hiya guys,
    Sorry for crashing in on thread but like you too Jen we applied same day as you to AIB and are now doing the waiting game. It's awful isn't it waiting on a phone call!!

    Just wondering if anyone can share any knowledge on my application and rate out chances. We earn 105k gross per annum, last three years my hubby earned extra 10-15k in bonuses and will be getting same next yr. we've been renting 4 yrs at 1000 per mth never missed a payment. Hubby has loan of 13k in cred union n savings of 5k n I have 5 k saved. Dh's parents are giving us the deposit for house. I have cred card but its in cred n have perfect cred rating. Dh defaulted on payment on cred card march '12 after speaking with cred card company telling them he couldn't pay mthly payment being asked and card was revoked. however he has completely cleared 9500k on card in 13 mths whereas bank wanted him to pay 200per mth so he'd still be paying back card for next 2yrs but he paid monthly payments and lumps from bonuses. Mortgage advisor said that they will view that positively. We have two babies but my mam will be minding them when I return to work so no childcare costs.
    My dh is a manager in his job 15 yrs and I permanent in my public sector job 5yrs full time.
    Anyone wanna offer some kind hopeful words?? Or the truth ;) thank you
    Jen let me know if you hear anything.

    as already mentioned 5k savings from 105k wages doesnt look great, even if there's been debts being paid off.
    also banks don't like the deposit being a lump sum, especially not a gift from parents, they want to see regular savings to show your financial management abilities.
    MonaPizza wrote: »
    Everyone here is mentioning AIB.
    Are they the best, friendliest, cheapest, most approachable guys to go for to get a mortgage.

    Here's my situation, well me and the girlfriend. She is a freelance who nets about 1k per month. I am an IT freelance contractor and my monthly net is about 4.5k.
    We have about 80k for a deposit. Would we get approval for anything? I wouldn't mind something around the 250k mark.

    Also, I I jacked in the freelancing and took a permanent position for say 60k what amount could I realistically expect to egt approval for?

    Thanks

    Oh and sorry if I too am kinda hijacking :o

    it would vastly improve your chances to take a permanent position, as banks like certainty of income. although you'd have to be in that job for at least 6 months (possibly 12) before they'd consider it as permanent rather than probationary, so if you're apply now it'd make little difference.


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    #33
    Marchbride
    Registered Users Posts: 188 ✭✭Marchbride


    the groutch wrote: »
    as already mentioned 5k savings from 105k wages doesnt look great, even if there's been debts being paid off.
    also banks don't like the deposit being a lump sum, especially not a gift from parents, they want to see regular savings to show your financial management abilities.


    Thanks for reply groutch
    As mentioned above we had a lot happen over last two years which were big expense and revenue wrecked our taxes 4 yrs ago & consequently were being taxed over 50% without adding in increase in USC so we were only seeing 2800 after taxes per month, then paid rent 1000e cred union 1000e cred card repayment, utility bills, saved rest. I've 4 saved and dh has 5k. A friend of ours got mortgage approved for 260 on less wage, less savings, outstanding loans kn bank n cred union for app 15k and gift from parents for dep and no history of paying rent as they lived in his parents house!! So I'm hoping as ours is more pro than con that we'll be ok but bring realistic also as know it will most likely be no. Need to add that dh is 40 I'm
    30 so this is why we are applying now as mortgage term will only be 25yrs so this is why dh's parents are giving deposit as by time we save it it will be 2yrs! Time we can't really afford to lose!!


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