Getting approved for a mortgage

joe316

joanna28 wrote: »

)))
I can not save as been paying out 800 on loams last few months to clear debt ...so..sure thats sumilar to savings record and have something to show for it...yes id say 130 tops ill be able to borrow .
Thanks for reply )))

Agree with Stheno, this is NOT the same as savings.

All it shows that you cannot live within your means and the banks will not entertain you at any level.

I'm sorry but there is NO way that this plan is going to work, no way at all.

You still havent mentioned deposit. Have you got your 10%?

joanna28

Sorry now but your talking complete **** again ...i obviously had savings before i got loan but got loan to.pay for the site ...obviously at.28 i didnt have that type of momey saved.. please only reply with helpfull info/facts not what you make up in your own head..thanks ))))quote="Stheno;87138369"]No it's not, it's almost the opposite, as you've had to borrow due to not being able to save for something that you wanted/needed in the first place imo[/quote]

Gaillimh1976

If you are now finished the loan, start putting the 800 a month into a savings account

Shows the bank you can manage without this money, and is also a start towards your deposit

Would be worth a chat with the bank along the lines of, " if I show in 6-8 months that I can save 800 a month, and will have 5-6K in cash, what are my options at that stage"

6 months is not long in the overall scheme of things, suggest you park it for that length and save like mad for the 6 months

joe316

joanna28 wrote: »

Sorry now but your talking complete **** again ...i obviously had savings before i got loan but got loan to.pay for the site ...obviously at.28 i didnt have that type of momey saved.. please only reply with helpfull info/facts not what you make up in your own head..thanks ))))quote="Stheno;87138369"]No it's not, it's almost the opposite, as you've had to borrow due to not being able to save for something that you wanted/needed in the first place imo

[/QUOTE]

I'm getting either a troll feeling or you are completely naive to the help and advice of people on here and lashing out because it is not what you want to hear! You'll go far! Please call a bank and see what they say because I am certain it will be the same as whats said here.

Let me just say this again, there isn't a snowball's chance of you getting a mortgage to build the house.

joanna28

Thamks.joe.someone.with some facts at last.instead of makin up.answrs in tneir head...great ...thanks for the imformationuote="joe316;87138245"]Yup, exactly.

Bank will before they do anything will subtract your particular amount and then work what sort of mortgage you can afford but this amount is stress tested to 6%

But also out of this left over they will subtract any loan repayments as well.[/quote]

joanna28

Hahahahahahaha

uote="joe316;87138507"][/QUOTE]

I'm getting either a troll feeling or you are completely naive to the help and advice of people on here and lashing out because it is not what you want to hear! You'll go far! Please call a bank and see what they say because I am certain it will be the same as whats said here.

Let me just say this again, there isn't a snowball's chance of you getting a mortgage to build the house.[/quote]

joanna28

[Thanks for your reply...I was thinking same myself..thats what I will do now for couple months )))).quote="Gaillimh1976;87138476"]If you are now finished the loan, start putting the 800 a month into a savings account

Shows the bank you can manage without this money, and is also a start towards your deposit

Would be worth a chat with the bank along the lines of, " if I show in 6-8 months that I can save 800 a month, and will have 5-6K in cash, what are my options at that stage"

6 months is not long in the overall scheme of things, suggest you park it for that length and save like mad for the 6 months[/quote]

joe316

joanna28 wrote: »

Hahahahahahaha

uote="joe316;87138507"]

I'm getting either a troll feeling or you are completely naive to the help and advice of people on here and lashing out because it is not what you want to hear! You'll go far! Please call a bank and see what they say because I am certain it will be the same as whats said here.

Let me just say this again, there isn't a snowball's chance of you getting a mortgage to build the house.[/quote][/QUOTE]

I give up.

john_cappa

Where does the 150K come from? Have you has a QS price it?

Chances of building it for that are slim IMO.
Esb 2K
Water Well 3K
Engineer and Solicitor 3K
Council contribution 3K-20K
Insurance 1.5K


There is 13K spent (assuming you are at the lower end of the council fee?!!) and you haven't a block laid.


You cannot build a house to regulations for that price with out substantial free labour.

I am building at the moment and was slightly naive also but you need to be realistic.

joanna28

Hi thanks for your reply.yes i have all thoses costs included and have got estimate from engineer and i have my dad as project manager who has plenty experience and it is managable to do but will be tight.what size house did u build and do you mind me asking how much it cost to complete?

john_cappa wrote: »

Where does the 150K come from? Have you has a QS price it?

Chances of building it for that are slim IMO.
Esb 2K
Water Well 3K
Engineer and Solicitor 3K
Council contribution 3K-20K
Insurance 1.5K


There is 13K spent (assuming you are at the lower end of the council fee?!!) and you haven't a block laid.


You cannot build a house to regulations for that price with out substantial free labour.

I am building at the moment and was slightly naive also but you need to be realistic.

joanna28

Whats the definition of a troll??

Lol ))

joe316 wrote: »

I'm getting either a troll feeling or you are completely naive to the help and advice of people on here and lashing out because it is not what you want to hear! You'll go far! Please call a bank and see what they say because I am certain it will be the same as whats said here.

Let me just say this again, there isn't a snowball's chance of you getting a mortgage to build the house.

[/QUOTE]

I give up.[/quote]

joe316

joanna28 wrote: »

Whats the definition of a troll??

Lol ))

I give up.[/quote][/QUOTE]

Somehow who posts just to wind people up, I cant believe you are so naive (and lash out) when I and others say that you are not going to get a mortgage at the moment. Not in a million years.

joanna28

Thanks again Joe for your opinion, I will take it on board ))) but I dont think you should speak for anyone else....I wind people up etc.Maybe you wound me up calling me a troll:)).dont give your opinion on this subject then if thats how you feel .All Ive said is im not interested in listening to peoples opinions who havent a notion what they are talking about and just comment as they have nothing else to be doing.

joe316 wrote: »

I give up.

[/QUOTE]

Somehow who posts just to wind people up, I cant believe you are so naive (and lash out) when I and others say that you are not going to get a mortgage at the moment. Not in a million years.[/quote]

_Kaiser_

It really sounds to me OP that you only want feedback that will back up your idea here.

There have been several people who have attempted to point out why this is unlikely to work in the current climate and given your own circumstances and your response has been to effectively stick your fingers in your ears and shout "BLA-BLA I can't hear you!"

Call a bank. There's no point in asking for opinions here if you are just going to ignore (and then insult) people who are trying to give you the feedback you asked for.

joanna28

No I have not been rude at all,I think you have been rude to be honest and you said yestetday you give up.So why may I ask are you still commenting?
I am very gratefull for everyones opinions and advice...the only point I made was that I was interested in prople saying no mot going to work etc .Wanted tp know what I Needed to get what I want.whats wrong or rude about that ))))))quote="Kaiser2000;87148175"]It really sounds to me OP that you only want feedback that will back up your idea here.

There have been several people who have attempted to point out why this is unlikely to work in the current climate and given your own circumstances and your response has been to effectively stick your fingers in your ears and shout "BLA-BLA I can't hear you!"

Call a bank. There's no point in asking for opinions here if you are just going to ignore (and then insult) people who are trying to give you the feedback you asked for.[/quote]

Stheno

You've been told what you need. A higher income and a min. deposit of 10%. Nothing else is going to get you that mortgage.

_Kaiser_

joanna28 wrote: »

No I have not been rude at all,I think you have been rude to be honest and you said yestetday you give up.So why may I ask are you still commenting?
I am very gratefull for everyones opinions and advice...the only point I made was that I was interested in prople saying no mot going to work etc .Wanted tp know what I Needed to get what I want.whats wrong or rude about that ))))))

You've been told several times what you need to make this work..

- A savings history
- A higher income based on what you're asking for
- A deposit
- A clear budget/plan that has built-in allowances for unforseen expenses

.. in other words, things you don't currently have, hence this idea is unworkable.

But hey, don't believe me/others.. CALL THE BANK and ask them. We can't approve your mortgage for you after all.

(PS: It was Joe who "gave up" after several attempts to explain why it wouldn't work - not me!)

roro2

You asked whether you were eligible for a 150k self-build investment property mortgage. You were told no and why. You then say you don't want people to tell you it's not going to work. So the thread is finished I suppose.

You also stand a better chance of getting good advice if you clean up your posts and make them easy to read.

joanna28

Oh here we go..clean up my posts and make easy to read.I dont need advice on my spelling rory thanks all the same.quote="roro2;87148319"]You asked whether you were eligible for a 150k self-build investment property mortgage. You were told no and why. You then say you don't want people to tell you it's not going to work. So the thread is finished I suppose.

You also stand a better chance of getting good advice if you clean up your posts and make them easy to read.[/quote]

professore

Sell it as a site with FPP and water. That will make you as much as you are likely to make by building a house, all going to plan RISK FREE. Plus you will have no mortgage whatsoever, so no interest charges. If it's close to a major city on 1.5 acres as you say you should be able to get €100K for it? Take €20K for costs still leaves you with €80K. You're not going to do better than that.

roro2

joanna28 wrote: »

Oh here we go..clean up my posts and make easy to read.I dont need advice on my spelling rory thanks all the same.quote="roro2;87148319"]You asked whether you were eligible for a 150k self-build investment property mortgage. You were told no and why. You then say you don't want people to tell you it's not going to work. So the thread is finished I suppose.

You also stand a better chance of getting good advice if you clean up your posts and make them easy to read.

[/QUOTE]

Even if it means you could get better advice?

By the way, professore has told you the only feasible option. Best of luck with it.

joanna28

Great advice there ,thank you but only issue with that is its highly unlikey to get planning for anyone other than myself on that site...took me 3 years to ne granted had to get local tds involved etc.And was granted as I from the area and had need at time for house.
I dont think that the plan would work but ideally that is what I would love to do.And yes would sell for 100000 no problem location wise etc. quote="professore;87148415"]Sell it as a site with FPP and water. That will make you as much as you are likely to make by building a house, all going to plan RISK FREE. Plus you will have no mortgage whatsoever, so no interest charges. If it's close to a major city on 1.5 acres as you say you should be able to get €100K for it? Take €20K for costs still leaves you with €80K. You're not going to do better than that.[/quote]

joanna28

Yeas professor knows what his talking about )))

roro2 wrote: »

Even if it means you could get better advice?

By the way, professore has told you the only feasible option. Best of luck with it.[/quote]

westies4ever

for the love of god OP, please learn how to quote posts and cut the text speak! very hard to read.

sell the site as per professore, and enjoy your life. any other options are just hardship and the banks are highly unlikely to lend you what you need/want.

professore

Great advice there ,thank you but only issue with that is its highly unlikey to get planning for anyone other than myself on that site...took me 3 years to ne granted had to get local tds involved etc.And was granted as I from the area and had need at time for house.
I dont think that the plan would work but ideally that is what I would love to do.And yes would sell for 100000 no problem location wise etc.

In that case, I'm not sure, but if you build it, will you not be prevented from selling it to anyone else for 10 years? I seem to remember a clause like that in planning regs.

joe316

OP, I tried to be helpful (I am currently going through the process so I actually DO know what I am talking about) but you are only hearing what you want to hear.

I told you at the moment you are not going to get the mortgage for the amount you want and with your income, you wouldnt get any mortgage.

- You need to bring your salary up to at least 30k

- Clear your debts

- Save at least 10% i.e. 15k min

- Be saving at least 1000 a month for 6 months (paying off loans is not the same as saving btw)

If you do not do all of the above then there is no chance of you getting a mortgage, thats it in a nutshell.


oh and by the way, sell the land with PP (you can do this and PP transfer to the new owner) you will be much better off in the short/medium and long term.

joanna28

Hi professor ..yea your right their is a clause but its 5 years and then you can sell but that wouldnt be a big issue as I could rent in meantime.:-))))

professore wrote: »

In that case, I'm not sure, but if you build it, will you not be prevented from selling it to anyone else for 10 years? I seem to remember a clause like that in planning regs.

joanna28

Sorry im on my Iphone you see )))

quote="westies4ever;87148608"]for the love of god OP, please learn how to quote posts and cut the text speak! very hard to read.

sell the site as per professore, and enjoy your life. any other options are just hardship and the banks are highly unlikely to lend you what you need/want.[/quote]

joanna28

Ok thank you for advice..
Im not totally nieve ,I.know there is criteria and that needs to be met before approval but its not impossible thats all I meant.I csn work om it for next 6 months and I do feel.that at that stage I will be approved.I will speak to Bank also in the next week.I will take all advice on board.
Sorry for confusing you with Joe ))

Kaiser2000 wrote: »

You've been told several times what you need to make this work..

- A savings history
- A higher income based on what you're asking for
- A deposit
- A clear budget/plan that has built-in allowances for unforseen expenses

.. in other words, things you don't currently have, hence this idea is unworkable.

But hey, don't believe me/others.. CALL THE BANK and ask them. We can't approve your mortgage for you after all.

(PS: It was Joe who "gave up" after several attempts to explain why it wouldn't work - not me!)

joanna28

))))

Kaiser2000 wrote: »

You've been told several times what you need to make this work..

- A savings history
- A higher income based on what you're asking for
- A deposit
- A clear budget/plan that has built-in allowances for unforseen expenses

.. in other words, things you don't currently have, hence this idea is unworkable.

But hey, don't believe me/others.. CALL THE BANK and ask them. We can't approve your mortgage for you after all.

(PS: It was Joe who "gave up" after several attempts to explain why it wouldn't work - not me!)