Getting approved for a mortgage

The_Op

A lot of what people are saying here makes sense on what you do and don't need. Some of it is misinformed though. It is slightly different for a self build where you own the site outright. I've recently done a self build on a site I own (within the last 8 months), and I got 100 per cent of the build cost through mortgage with zero deposit. What banks are saying is that they'll only offer up to 85-90 per cent of the total finished value of the house. So my mortgage while 100 per cent of the cost of build is actually only around 60 per cent of the total finished value of the house. No deposit is needed. This is with Ulster Bank. AIB and Perminent TSB offer similar. BOI require to see savings history but dont require an actual deposit. KBC do require a deposit.

Another comment is that your 25k salary isn't really what they look for. It's repayment capacity. They review your ingoings and outgoings, average those fixed outgoings into to be one typical month, they take away a stressed amount of your monthly repayment (so if the mortgage amount you are applying for has a current repayment of 1000 euro they'll probably say 1300 or 1400), and then see do you have arond 1000 euro (or 2000 if a couple) left over a month for what they consider typical desposable income that's needed per month. Talk to any mortgage broker they'll tell you the same.

joanna28

Thanks very much for your reply and comfirming what i was thimkimg to begin with.
Its really helpfull to hear from someone that has gone through same process in the last few months.so just from your experience and my wage at present with no bills etc how.much do you think they will possinbly loan me.?
quote="The_Op;87154215"]A lot of what people are saying here makes sense on what you do and don't need. Some of it is misinformed though. It is slightly different for a self build where you own the site outright. I've recently done a self build on a site I own (within the last 8 months), and I got 100 per cent of the build cost through mortgage with zero deposit. What banks are saying is that they'll only offer up to 85-90 per cent of the total finished value of the house. So my mortgage while 100 per cent of the cost of build is actually only around 60 per cent of the total finished value of the house. No deposit is needed. This is with Ulster Bank. AIB and Perminent TSB offer similar. BOI require to see savings history but dont require an actual deposit. KBC do require a deposit.

Another comment is that your 25k salary isn't really what they look for. It's repayment capacity. They review your ingoings and outgoings, average those fixed outgoings into to be one typical month, they take away a stressed amount of your monthly repayment (so if the mortgage amount you are applying for has a current repayment of 1000 euro they'll probably say 1300 or 1400), and then see do you have arond 1000 euro (or 2000 if a couple) left over a month for what they consider typical desposable income that's needed per month. Talk to any mortgage broker they'll tell you the same.[/quote]

_Kaiser_

OP, I'm really not being smart when I say this, but there's no point in asking people here what they think you'll get as it's decided on an individual basis using criteria that differ depending on your circumstances and the bank's own terms and conditions.

The only way you will answer this question is to CALL THEM.

Is there a reason why you haven't yet?

joanna28

Look im not being smart here either but im actually not interested in listening to anything else you have to say chief.lol..so maybe pick another thread to comment on to occupy your time. Because your of no benefit here...Much thanks.
Pfffffffft

Kaiser2000 wrote: »

OP, I'm really not being smart when I say this, but there's no point in asking people here what they think you'll get as it's decided on an individual basis using criteria that differ depending on your circumstances and the bank's own terms and conditions.

The only way you will answer this question is to CALL THEM.

Is there a reason why you haven't yet?

joanna28

And yes I have spoken to bank bout 6 montjs ago and yes they told.me.id be eligible for round 120,000 but thats not set in stone.... but im.im.different siruation etc annd also if I had all the information and done with bank...


Why would I.be on here looking for your advice....is that not what boards.ie is about...

So please you are trying to be smart.

Stating the obvious etc
..and being quite honest your of no help just a hindrance.....

Kaiser2000 wrote: »

OP, I'm really not being smart when I say this, but there's no point in asking people here what they think you'll get as it's decided on an individual basis using criteria that differ depending on your circumstances and the bank's own terms and conditions.

The only way you will answer this question is to CALL THEM.

Is there a reason why you haven't yet?

roro2

Kaiser2000 wrote: »

The only way you will answer this question is to CALL THEM.

Is there a reason why you haven't yet?

It's more fun here obviously.

joanna28

Good ole rorys back lol yes your a right craic the pair of ye (((( quote="roro2;87155361"]It's more fun here obviously.[/quote]

_Kaiser_

*sigh* You're right.. I'm done wasting my time responding to such immature nonsense. I'd suggest however that when/if you DO go to a bank that you drop the attitude you've displayed on this thread as it won't get you very far with them (or anyone for that matter).

I'm done (too) - Good luck to the rest of ye.

joanna28

Ahh chief ;((((

Kaiser2000 wrote: »

*sigh* You're right.. I'm done wasting my time responding to such immature nonsense. I'd suggest however that when/if you DO go to a bank that you drop the attitude you've displayed on this thread as it won't get you very far with them (or anyone for that matter).

I'm done (too) - Good luck to the rest of ye.

Pablo Sanchez

If it puts this farce to a end....

I do know what im talking about and i can confirm (as per everyone else) that you would not qualify for a mortgage based on the information provided.

All the advice given before is correct, your earnings are too low for a 150k mortgage, your existing house is not the same as a cash deposit, you do not have a savings history etc etc

joanna28

Yea same as rest...you know what your talkim about ...hmmmm..thanks for that.

Pablo Sanchez wrote: »

If it puts this farce to a end....

I do know what im talking about and i can confirm (as per everyone else) that you would not qualify for a mortgage based on the information provided.

All the advice given before is correct, your earnings are too low for a 150k mortgage, your existing house is not the same as a cash deposit, you do not have a savings history etc etc

BuffyBot

How about you don't post looking for advice if you're not willing to listen to it?

You obviously know so much better than everyone else, there's little point in leaving this thread open.