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Mortgage application

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  • 21-03-2014 3:26pm
    #1
    simpson80
    Registered Users Posts: 42 ✭


    Hi guys
    Visiting a few banks next week just wondering what ye think.

    I am a retail manager on 30000 pa and renting a house 500 per month. My car loan and all other outgoings would be 700 per month after rent
    I set up a savings ac end of fen and have 1500 and another 1000 minimum in current account will it look bad if I apply so soon after setting up savings ac even though my current would always have 2000 minimum before I started saving??
    My partner is part time but permanent in her job and made 23000 last yr. her outgoings would be 600 approx per month. She doesn't have a savings ac but has 5000 in current and shows frugal spending.
    The reason we want to apply is a lovely home came up on our street and we would only need a mortgage of 55k.
    Should we just stay going or try for it as the mortgage is so small and we know the area and the homes are ideal for what we want.
    Sorry for the rambling
    Cheers guys!!


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    #2
    Trish56
    Registered Users Posts: 1,256 ✭✭✭Trish56


    Have you been paying the rent by bank transfer, standing order or cash. How much is your car loan per month and how long is left to pay on it, what ages are ye, how many dependent's do you have. What is your partners outgoings of €600 for? and what other outgoings have ye. What is your guaranteed income?

    55k mortgage is small but need to know the above before anyone can give you an idea if you can afford or qualify for a mortgage first.

    simpson80 wrote: »
    Hi guys
    Visiting a few banks next week just wondering what ye think.

    I am a retail manager on 30000 pa and renting a house 500 per month. My car loan and all other outgoings would be 700 per month after rent
    I set up a savings ac end of fen and have 1500 and another 1000 minimum in current account will it look bad if I apply so soon after setting up savings ac even though my current would always have 2000 minimum before I started saving??
    My partner is part time but permanent in her job and made 23000 last yr. her outgoings would be 600 approx per month. She doesn't have a savings ac but has 5000 in current and shows frugal spending.
    The reason we want to apply is a lovely home came up on our street and we would only need a mortgage of 55k.
    Should we just stay going or try for it as the mortgage is so small and we know the area and the homes are ideal for what we want.
    Sorry for the rambling
    Cheers guys!!


  • Options
    #3
    simpson80
    Registered Users Posts: 42 ✭simpson80


    Trish56 wrote: »
    Have you been paying the rent by bank transfer, standing order or cash. How much is your car loan per month and how long is left to pay on it, what ages are ye, how many dependent's do you have. What is your partners outgoings of €600 for? and what other outgoings have ye. What is your guaranteed income?

    55k mortgage is small but need to know the above before anyone can give you an idea if you can afford or qualify for a mortgage first.

    Hi Trish
    Thanks for the reply!

    I pay the rent monthly through standing order. My car loan has 6000 outstanding I pay 239 per month and it will be paid off in June 2016.
    My partners bills are 250 per month (100 car loan,75 for phone and 75 insurance) and 350 for groceries fuel approx per month.
    I am 27 and my partner is 23.
    I am on a set salary of 30k but she works up and down hours in respite care. During the summer she could do 60 hours (going on the past 2years) per week but she is only doing weekends as her course is finished in May and she will be working more then but it's hard to get an exact guaranteed income figure.
    We have no dependants. Hopefully in the future ðŸ‘


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    #4
    simpson80
    Registered Users Posts: 42 ✭simpson80


    Anyone have an opinion please??!


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    #5
    Trish56
    Registered Users Posts: 1,256 ✭✭✭Trish56


    Simpson80 In order to purchase you will need between 8% and 10% of the purchase price saved plus legal fees circa 2k plus stamp duty of 1%. The fact that you pay rent of €500 is a positive however your partner has little or no income and loans will go against you. Not too sure if the €75 for phone and insurance are loans? You might be better off to apply for the mortgage in your sole name.
    simpson80 wrote: »
    Hi Trish
    Thanks for the reply!

    I pay the rent monthly through standing order. My car loan has 6000 outstanding I pay 239 per month and it will be paid off in June 2016.
    My partners bills are 250 per month (100 car loan,75 for phone and 75 insurance) and 350 for groceries fuel approx per month.
    I am 27 and my partner is 23.
    I am on a set salary of 30k but she works up and down hours in respite care. During the summer she could do 60 hours (going on the past 2years) per week but she is only doing weekends as her course is finished in May and she will be working more then but it's hard to get an exact guaranteed income figure.
    We have no dependants. Hopefully in the future ðŸ‘


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