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Are they really strict for mortgages these days?

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  • 20-05-2014 10:25pm
    #1
    Bride2012
    Registered Users Posts: 294 ✭✭


    My husband and I are planning on applying for a mortgage soon. Our savings record isn't that great but we have the deposit due to a few big jobs that came up for my husband, he's self employed. Our current rent is about the same as the mortgage we'd be looking for.

    Has this counted against people? Are they looking for squeeky clean?


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    #2
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    Squeakier than squeaky alas...banks have quite strict lending rules these days. They check for job security, history of savings and ability to pay as absolute minimum. No harm in applying but I wouldn't get my hopes up :(


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    #3
    Eldarion
    Registered Users Posts: 484 ✭✭Eldarion


    It's only strict when you compare it to the 2007 madness that was 100%+ mortgages at 7x people's salaries. I would say they're doing their due diligence now and rightfully so.

    Of course now there's talk of the government putting their skin in the game so first time buyers who have been denied by at least two banks (read: too high risk) can try to avail of 95% mortgages.


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    #4
    cookiecakes
    Registered Users Posts: 331 ✭✭cookiecakes


    We applied for ours in November and as Eldarion said, they aren't strict so much as just doing due diligence.

    That said, they do ask about EVERYTHING!! Our guy literally wanted to know where every penny of our wages was going so he asked about everything from going out to transport to shopping! We didn't find it particularly invasive as we were asking them to give us money and they need to check we are good for it. One thing they did really focus on was consistency. I know of one couple who saved when they could who got turned down even though they had a fairly large deposit because it was too on the fly.


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