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Wondering - mortgage application outcome-input?

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  • 29-10-2014 1:18pm
    #1
    doubter
    Registered Users Posts: 451 ✭✭


    ok, the more I read about mortgage applications and what banks look at, the more doubtful (no pun intended) i get if mine will be approved.
    Whilst I have >20% in deposit ( so am getting 80% LTV), this was gifted to me.
    I have a steady income, and after stress test i still have 2grand left to live on, being single. I'm with the same employer for over 6 years, close to 7 at this point.
    I have no other loans (other than a small loan balance of 230 euro with CU), and no credit history - never had a loan or CC

    BUT:

    I don't have savings, and , whilst i am living within my means, there's nothing left at month end, courtesy of running an animal sanctuary - there's ALWAYS something.:(..
    So...how will that be viewed? what are my chances of actually getting approved..:confused:


Comments

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    #2
    NewCorkLad
    Registered Users Posts: 957 ✭✭✭NewCorkLad


    If you cant show a track record of renting or saving they unfortunately will not look at you. You need to set up a savings account straight away and apply once you can show at least 6 months of savings then you will be considered.


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    #3
    doubter
    Registered Users Posts: 451 ✭✭doubter


    should have said..I'm renting for years and never missed a payment.


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    #4
    NewCorkLad
    Registered Users Posts: 957 ✭✭✭NewCorkLad


    Your rent will be taken into account as long as they can see it leaving your account. They will need to see a history of you being able to afford the stressed mortgage repayments, so your rent history may be enough but it depends your mortgage payments.


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    #5
    doubter
    Registered Users Posts: 451 ✭✭doubter


    NewCorkLad wrote: »
    Your rent will be taken into account as long as they can see it leaving your account. They will need to see a history of you being able to afford the stressed mortgage repayments, so your rent history may be enough but it depends your mortgage payments.

    Mortgage payments would be about 250 less than my rent, they can see it leaving my account and the landlord has also provided me with a statement..even stressed mortgage payments are less than my current rent...so i can be hopeful maybe..?


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    #6
    NewCorkLad
    Registered Users Posts: 957 ✭✭✭NewCorkLad


    Its definitly worth applying in that case, you might need to go away and put some savings in place but you wont know till you apply.


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