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Banks won't give me a mortgage

  • 26-08-2015 1:40pm
    #1
    StereoSound
    Registered Users, Registered Users 2 Posts: 2,155 ✭✭✭


    Do I have any other options of acquiring my own home other then saving up living on bread and cheese for the next 10 years? I don't earn enough according to the bank and they won't take the risk even on a small mortgage. I want to buy a 3 bed semi in the midlands for about 100k. My work is mostly online so location is not an issue. I have deposit money saved and an 80k mortgage is what I need.


Comments

  • #2
    CIARAN_BOYLE
    Registered Users, Registered Users 2 Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    StereoSound wrote: »
    Do I have any other options of acquiring my own home other then saving up living on bread and cheese for the next 10 years? I don't earn enough according to the bank and they won't take the risk even on a small mortgage. I want to buy a 3 bed semi in the midlands for about 100k. My work is mostly online so location is not an issue. I have deposit money saved and an 80k mortgage is what I need.

    What do you earn?


  • #3
    StereoSound
    Registered Users, Registered Users 2 Posts: 2,155 ✭✭✭StereoSound


    CIARAN_BOYLE wrote: »
    What do you earn?

    33k


  • #4
    Lux23
    Registered Users, Registered Users 2 Posts: 7,134 ✭✭✭Lux23


    I can't understand that, your repayments may only be about 350-400 a month. Have you checked your credit rating?


  • #5
    Elliottsmum79
    Registered Users Posts: 84 ✭✭Elliottsmum79


    Agreed, most banks now use the conservative 3xtimes income band and you are safely within this. Few questions:
    1) Is your work permanent, have you been in full employment for the past number of years with no breaks? Is your work in a risky sector?

    2)Any bad debts, unpaid bils, previous debt restructuring? I'd ask for the reason you dont meet their criteria also.
    Maybe try a broker who can help??


  • #6
    Mrs OBumble
    Registered Users, Registered Users 2 Posts: 26,100 ✭✭✭✭Mrs OBumble


    How many people (as in partner and kids) is that 33k supporting?


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  • #7
    phormium
    Registered Users, Registered Users 2 Posts: 3,361 ✭✭✭phormium


    Yes, any dependants and any other debts?


  • #8
    Eugene Norman
    Closed Accounts Posts: 5,191 ✭✭✭Eugene Norman


    Is the online work permanent?


  • #9
    StereoSound
    Registered Users, Registered Users 2 Posts: 2,155 ✭✭✭StereoSound


    My work is permanent but I have been in it for just 3 years. My income before my current job was based on self assessment and I wouldn't have had a hope since it was irregular. I gave up my self employment to take a company job so I could actually have a chance of getting a mortgage one day. My income supports me only and I have no debt at all. I don't see myself as a risk and I can afford a mortgage of 100k but they won't grant it as they see me as a risk. I'll be trying again start of 2016 as I'm expecting a pay rise in February.


  • #10
    phormium
    Registered Users, Registered Users 2 Posts: 3,361 ✭✭✭phormium


    It must be income related, is all the 33k basic salary or is there some element of variable income such as bonus, overtime, various allowances?


  • #11
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    StereoSound, you should have no problem qualifying for a mortgage of 80k on your salary of 33k once it is a basic salary and does not include commission, bonus or overtime. You mentioned you are working online if so is your earnings commission based?
    You mentioned you are single with no dependents or debt, you should apply to www.icb.ie to check your credit rating.

    The stressed repayment on a mortgage of 88k would be €469.66 - have you been saving this amount regularly over the past 12 months or paying rent which must be reflected in your bank statements. If you are taking cash out of the ATM and lodging in the credit union, the bank will not accept this as you have to have a paper trail so you need to transfer the savings from your bank account.

    Do you have a credit card and if so do you clear it on a monthly basis?

    How many lenders have you tried as you do qualify on your salary so perhaps you just need to shop around.


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