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Loan Approval for house purchase

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  • 27-05-2016 11:42pm
    #1
    Mental Mickey
    Registered Users Posts: 10,643 ✭✭✭✭


    Hi guys

    Is it hard as a person with a disability to get a loan for purchasing a house??

    What hurdles do you have to overcome?


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    #2
    Mental Mickey
    Registered Users Posts: 10,643 ✭✭✭✭Mental Mickey


    Anyone?


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    #3
    Avonne
    Registered Users Posts: 19 ✭Avonne


    Mental Mickey wrote: »
    Hi guys

    Is it hard as a person with a disability to get a loan for purchasing a house??

    What hurdles do you have to overcome?

    I don't think disability comes into it Generally all the banks care about is your ability to repay the loan. If you've proven that you are permanent in your job more than two years, have a track record with saving money each month and paying your debts, and you pass their stress test they'll offer you some sort of mortgage. You'll also need to have a deposit saved as well that's at least 10%(I think)


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    #4
    PhoenixParker
    Registered Users Posts: 2,677 ✭✭✭PhoenixParker


    Your main difficulty is likely to be life insurance. I'd start with enquiries there at the same time as trying to get a mortgage (if not before).


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    #5
    Avonne
    Registered Users Posts: 19 ✭Avonne


    PhoenixParker wrote: »
    Your main difficulty is likely to be life insurance. I'd start with enquiries there at the same time as trying to get a mortgage (if not before).

    I forgot about the insurance part of it. Yeah I'd check there first before going through the pain of a mortgage application.


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    #6
    2RockMountain
    Banned (with Prison Access) Posts: 1,012 ✭✭✭2RockMountain


    There is a scheme to proceed with a mortgage without usual insurance where cover is declined or is at a very high price.


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    #7
    Mental Mickey
    Registered Users Posts: 10,643 ✭✭✭✭Mental Mickey


    2RockMountain wrote: »
    There is a scheme to proceed with a mortgage without usual insurance where cover is declined or is at a very high price.

    Any link(s) to this?


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    #8
    2RockMountain
    Banned (with Prison Access) Posts: 1,012 ✭✭✭2RockMountain


    http://www.askaboutmoney.com/threads/what-happens-to-your-mortgage-application-if-you-get-declined-for-life-insurance.178940/


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    #9
    Mental Mickey
    Registered Users Posts: 10,643 ✭✭✭✭Mental Mickey


    2RockMountain wrote: »
    http://www.askaboutmoney.com/threads/what-happens-to-your-mortgage-application-if-you-get-declined-for-life-insurance.178940/

    Cheers. Much appreciated


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    #10
    Mental Mickey
    Registered Users Posts: 10,643 ✭✭✭✭Mental Mickey


    PhoenixParker wrote: »
    Your main difficulty is likely to be life insurance. I'd start with enquiries there at the same time as trying to get a mortgage (if not before).

    Can you suggest anywhere I may look?


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    #11
    Mental Mickey
    Registered Users Posts: 10,643 ✭✭✭✭Mental Mickey


    PhoenixParker wrote: »
    Your main difficulty is likely to be life insurance. I'd start with enquiries there at the same time as trying to get a mortgage (if not before).

    Hi there. My OH got Life Assurance, and I got a waiver.

    How long should it be before we hear re: mortgage approval?


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    #12
    Mental Mickey
    Registered Users Posts: 10,643 ✭✭✭✭Mental Mickey


    Mental Mickey wrote: »
    Hi there. My OH got Life Assurance, and I got a waiver.

    How long should it be before we hear re: mortgage approval?

    Anyone?


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    #13
    looksee
    Registered Users Posts: 28,568 ✭✭✭✭looksee


    I would imagine that would vary according to providers - you could ask what the usual time is, but really I guess the answer is 'as long as it takes'.


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