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How often can you apply for a mortgage?

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  • 29-06-2016 4:46pm
    #1
    Siipina
    Registered Users Posts: 282 ✭✭


    How often can you apply for a mortgage?
    We have 20% of the deposit and we are first time buyers. We are renting and save more than the rent each month on a mortgage saver.
    We had a look at a house a few month ago and it would be a really good fit, tick most of the boxes especially the important ones and the feeling is good.
    I contacted BOI and even that we had only 2 month savings in the account the guy said it could be a shot and go through.
    Send in the application but because the deposit is inherited, they wanted more month savings.
    So we contacted the EA, told him the story and we put in an offer on subject to mortgage approval.
    WE rang the EA last month just to now if there are any other people interested. He said there is a couple from England who are interested but they wanted to wait and see what comes out of the referendum.
    Now with all the talking about the english wanting to come over to Ireland I am getting a bit nervous to be honest.
    We didnt hear anything from the EA but we are not sure if he would contact us anyway and Hubby doesnt want to show tooo much interest hence price might go up.
    Now we will have our fifth payment next week and I am thinking to put in another application but on the other hand I am thinking it could be a bad idea if it doesnt go through again as they might really see the 6 month savings even if the repayments would be the same as our rent at the moment.
    Sorry for the confusing post.


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    #2
    SB_Part2
    Closed Accounts Posts: 1,951 ✭✭✭SB_Part2


    TBH, from my experience there's no point unless you have 6-12 months statements showing you can pay back the equivalent to what the mortgage amount would be. You can apply as many times as you want but if you don't have what they are looking for you'll probably be turned down.


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    #3
    JuliusCaesar
    Registered Users Posts: 4,882 ✭✭✭JuliusCaesar


    Shop around! Try different banks to see if any of them will give mortgage approval. Mortgage approval is usually valid for a few months. Try a broker, try different lenders yourself. The same paperwork will be required for all of them.

    Don't worry about what the EA says. There's no way of finding out if it's actually true or not. There's no way of finding out whether other bidders exist or not. There's no way of finding out if other bids are true or not.

    There will always be another house on the market, don't set your heart on one only.


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