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Feels like i'll never get a mortgage

  • 06-07-2016 12:12pm
    #1
    michael031987
    Registered Users Posts: 33 ✭


    Just in the mood to vent. I have recently had a few mortgage applications rejected from bank of ireland and ebs and its so frustrating. I have a permanent job of 2 1/2 years earning 30K plus 4k bonus per annum. My wife is earning 21k per year but she is working under an open ended contract. we have 1 child and a loan with the balance of €5000 left on it.

    We are only looking for a mortgage of €45-50K which is the most frustrating part as it is not a huge amount of money. It is a 3 bedroom terraced house valued at €75k. We currently pay rent of €600 per month. just feels like we cant get a break and will never get to own a property!!!


Comments

  • #2
    intheclouds
    Closed Accounts Posts: 3,175 ✭✭✭intheclouds


    How much have you saved towards a deposit? Where is the 25k coming from to fund the rest of the purchase?


  • #3
    draiochtanois
    Registered Users, Registered Users 2 Posts: 2,655 ✭✭✭draiochtanois


    This post has been deleted.


  • #4
    Hazydays123
    Closed Accounts Posts: 215 ✭✭Hazydays123


    Clear the loan right now if you have the funds available. The monthly repayments on the loan will be taken into account when the bank is analyzing your capacity to meet the mortgage repayments. That and your dependent child are seen as financial burdens.

    Have you saved the 25-30k that you say you'll be able to put into purchasing the property?


  • #5
    michael031987
    Registered Users Posts: 33 ✭michael031987


    Yes it looks like I will have to pay off the loan to have a chance but according to the banks it won't make much of a difference. I'm going to go try a broker next. Here's hoping for better luck with them.

    I have saved approx 15k and my parents are gifting 10k. I never thought of applying through the credit union. I'll look into that, thank you


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