Mortgage Affordability

Mental Mickey

Hi all

Can anyone advise me how Mortgage affordability is shown?

What do I need to do for this?

Edit: apologies if it's in the wrong forum. Mods please move if necessary

Merowig

https://aib.ie/our-products/mortgages
http://www.ebs.ie/calculators/calculate-mortgage-affordability.html
http://www.mortgages.ie/go/calculators

to get an idea

Amount of children, salary, age, existing debts etc are impacting it.

NIMAN

Stress tests too, I think when we got our last mortgage, they pencilled in something like a 5% rise in interest rates to see if we could still afford it.

Mental Mickey

Life Assurance came through. Just waiting on the Mortgage Approval now.

Trish56

You need to prove affordability to lender by showing that over the previous 6 months that you either saved or and paid rent equal to stressed monthly repayments.

So regular savings or evidence of paying rent through your bank account is very important.

Mental Mickey

OH got a call from Broker about her credit rating. She's bricking it now :-(