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Need mortgage!

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  • 23-11-2016 4:23pm
    #1
    Rock123
    Registered Users Posts: 30 ✭


    Hi guys,

    I am looking to buy a home for my family. I have 70k in deposit and iam looking for 80k in mortgage. I am the only member of family who works, wife looks after the child.

    I am on 25k basic + 5k in guaranteed extra income. When i use tools online for mortgage. Almost all the banks tell me that they can give me a mortgage but when i call them they refuse me and tell me that i am on a very low wage.:(

    If there any bank or any private lenders or any options which i have to get a mortgage.

    Please share your view, maybe i will get something.

    thanks


«13

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    #2
    Michael D Not Higgins
    Registered Users Posts: 7,223 ✭✭✭Michael D Not Higgins


    The underwriting of the mortgage will basically not allow them to lend you any money. The will take a basic amount of living costs for two adults (~2k) and a child (250) to be 2250 a month. You're netting probably the same as that, so you have no capacity for mortgage payments within their calculations.


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    #3
    Brioscai
    Registered Users Posts: 52 ✭✭Brioscai


    If you are paying rent with a good track record, perhaps try that tack.


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    #4
    davindub
    Registered Users Posts: 1,447 ✭✭✭davindub


    look into the home choice, which might be your best chance, but you are short of the income requirements. Can you get part time work or your partner get a job for a while?


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    #5
    Rock123
    Registered Users Posts: 30 ✭Rock123


    thanks guys for all you replies.

    @ davindub - my wife is not well - she going through a treatment in st. james at the moment, so i'd imagine i will have to wait till she starts working.

    I am paying 1500 euros rent since march of this year and it is killing me, we are at hand to mouth situation that's why i wanted to get a place to that we can kind of live.

    Does home choice have relaxed rules to get the mortgage or they are same like other financial institution?

    Thanks


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    #6
    Michael D Not Higgins
    Registered Users Posts: 7,223 ✭✭✭Michael D Not Higgins


    Rock123 wrote: »
    thanks guys for all you replies.

    @ davindub - my wife is not well - she going through a treatment in st. james at the moment, so i'd imagine i will have to wait till she starts working.

    I am paying 1500 euros rent since march of this year and it is killing me, we are at hand to mouth situation that's why i wanted to get a place to that we can kind of live.

    Does home choice have relaxed rules to get the mortgage or they are same like other financial institution?

    Thanks

    You need to earn over 45k as joint applicants for the home choice loans.


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    #7
    Lux23
    Registered Users Posts: 7,134 ✭✭✭Lux23


    If you have that much in savings maybe you need to start using some to ease your monthly outgoings? Sounds harsh but that is the system. You would probably qualify for the housing list although you will be a long time waiting.


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    #8
    lawred2
    Registered Users Posts: 24,390 ✭✭✭✭lawred2


    Fair play for saving 70k on that income..


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    #9
    Rock123
    Registered Users Posts: 30 ✭Rock123


    @ lawred2, these are saving for the past 10 years....

    we have worked very hard to get that money saved up so don't want to spend it that easily but we would if there will be a need and that is what we are doing at the moment


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    #10
    GoneHome
    Registered Users Posts: 1,783 ✭✭✭GoneHome


    Rock123 wrote: »
    t

    I am paying 1500 euros rent since march of this year and it is killing me, we are at hand to mouth situation

    You would wonder about the merits of "saving" €70,000 in these circumstances


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    #11
    Rock123
    Registered Users Posts: 30 ✭Rock123


    would you have any idea about waiting times on housing list.....thanks


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    #12
    johny33
    Registered Users Posts: 55 ✭✭johny33


    look at pepper mortgages through a broker. we were in a similar situation with a little bit higher salary and they gave us more that you need. we didn't buy at the end though.


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    #13
    Michael D Not Higgins
    Registered Users Posts: 7,223 ✭✭✭Michael D Not Higgins


    Rock123 wrote: »
    would you have any idea about waiting times on housing list.....thanks

    Over a decade.


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    #14
    Rock123
    Registered Users Posts: 30 ✭Rock123


    GoneHome wrote: »
    You would wonder about the merits of "saving" €70,000 in these circumstances

    we worked in Australia and that's how we saved this much...now moved backed to Ireland in march...


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    #15
    Rock123
    Registered Users Posts: 30 ✭Rock123


    johny33 wrote: »
    look at pepper mortgages through a broker. we were in a similar situation with a little bit higher salary and they gave us more that you need. we didn't buy at the end though.

    thanks for that...looks like a bit of hope....

    would you recommend a broker?

    thanks


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    #16
    listermint
    Registered Users Posts: 33,972 ✭✭✭✭listermint


    I would examine ways of supplementing income, if not to increase the savings but to show higher earnings.

    Anything really even food deliverys in the evenings.

    a stint doing this for a few months would give some extra cash.


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    #17
    Mrs OBumble
    Registered Users Posts: 25,965 ✭✭✭✭Mrs OBumble


    Rock123 wrote: »
    would you have any idea about waiting times on housing list.....thanks

    Its varies, depending on where you live and what your needs are.

    You should register for council housing anyway, because you don't earn enough to pay a mortgage and to maintain a house: If you buy a house, but then the roof leaks and you cannot afford to fix it, then you would be in a far worse position than you are in now.

    Your wife being sick may help with the place on the housing list.


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    #18
    johny33
    Registered Users Posts: 55 ✭✭johny33


    it looks like you can try without a broker - https://www.peppermoney. ie/calculator/
    we used a broker in clondalkin, but they had quite a few around dublin.


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    #19
    Rock123
    Registered Users Posts: 30 ✭Rock123


    johny33 wrote: »
    it looks like you can try without a broker - https://www.peppermoney. ie/calculator/
    we used a broker in clondalkin, but they had quite a few around dublin.

    thanks johny,

    i called them and they are saying the same thing that they will not be able to offer me anything at the moment but if my wages are raised then they have asked me to give them a call back.


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    #20
    CiarraiAbu2
    Registered Users Posts: 582 ✭✭✭CiarraiAbu2


    Might be of benefit

    http://www.dublincity.ie/main-menu-services-housing/apply-mortgage


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    #21
    Conall Cernach
    Registered Users Posts: 1,944 ✭✭✭Conall Cernach


    Would you consider moving area?

    Here's a 4 bed bungalow in Co. Laois for €58k.
    http://www.daft.ie/laois/bungalows-for-sale/rathdowney/bawnaughra-rathdowney-laois-1334853/


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    #22
    GoneHome
    Registered Users Posts: 1,783 ✭✭✭GoneHome


    CiarraiAbu2 wrote: »
    Might be of benefit

    http://www.dublincity.ie/main-menu-services-housing/apply-mortgage

    To qualify for the City Council mortgage he/she must be in permanent employment for at least two years. The OP indicated that he had only returned from Australia in March of this year.


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    #23
    CiarraiAbu2
    Registered Users Posts: 582 ✭✭✭CiarraiAbu2


    Didn't see that, my mistake


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    #24
    daheff
    Registered Users Posts: 5,866 ✭✭✭daheff


    slightly off topic, but on that small an income, have you looked into the family income supplement? I think (!) you would qualify for some payments.

    http://www.citizensinformation.ie/en/social_welfare/social_welfare_payments/social_welfare_payments_to_families_and_children/family_income_supplement.html


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    #25
    Rock123
    Registered Users Posts: 30 ✭Rock123


    Conall Cernach wrote: »
    Would you consider moving area?

    Here's a 4 bed bungalow in Co. Laois for €58k.
    http://www.daft.ie/laois/bungalows-for-sale/rathdowney/bawnaughra-rathdowney-laois-1334853/


    its too far as i am working in citywest and wife is getting treatment in st. james...i'll be loosing a lot of money on petrol and time

    but thanks very much for your advsie!


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    #26
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 51,688 Mod ✭✭✭✭Stheno


    Rock123 wrote: »
    its too far as i am working in citywest and wife is getting treatment in st. james...i'll be loosing a lot of money on petrol and time

    but thanks very much for your advsie!

    Where are you hoping to buy for 150k?


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    #27
    Rock123
    Registered Users Posts: 30 ✭Rock123


    daheff wrote: »
    slightly off topic, but on that small an income, have you looked into the family income supplement? I think (!) you would qualify for some payments.

    http://www.citizensinformation.ie/en/social_welfare/social_welfare_payments/social_welfare_payments_to_families_and_children/family_income_supplement.html

    thanks daheff...

    i am going to apply for it anyway but still i don't want to be on government help...but will sure look into it


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    #28
    Rock123
    Registered Users Posts: 30 ✭Rock123


    Stheno wrote: »
    Where are you hoping to buy for 150k?

    I am getting 1 bed in and around tallaght, lucan and clondalkin ....i am also considering portarlington as an option


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    #29
    GoneHome
    Registered Users Posts: 1,783 ✭✭✭GoneHome


    Rock123 wrote: »
    I am getting 1 bed in and around tallaght, lucan and clondalkin ....i am also considering portarlington as an option

    A 1 bed apartment for you, your wife and your child???? Portarlington is also in County Laois which you ruled out on the link an earlier poster sent you saying it was too far and would cost too much in petrol and time!


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    #30
    Rock123
    Registered Users Posts: 30 ✭Rock123


    GoneHome wrote: »
    A 1 bed apartment for you, your wife and your child???? Portarlington is also in County Laois which you ruled out on the link an earlier poster sent you saying it was too far and would cost too much in petrol and time!

    with portarlington i have direct connectivity to st. james and luas that's why we were thinking about it...there are some cheap houses in and around portarlington but they are also around 125-140k range...i can even go for them if i get mortgage.

    i know one bed will be tight but we will manage somehow....


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    #31
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 51,688 Mod ✭✭✭✭Stheno


    Rock123 wrote: »
    with portarlington i have direct connectivity to st. james and luas that's why we were thinking about it...there are some cheap houses in and around portarlington but they are also around 125-140k range...i can even go for them if i get mortgage.

    i know one bed will be tight but we will manage somehow....

    A one bed would be madness imo, you'd basically be burdening yourself with a home that will very shortly become far too small for your family with no guarantee that you'd ever be able to trade up.


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