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Is there any resource available where I can apply for a hypothetical mortgage, just t

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  • 22-04-2017 9:28pm
    #1
    wherearewe45
    Registered Users Posts: 204 ✭✭


    So right now I'm not looking to buy - although I have been looking out of curiousity - and I'm interested in seeing where I am in terms of getting a loan. Is there anyway I can see what kind of position I am in to get a loan.

    The way I see it, in 1 or 2 years I apply for a mortgage when I need it and God forbid, I get rejected. I'm wondering is there anyway of doing a trial run at getting a mortgage to see if I'm good to go, rather than being rejected when I need it.


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    #2
    messy tessy
    Registered Users Posts: 889 ✭✭✭messy tessy


    I went in recently to the mortgage adviser in my bank just to see what they would give me. It will be a few years before I apply also but wanted to get an idea of what I would need to be earning to get an exemption.

    No harm in having a casual chat with a bank to see if you are doing things right in terms of savings etc.


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    #3
    LirW
    Registered Users Posts: 4,825 ✭✭✭LirW


    Almost all banks have online calculators. Also get in touch with some broker, they can tell you pretty much straight away what you could get.


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    #4
    listermint
    Registered Users Posts: 33,972 ✭✭✭✭listermint


    Ideal homes expo on in the rds this weekend

    Ptsb have a huge stand full of chat seats with advisors.

    You'll get a good idea there.


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    #5
    [Deleted User]
    Posts: 24,714 ✭ [Deleted User]


    Just apply for a mortgage, best trial run there is.


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    #6
    wherearewe45
    Registered Users Posts: 204 ✭✭wherearewe45


    Amari Silly Stampede wrote:
    Just apply for a mortgage, best trial run there is.


    I considered this first. Would it not be frowned upon if I was to get accepted and then turn round and say sorry I don't actually want a mortgage at all I was only testing the water?


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    #7
    Reputable Rog
    Registered Users Posts: 2,088 ✭✭✭Reputable Rog


    wherearewe45 wrote: »
    I considered this first. Would it not be frowned upon if I was to get accepted and then turn round and say sorry I don't actually want a mortgage at all I was only testing the water?

    Why? Your under no obligation to draw down a mortgage.


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    #8
    Del2005
    Registered Users Posts: 18,990 ✭✭✭✭Del2005


    wherearewe45 wrote: »
    I considered this first. Would it not be frowned upon if I was to get accepted and then turn round and say sorry I don't actually want a mortgage at all I was only testing the water?

    No affect. If it really becomes an issue just say that you haven't seen anything you like when the approval runs out, not that a bank is going to check after approval is issued but if it comes up when applying for real. Only issue could be that if you've applied for a few loans multiple checks to ICB flags, but shouldn't have any affect when applying in a few years.

    Only problem is that we don't know what meddling the government is going to do, so approvals today could mean nothing in a few years.


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    #9
    [Deleted User]
    Posts: 24,714 ✭ [Deleted User]


    wherearewe45 wrote: »
    I considered this first. Would it not be frowned upon if I was to get accepted and then turn round and say sorry I don't actually want a mortgage at all I was only testing the water?

    None whatsoever they may give you a call once or twice during the 6 months that approval last's but just say you haven't identified a suitable property yet.


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    #10
    CIARAN_BOYLE
    Registered Users Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    wherearewe45 wrote: »
    I considered this first. Would it not be frowned upon if I was to get accepted and then turn round and say sorry I don't actually want a mortgage at all I was only testing the water?

    You can just be approved for 200k and say oh I thought a 300k house would be more appropriate and decided to save for a few years.


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    #11
    pilly
    Banned (with Prison Access) Posts: 9,005 ✭✭✭pilly


    LirW wrote: »
    Almost all banks have online calculators. Also get in touch with some broker, they can tell you pretty much straight away what you could get.

    Do not rely on these online calculators. They seem to be a tool to bring people into the bank more than anything.

    I've heard lots of reports of people getting approval for much less than they got from the calculator.


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    #12
    CIARAN_BOYLE
    Registered Users Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    pilly wrote: »
    Do not rely on these online calculators. They seem to be a tool to bring people into the bank more than anything.

    I've heard lots of reports of people getting approval for much less than they got from the calculator.

    afaik calculator is usually theoretical maximum based on central bank rules.


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