Mortgage advice please

Doyle123

Hi, I would be so grateful if anyone could give me any advice. So im looking for a morgage of roughly 80 to 90grand only, i already have a house it just needs work done. Myself and my husband have 35grand saved. My husband has only started a new job in March so hes not in a pernament contact position nor do his new company offer permanent positions for up to 5 or 6 years.( some banks told me to come back in 6 years) I have tried applying for a morgage pre marriage where i was advised to wait now we have waited its completely messed us up on getting a morgage (as i would have got120grand alone). And it is so little we are looking for its so disheartening, we have the collateral of the house being valued at 320grand.but no place will look at us because of the permanent contract situation. Is there anyway of me applyin on my own anywhere without the banks looking at my partners account (he has went into not pre authorised over draft in the last 2months) my account is perfect for the past 10 years i am saving 1600e a month.. any advice i would really really appreciate it as its starting to really upset me. I need a loan over the course of 20 years so the credit union are not really an option for us... thanks so much!

phormium

Once you are married and borrowing on the family home every bank to the best of my knowledge will insist on a joint mortgage, all to do with the family home act etc.

What is your income? Is it too low for you to get the required amount with a joint mortgage but only taking your income into account?

Some credit unions do up to 15yrs secured loan which is what you want, would that be an option if could find one? I know it's not 20yrs but it's not too short either.

Doyle123

phormium wrote: »

Once you are married and borrowing on the family home every bank to the best of my knowledge will insist on a joint mortgage, all to do with the family home act etc.

What is your income? Is it too low for you to get the required amount with a joint mortgage but only taking your income into account?

Some credit unions do up to 15yrs secured loan which is what you want, would that be an option if could find one? I know it's not 20yrs but it's not too short either.

Thank you so so much for your response.. i didnt know credit union did long term loans i did go into them and was told max 10 years,which wasnt feasible for us as i want to give my mam and dad some money each month for the house.( as we are inheriting it from them) I earn 33500 a year so it should be no problem for me to borrow the 90g on my own its just that they are looking for my partner to be in a permanent position and of course his account credit is not great so that will go against us when applying. Like the repayments of a 25 yr loan are only 350e monthly which is so affordable. My husband earns more then i do also. Thanks again

phormium

His less than perfect record is probably more of a problem than his non permanent status. They can just ignore him income altogether if yours is sufficient. No different to having a non employed partner, if it was in reverse would they even bat an eye! If you can meet their income requirements on your own salary then I don't see why they wouldn't do it if they can get over the stumbling block of the less than perfect record. Have the bank actually said anything about his record or have you asked to do it based on just your income, with both names on mortgage.

Have you tried a broker?

Different CUs have different rules, the bigger ones are the best bet for flexibility.

Trish56

Lots of Credit Unions are now doing mortgages. Unfortunately as you are married and it's your family home the mortgage must be in joint names. Going into unauthorized overdraft wont be a log term blip on your husbands credit rating however you should ask your husband to try and maintain his current account in an acceptable manner as when applying for a mortgage you need to submit 6 months current account statements.

You did not mention if you have dependents or your ages and if you have any short term borrowings and these will have an affect on how much you can borrow. Central Bank regulations states that you can only borrow up to 3.5 times annual income (117,250 in your case) however all lenders have criteria also and for a married couple with no dependents you must have €2050 left over after paying stress tested repayments. In your case the this figure is €1803 with no dependents, no other loans and a term of 35 years. Is the €33,500 a gross basic and do you earn overtime, bonus or commission.
It is a shame that you were given incorrect advice not to apply before you got married however it may have something to do with inheriting the property as if your husband inherited it then his name would have to be on the mortgage.

Doyle123

phormium wrote: »

His less than perfect record is probably more of a problem than his non permanent status. They can just ignore him income altogether if yours is sufficient. No different to having a non employed partner, if it was in reverse would they even bat an eye! If you can meet their income requirements on your own salary then I don't see why they wouldn't do it if they can get over the stumbling block of the less than perfect record. Have the bank actually said anything about his record or have you asked to do it based on just your income, with both names on mortgage.

Have you tried a broker?

Different CUs have different rules, the bigger ones are the best bet for flexibility.

Yea i would have thought they could ignore his accounts because like you said how do they give loans to people when one spouse is not working.i did ask the banks this and they did not really answer me. Yea the bank want consistent 6 months savings from the both of u. I have asked can it be a loan in my name as the house is only gettin signed over to me but because we are married they insist of seeing his accounts also.. i have tried a couple of brokers they said come back in 6 months when standing order and accounts clean. I was just mislead i suppose from the start its just infuriating i could have got more rmthen we even need before we were married u would think being married two incomes is better then one 🀔 thanks again for taking your time to help out i have called the credit union today please god they might be able to work with us

Doyle123

Trish56 wrote: »

Lots of Credit Unions are now doing mortgages. Unfortunately as you are married and it's your family home the mortgage must be in joint names. Going into unauthorized overdraft wont be a log term blip on your husbands credit rating however you should ask your husband to try and maintain his current account in an acceptable manner as when applying for a mortgage you need to submit 6 months current account statements.

You did not mention if you have dependents or your ages and if you have any short term borrowings and these will have an affect on how much you can borrow. Central Bank regulations states that you can only borrow up to 3.5 times annual income (117,250 in your case) however all lenders have criteria also and for a married couple with no dependents you must have €2050 left over after paying stress tested repayments. In your case the this figure is €1803 with no dependents, no other loans and a term of 35 years. Is the €33,500 a gross basic and do you earn overtime, bonus or commission.
It is a shame that you were given incorrect advice not to apply before you got married however it may have something to do with inheriting the property as if your husband inherited it then his name would have to be on the mortgage.

Thanks for your message. We gave set up a standing order for savings between us rougly 3000e a month. It may be the case we have to just wait until Jan to apply i just wish i could know that come jan we will get the loan becuase even with the pernament contract situation it was an absolute no go for 4 out of 6 places i spoke to. We do not have any kids and we have no loans at all so we are doing ok in them aspecys. We are 31 yrs old. 33500 is my figure before tax i do not get comission and bonuses are rare.. yea i genuinely do not know why we were told to wait because at that point i stressed that my fiance was working in a different county amd would be moving to Dublin when we get married. I should have copped this we both knew he would have to change jobs but when i made these calls last year there was no overdrafts and savings was immaculate.. thanks again for your message i really appreciate it

august12

Have you tried the local authority, I think you have to be refused by a number of banks in order to qualify for a LA loan, not familiar with the ins and outs of this mortgage but if you log onto your own local authority website and search for mortgage/loans or search on citizens information website, you might find the terms and conditions of qualifying for this type of loan.

Sorry, just checked LA site, it seems you have to be a first time buyer to qualify for this.

Trish56

I would open a new account with a bigger credit union, perhaps ring around and find one that do mortgages and save for 6 months with them. Once your husband is finished probation and depending on his qualifications and contract and the fact that you won't need a huge amount of his income to qualify for 80k/90k hopefully one of the banks will sort you out.

I would recommend you try Ulster Bank and perhaps open an account with them and save €1500 with them and €1500 with Credit Union for 6 months.

Best of luck