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Do you think I could get a Mortgage?

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  • 28-09-2017 5:50pm
    #1
    TonyHolland
    Registered Users Posts: 21 ✭


    Hello just looking for some advice.

    Currently renting with partner and just got a public sector contract salary at 34k. Partner works privately and hers is about 17k. I also work as a temp sometimes and have being doing so for the last two and a half years.

    Just recently the house along side us went up for sale for 75k. I hadn't even thought about buying a house or anything like that but it got our attention and were going to view it next week.

    The place has been derelict for years and needs a lot of work.

    I wasn't really working full time over the last 3 months, just casually (out of choice) but have been back working full time hours since last month, so I wasn't exactly saving for anything.

    I have 3 bank accounts and a credit union account that I have been saving regularly with since the start of the year. Theres 1k in the credit union account, but I see they do a first time buyers loan of 5k at 7.3% over 3 years which I'd have no bother paying off.

    My question is if I get a credit union loan to put towards a deposit on a house will that look bad being assessed for a mortgage? I really only have about 1600 in cash at the minute. Partner can come up with 5k no problem.

    Also my job contract in temporary but will be made permanent when a few others retire over the next few years.

    And I know I shouldn't have done this but I signed up with bet365 a few months ago to watch a match and gambled 20 euros but haven't touched it since. This probably looks bad too I suppose.

    So do you think I'm wasting my time applying at the moment or would I have a chance? Apologies for the long story


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    #2
    myshirt
    Registered Users Posts: 5,245 ✭✭✭myshirt


    You can't fund the deposit with another loan for a start.

    The value of this house is quite low also, I'm unsure if a bank would be interested. It's probably one for a cash buyer. You will see on websites and such that the minimum loan is about 50k, but the reality is there is little to nothing in this space unless you get a council mortgage.

    You have a couple of other things against you also. I would recommend leaving it for another 6 months to allow you to get match fit. Apply then, and for a house that is not in a bad state. These houses are more for cash buyers and nearly worthless as security against a loan with all the jigs and reels that come with repossession and enforcement in this country.


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    #3
    piplip87
    Registered Users Posts: 2,125 ✭✭✭piplip87


    TonyHolland wrote:
    And I know I shouldn't have done this but I signed up with bet365 a few months ago to watch a match and gambled 20 euros but haven't touched it since. This probably looks bad too I suppose.


    I have always wanted to know. When applying for anything, where bank statements are required and there is activity say 20-30 quid a week to online bookmakers, will this count against you in regards obtaining a loan/credit


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    #4
    Dee01
    Registered Users Posts: 261 ✭✭Dee01


    There was an article published by one of the banks a while ago and it gave details about what banks would accept and would not. A big no-no was any of the betting/gambling sites. I can't remember how long it had to be off your record before a loan would be possible. I also thought you needed to be permanent to get mortgage approval, but I'm open to correction.

    Buying a derelict house may not be a runner for any bank. We bought a do-er up-er last year that had been lived in until we bought it. A condition of our mortgage was to bring the house up to today's standard (electrics, plumbing, heating etc.). We had to itemise the renovations with quotes from registered trades people. We then had to prove we had the funds for those renovations and the bank withheld a % of our mortgage until everything was done and new valuations reports and certs etc. were provided. We would have been declined if we couldn't meet those terms and that was for a house that had someone living in it.

    As above, I think only a cash buyer would be able to purchase this house. I would recommend talking to a mortgage broker tho as they can give you all of your options.


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    #5
    xalot
    Registered Users Posts: 1,097 ✭✭✭xalot


    piplip87 wrote: »
    I have always wanted to know. When applying for anything, where bank statements are required and there is activity say 20-30 quid a week to online bookmakers, will this count against you in regards obtaining a loan/credit

    Yes this is an absolute red flag for banks. Particularly that it's so regular. Change all betting purchases to cash based.


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