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First timer applying for mortgage- advice needed!!

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  • 25-12-2017 11:10pm
    #1
    Maz2016
    Registered Users Posts: 1,112 ✭✭✭


    Just looking for guidance. I am thinking of looking into applying for a mortgage and need advice before going to the banks etc. I see an apartment I like. I reckon I have 15/20% of the deposit in savings. The value of the mortgage I’d require would be 3.25% of my salary. I am due a small pay rise in January. The one thing I’m worried about is, I am only working full time 10 months. Before that I was travelling and on social welfare. Would that come against me?
    I have statements to show I save 250 a week (some weeks more) and I have no loans. I do rent but it’s not really official. Any advice appreciated.


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    #2
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    Just contact the banks. Some might knock you back, others may lend. Once you've applied to one the others are easy, just keep your paperwork handy. I take it you mean 3.25 (or 325%) times salary, not 3.25%.

    If it's a one bed you'll need a larger deposit.

    Best of luck with it.


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    #3
    CoconutSky
    Registered Users Posts: 56 ✭✭CoconutSky
    Taken


    Seek assistance from a mortgage broker. If you have had any health issues in the past, I would strongly recommend you apply for mortgage protection insurance immediately. Even before loan offer etc as the insurance companies will need a health report from your GP and my experience is, it took over 8 weeks from beginning to end and I’m still in limbo land! Good luck


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    #4
    Maz2016
    Registered Users Posts: 1,112 ✭✭✭Maz2016


    CoconutSky wrote: »
    Seek assistance from a mortgage broker. If you have had any health issues in the past, I would strongly recommend you apply for mortgage protection insurance immediately. Even before loan offer etc as the insurance companies will need a health report from your GP and my experience is, it took over 8 weeks from beginning to end and I’m still in limbo land! Good luck

    Oh,? Yes I have had health issues. I’ve had pretty major surgery in the past for a tumour. Never even thought of how that would come against me. I’m 3 years on the other side of it now. Do they penalise you for this? Thanks


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    #5
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    Maz2016 wrote: »
    Oh,? Yes I have had health issues. I’ve had pretty major surgery in the past for a tumour. Never even thought of how that would come against me. I’m 3 years on the other side of it now. Do they penalise you for this? Thanks

    It will depend on the nature of the tumor. Contact an insurance broker and ask. Mortgage brokers are meh IMO, they only deal with certain banks. Other swear by them. No harm in trying them if they don't charge a fee. However they're getting paid somehow so bear that in mind.

    We wouldn't have got a mortgage through a broker as KBC was the only bank willing to take us on (well there was one other but that's a different story). Neither bank go through brokers.


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    #6
    Maz2016
    Registered Users Posts: 1,112 ✭✭✭Maz2016


    Thanks for the reply, and yes I meant 3.25 times salary. Its a 2 bed I had in mind. I was thinking of renting the second room for a year or two just to help me with buying new appliances etc. I know the banks wont take this into account


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    #7
    jlm29
    Registered Users Posts: 3,818 ✭✭✭jlm29


    Do you already have life cover? This might be something that will cause difficulty if there’s a history of a tumour? Maybe not, depending on circumstances, but worth checking out in good time.


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    #8
    Maz2016
    Registered Users Posts: 1,112 ✭✭✭Maz2016


    jlm29 wrote: »
    Do you already have life cover? This might be something that will cause difficulty if there’s a history of a tumour? Maybe not, depending on circumstances, but worth checking out in good time.

    I don't, i never even thought of it until now tbf. I will look into it asap. Thanks


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