Mortgage application

Deise boii

Well everyone.

Just looking advice about what is the best way for me to go about getting a mortgage. Myself and my girlfriend and looking at getting a mortgage. She has good savings built up over the years me on the other hand have very little. In December I started saving and have got over 2k since then.

The problem is that I got into credit card debt a few years ago. I got a credit report and it told me that the this debt will leave my report in March.

What is the best way of me going about getting a mortgage as I haven't a clue

Any help is greatly appreciated

Interested Observer

You can either talk to a bank directly or talk to a broker. All the bank websites you can find ways to make appointments with their mortgage advisors. If you go to a broker they will talk to all the banks for you, but they may charge a fee. They will definitely check your credit report so might be as well off waiting until that clears, plus you'll have a bit more saving done by then.

Do not touch your savings unless its life-or-death, just don't.

It might be better for you to speak to a broker in the case of potential credit history issues as they will give independent advice, which the bank obviously won't.

Deise boii

Interested Observer wrote: »

You can either talk to a bank directly or talk to a broker. All the bank websites you can find ways to make appointments with their mortgage advisors. If you go to a broker they will talk to all the banks for you, but they may charge a fee. They will definitely check your credit report so might be as well off waiting until that clears, plus you'll have a bit more saving done by then.

Do not touch your savings unless its life-or-death, just don't.

It might be better for you to speak to a broker in the case of potential credit history issues as they will give independent advice, which the bank obviously won't.

Thanks for that very much appreciated. Would you know that once it's cleared off my report would it still be help against an application.

jimmycrackcorm

Deise boii wrote:

The problem is that I got into credit card debt a few years ago. I got a credit report and it told me that the this debt will leave my report in March.

Keep saving and wait until April to follow up with mortgage applications. It's only just over a month away.

Samuel T. Cogley

I wouldn't go into anything as serious as buying a house until you're married tbh.

Brego888

Samuel T. Cogley wrote: »

I wouldn't go into anything as serious as buying a house until you're married tbh.

Whats marriage got to do with anything? For all you know they could be going out 10 years or have no interest in marriage.

Samuel T. Cogley

Brego888 wrote: »

Whats marriage got to do with anything? For all you know they could be going out 10 years or have no interest in marriage.

They could and marriage is no guarantee that they won't split up but A&P and Legal Discussions are replete with various posts about partners walking out etc. etc. make a legal commitment before investing vast sums of money IMHO.

thadg

Samuel T. Cogley wrote: »

I wouldn't go into anything as serious as buying a house until you're married tbh.

by the looks of things he would come out ok.

get legal advise/ sign a contract if ye do purchase together as if the relationship goes belly up things would get messy and would cost both of ye money to sort out

Homebird18

Samuel T. Cogley wrote: »

I wouldn't go into anything as serious as buying a house until you're married tbh.

Ridiculous statement. Why would they sink all their savings into a wedding etc and then when its all over the newly wed couple have no place to call their own, backwards IMO.

Samuel T. Cogley

Homebird18 wrote: »

Ridiculous statement. Why would they sink all their savings into a wedding etc and then when its all over the newly wed couple have no place to call their own, backwards IMO.

Absolutely no need to have a massive party. Have a small wedding make a proper commitment and then buy a home. Fair enough opinions differ, the anecdotal evidence speaks for itself.

At the very least stop and have a proper think.

bush

Save for 6 months at least. The same regular payment every month.

dellas1979

Well done on the 2k.

I would simply approach a bank and ask them what you need to do (how much stress test amount. This means, if a mortgage is going to cost you say e1000 per month, you need to show that youve capability to pay back e1300/1400 per month. You must do this for about 6+ months. Bank will then look at your statements). Just ring. Book in. Its quite an informal conversation (you wont be applying for anything, just getting advice).

At least, this is what I did, so that's my advice :-) . I went to a bank for advice in Jan 2017. And 1 year later, Ive just gotton mortgage approval (Im building though, not buying).

Youll need 10% deposit to buy (usually) plus about 2k solicitors fees. If you buy a new house, keep in mind that you may be eligible for HTB.

I would also get advice on what happens the property if you ever split.

Deise boii

Thanks to everyone for the advice. I wouldn't be too concerned about a split up of the relationship at all.

By the sounds of things come April we should go talk to a bank and see exactly what we need to do. Fingers crossed this time next year it will all be sorted for us.

Would a broker be a better way for us to go about it with my past or would it be just an extra charge for us to take on. Thanks again

Samuel T. Cogley

Deise boii wrote: »

Thanks to everyone for the advice. I wouldn't be too concerned about a split up of the relationship at all.

By the sounds of things come April we should go talk to a bank and see exactly what we need to do. Fingers crossed this time next year it will all be sorted for us.

Would a broker be a better way for us to go about it with my past or would it be just an extra charge for us to take on. Thanks again

You're better off (unless one of you is self employed) just applying directly to the banks. Once you've got the paperwork sorted for one, you've it sorted for all.

dellas1979

Deise boii wrote: »

I wouldn't be too concerned about a split up of the relationship at all.

Listen, I know youre all bright and bushy tailed. And of course you are in no way thinking of a split. But, things do happen. Am coming from a long in the tooth place (seen it all, so no matter how nuts I am about someone now, I will protect my future), and I would advise anyone (even in a very happy place now) to secure against something happening in the future. I would even just get advice. You never have too much knowledge.

To note also, a broker can charge up to e500 to make an application for ye. I would talk to a bank, and see what they say first. It takes (or took me) about 3 hours of my time in total to get all the paperwork together (again, am building, so bit more paperwork). I spoke to a broker (free of charge) just to talk about whay type of mortgage would suit me. I was a bit lost on that. But once I knew, made all the applications.

Also, organisation and paperwork is half the battle. So, I would buy a folder where ye can pop things into. I do this, and solicitor even remarked how organised I was. You just flip it open, and everything is there for both of ye!

Deise boii

Thanks to everyone for their advice we are going to talk to a bank in the next few weeks and see what we have to do to get sorted. Thanks again