How on earth can I get a mortgage

katiek102010

We are trying desperately to get a mortgage and getting told no.

Based on calculations our mortgage would be circa 600 pm and we are saving 1000+ along with paying rent.

Trouble is we are a 1 income house due to family circumstances and that cannot change for 2 years at least

How on earth can we get a mortgage

limnam

katiek102010 wrote: »

We are trying desperately to get a mortgage and getting told no.

Based on calculations our mortgage would be circa 600 pm and we are saving 1000+ along with paying rent.

Trouble is we are a 1 income house due to family circumstances and that cannot change for 2 years at least

How on earth can we get a mortgage

What's your salary?


How much of a mortgage do you require?


Do you have a deposit ?


Have you gone to a mortgage broker?

katiek102010

It’s 28k pa. there seems to be a rule somewhere that below an unspecified income they won’t lend

We have tried all the banks and they are saying no

We need 80k which is less than the 3.5 times salary.

We have a deposit

LTV would be 70%

brownbinman

Some credit unions are offering mortgages. Would the Rebuilding Ireland scheme work for you?

http://rebuildingirelandhomeloan.ie/eligibility/

katiek102010

Our local cu doesn’t do mortgages.

We had a mortgage 20 + years ago prior to moving abroad so rebuilding Ireland won’t look at us

keeponrockin

As mentioned above..Mortgage Broker.

katiek102010

can anyone recommend one in limerick

katiek102010

katiek102010 wrote: »

Our local cu doesn’t do mortgages

They probably do, but they aren't allowed call it a mortgage.


Ask them about it - We got a mortgage under the Home Improvement Loan they offer (which is a loan secured on your house, money was transferred to a solicitor, etc. in our case.. It's very much a mortgage without the name).


They'll lend a max of €100,000 I believe, and they have terms/conditions like all others, but it could be a runner for you (albeit, take note of the interest rate. Ours is about 6% which is twice what a bank would want).

Graniteville

Banks require a minimum salary of €30k to even consider a mortgage.

The 3.5 level is a MAXIMUM. They will look at other criteria too including estimated expenditure, transport costs, age, kids, potential of kids etc etc.

See if you can get your salary increased to 30k and at least then you have cleared the primary first hurdle.

katiek102010

He can’t unfortunately unless it goes up in Jan which will be surprising

katiek102010

The max home loans they do are about 30k they don’t do secured loans although they are hoping to in the next few years

marieholmfan

katiek102010 wrote: »

We are trying desperately to get a mortgage and getting told no.

Based on calculations our mortgage would be circa 600 pm and we are saving 1000+ along with paying rent.

Trouble is we are a 1 income house due to family circumstances and that cannot change for 2 years at least

How on earth can we get a mortgage

Check out the rebuilding ireland home loans. Long thread on Accommodation and property forum.

BarryD2

katiek102010 wrote: »

It’s 28k pa.

Which is low enough, so you can see why they are shy. Keep saving, look for somewhere cheaper and wait for the two to get closer. Lot depends on where the work is, can you move further afield etc.

katiek102010

We can’t and we are only looking for a small mortgage

Trouble is where we are there are no rentals and the only option is to buy or council houses which there are none available either

Mrs OBumble

katiek102010 wrote: »

It’s 28k pa. there seems to be a rule somewhere that below an unspecified income they won’t lend

That's a very low salary to be paying for the maintenance and insurance of a house on. Boilers and roofs cost the same to maintain no matter where the house is. If you got a mortgage, you could easily find yourself in an unlive-in-able housedue to maintenance issues that you can't afford to fix.

Are you on the council housing list? ( You should be).

katiek102010

We are but no houses available and no rental available. We have a disabled child and I am full time Carer as we cannot get childcare.

I don’t really see what the difference of affordability would be on a 70,000 k mortgage at a 28k salary and get refused but if he was on 30 k he could easily get approved on a mortgage of 105 k

It’s ridiculous

Trish56

Unfortunately that's not correct that if you were earning 30k you could get a mortgage of 105k or 80k. All lenders look at affordability, net disposable income and repayment capacity. A couple with one child must have a disposable income of €2300 a month after stressed repayments and that is where you are failing to qualify for a mortgage. Your net income at the moment before taking into consideration the stressed mortgage repayment would probably be below this figure.

katiek102010 wrote: »

We are but no houses available and no rental available. We have a disabled child and I am full time Carer as we cannot get childcare.

I don’t really see what the difference of affordability would be on a 70,000 k mortgage at a 28k salary and get refused but if he was on 30 k he could easily get approved on a mortgage of 105 k

It’s ridiculous

Graniteville

katiek102010 wrote: »

We are but no houses available and no rental available. We have a disabled child and I am full time Carer as we cannot get childcare.

I don’t really see what the difference of affordability would be on a 70,000 k mortgage at a 28k salary and get refused but if he was on 30 k he could easily get approved on a mortgage of 105 k

It’s ridiculous

At the 30k minimum salary level, there'd be little or no chance of the maximum 105k.

But 80k would be a possibility.

Maybe explain this to the employer and see what is required to get over the 30k salary level.

A2LUE42

Does carers allowance count as earnings? If so was that part of application. If you were getting any carers allowance that is..

Toots

I could be wrong, but I think carers allowance is treated the same as child benefit in that it won't be taken into consideration.

bri007

I know a friend of mine that tried to get carers allowance to be viewed as income for a mortgage application with her partner but the bank gave a very inconsiderate example of what can happen with carers allowence, basically it’s not guaranteed so they can’t accelt it.

sadie9

Yes go to a Mortgage Broker for sure.
If they also say you'd need to be showing another 2k a year or 40 euros a week more to bring you over the 30k, is there any way you could get a part time job maybe one evening a week to earn that extra money, with a view to giving it up after you get the mortgage. Pain in the arse having minded your child all day but maybe it'd be worth it for the 6 or 9 months it might take.
You'd have to be paying PRSI I would think or have a payslip, so you just be a babysitting job for cash or anything. But the mortgage brokers have their fingers on the pulse of what's required. Best of luck with it.

marieholmfan

Check out the rebuilding Ireland loans.