Questions about mortgage

sallyanne12

I have 2 questions I wonder about mortgages
1) if a couple apply for a mortgage with both earning €35,000 each and one of them leaves their job after getting the mortgage and minds the kids, are they still entitled to the mortgage or do they need to stay working?
2) how long do you have to be working before a bank will give a mortgage to you?

bobbyy gee

once you get the mortgage you keep it
but it might be hard to pay it on one salary

punisher5112

They want to see full time and safe employment, usually it would be 2 years or more, they want to see savings and that you have say had a previous loan and paid off in full, credit cards paid off and no missed payments.

They will check back previous 6 months on statements and will check everything.

They won't care afterwards who works once full payments are put through.

sallyanne12

punisher5112 wrote: »

They want to see full time and safe employment, usually it would be 2 years or more, they want to see savings and that you have say had a previous loan and paid off in full, credit cards paid off and no missed payments.

They will check back previous 6 months on statements and will check everything.

They won't care afterwards who works once full payments are put through.

Cheers for this
And what if you mainly use revolut like once paid if u transfer ur salary to revolut, will they want to see revolut?

Atlantic Dawn

sallyanne12 wrote: »

Cheers for this
And what if you mainly use revolut like once paid if u transfer ur salary to revolut, will they want to see revolut?

Yes they will want statements from it.

Sheep Shagger

Atlantic Dawn wrote: »

Yes they will want statements from it.

Yep, got a mortgage last year (was my second but it didn't matter), had to provide Revolut statements as that's where my day to day spending happens.

wonski

sallyanne12 wrote: »

Cheers for this
And what if you mainly use revolut like once paid if u transfer ur salary to revolut, will they want to see revolut?

They might ask. Especially if large transfers are made from your account.

Any suspicious transactions - gambling in particular will be flagged.

You want 6 months of nice clean statements at least and at least 2 years of no missed/late payments. I would say that if full salary is going to revolt they would want to see revolt statement.

That's what I was told recently as I am going to apply for a mortgage soon (early next year I hope)

Being prepared I am keeping my balance healthy to make it easier for the bank and meself when I finally apply.

sallyanne12

Sheep Shagger wrote: »

Yep, got a mortgage last year (was my second but it didn't matter), had to provide Revolut statements as that's where my day to day spending happens.

But what are they actualy looking for?? Why do they care what u spend money on?? Any tips how I should spend on revolut?

punisher5112

sallyanne12 wrote: »

But what are they actualy looking for?? Why do they care what u spend money on?? Any tips how I should spend on revolut?

Gambling and drink is a big thing....

They will want to see reasons for spending and if they see above they will reject.

Try your best now to cut spending and just be careful what you spend and what you uaecard for.

If say you do a bit of lotto or other use cash but don't be withdrawing huge amounts as they will want to know where that's going.

wonski

You can spend whatever you want on as long as your balance is within limits. No failed direct debits, standing orders and on top of that no gambling related spending at all.

sallyanne12

Out of interest, can people in council houses get a mortgage if they save up in their job for a few years or would the bank decline??(I’m not in a council house but just curious)
And say a person is in a council house and they start earning much more than when they originally got the house, do they have to leave the house Once they earn more?

Sheep Shagger

wonski wrote: »

You can spend whatever you want on as long as your balance is within limits. No failed direct debits, standing orders and on top of that no gambling related spending at all.

Paying off loans/credit cards you may not have disclosed is also another red flag.

wonski

Sheep Shagger wrote: »

Paying off loans/credit cards you may not have disclosed is also another red flag.

Loans and credit cards are in credit report so trying to hide it when applying for mortgage makes no sense.

Especially that it goes back 6 years anyway.