Is this a single or joint application. - Joint
Type of Property. 2/3 bedroom house/apartment. 3 bed house
Value of Property – not decided but anywhere between 400-450
Amount of Mortgage – hoping to bend the CB rules and need less than a 20% deposit if possible
Term of Mortgage. – doesn’t matter
Amount of savings and over how many years – 5000 over 10 months (will give further details below). Continuing to save 500 per month
Is there a lump sum from any other source? If so give full details. – Yes parents willing to give somewhere in the region of 60k
Age of Applicants. 37+37
Employment situation. Public sector/Private sector/Self employed/Contract. 1 private at 60k gross, 1 public sector at 55k ish (about 6160 net per month)
How long are you in current position and are you permanent. Both permanent at 7+ years each
Have you any children. Yes 2 kids at age 3 and crèche fee of 1800 reducing to 1250 in September until school in 2017
Have you any court orders or Judgements. No
Have you any other loans and if so full details of amount/period/% rate and repayment amounts. We both have overdrafts on our personal accounts at 2000 and 1400
Cr. Card situation. Full disclosure. 2 credit cards at zero balances
Have any of your existing loan or credit card monthly repayments been paid late over the past twelve months, even if you made the repayment in full a few days later? If so, how many times in the past twelve months? No
Any previous negative Cr. history by either applicant. Yes, spouse fell behind on a credit union loan of 15k. Its difficult to explain this one as there was money there to pay the repayments but the loan was not set up as a DD hence ‘forgetting’ to pay it. I don’t think spouse fully understood the implications of this. When I discovered what was happening early in 2015, we paid the balance of 1500 off immediately.
Are your savings and rent clearly visible and identified as such in your bank accounts each month. Yes
Have you gone over your overdraft limit in the past six months, even if only for a day or two? If so, how many times in the past six months? No
If you have been refused a mortgage please give exact reason of why and address why you think you should not have been. We did not make any formal applications but we spoke informally to BOI (circa mid 2015) who indicated we needed more personal savings, which we have done.
Did you use a Mortgage broker or are you applying directly?. No official applications, but spoken to two brokers.
What reason has the bank given to you for refusing you? No official refusals.
Have you checked your ICB record to make sure it's clean? One clean record, spouses record not clean due to credit union loan. The record does show it fully paid as at Feb 2015. It also shows that we were 7 payments behind at one stage though it reduced to 4 in the month preceding the loan being fully paid off in Jan 2015.
Other: we own a 2 bed apartment in Dublin. Worth 160k, mortgage balance 170k. On a tracker at +1.7%. Rent covers mortgage/mgmt fee/ tax.
We rent a house at 1700 per month in Dublin.
Joint account – balance as of today circa 4k.
We get child benefit of 420 per month.
We save 500 per month but feel 1000+ per month is definitely achievable as the joint account is building up month on month. We live very frugally.
We pay 1800 in crèche fee, reducing to 1250 in September.
Background, both spent too much in our 20’s and only shook ourselves together when the kids came along. We have transformed our lives for example 5 years ago we had loans for circa 40k outstanding. We have paid all these off. And done this despite reduced wages during maternity and parental leave. However we have a couple of issues remaining, the credit union loan mentioned above and lack of real personal savings (only 5k as mentioned above). In 2015 we set up a joint account for every single payment we make and receive and its been good for budgeting etc.
So we want to buy as we want to sort out schools etc for the kids and generally just settle as we’ve been renting for a few years and we are not getting any younger. We spoke to 2 brokers, one said the credit union loan pretty much ruled us out until it was removed in 2020 from the record. The other felt he could speak to the banks on our behalf and perhaps get them to be more flexible in their opinion of it. He did think we needed to build up more personal savings and said the 1800 on crèche was an issue that he would like us to remove.
I would be very grateful if any of you guys could perhaps comment on our situation or help me gather my thoughts as to where I should go from here. Here are some of the questions I have.
Should we as of today clear the overdrafts with our savings (and increase monthly saving to 1000 per month) or continue to save 500 per month and make a dent into the overdrafts (say at 250 per month each)? They are costing us about 130 per every 3 months in interest. I feel that even psychologically it might be good to clear them now when we have it in savings as they are the last vestiges of our profligate years. Broker mentioned that we could essentially hide them though and just give our joint account statements. Still though we need to deal with them at some point.
Is the credit record issue just going to wipe us out till 2020 as per the 1st brokers advice?
If we assume that something can be done about the credit record, can and how do we get in a good position for an application say for late this year or early 2017?
We haven’t got an official refusal from anyone but the feeling seems to be negative therefore I’d like to be more confident of an acceptance before proceeding (if indeed we can).
Type of Property. 2/3 bedroom house/apartment. 3 bed house
Value of Property – not decided but anywhere between 400-450
Amount of Mortgage – hoping to bend the CB rules and need less than a 20% deposit if possible
Term of Mortgage. – doesn’t matter
Amount of savings and over how many years – 5000 over 10 months (will give further details below). Continuing to save 500 per month
Is there a lump sum from any other source? If so give full details. – Yes parents willing to give somewhere in the region of 60k
Age of Applicants. 37+37
Employment situation. Public sector/Private sector/Self employed/Contract. 1 private at 60k gross, 1 public sector at 55k ish (about 6160 net per month)
How long are you in current position and are you permanent. Both permanent at 7+ years each
Have you any children. Yes 2 kids at age 3 and crèche fee of 1800 reducing to 1250 in September until school in 2017
Have you any court orders or Judgements. No
Have you any other loans and if so full details of amount/period/% rate and repayment amounts. We both have overdrafts on our personal accounts at 2000 and 1400
Cr. Card situation. Full disclosure. 2 credit cards at zero balances
Have any of your existing loan or credit card monthly repayments been paid late over the past twelve months, even if you made the repayment in full a few days later? If so, how many times in the past twelve months? No
Any previous negative Cr. history by either applicant. Yes, spouse fell behind on a credit union loan of 15k. Its difficult to explain this one as there was money there to pay the repayments but the loan was not set up as a DD hence ‘forgetting’ to pay it. I don’t think spouse fully understood the implications of this. When I discovered what was happening early in 2015, we paid the balance of 1500 off immediately.
Are your savings and rent clearly visible and identified as such in your bank accounts each month. Yes
Have you gone over your overdraft limit in the past six months, even if only for a day or two? If so, how many times in the past six months? No
If you have been refused a mortgage please give exact reason of why and address why you think you should not have been. We did not make any formal applications but we spoke informally to BOI (circa mid 2015) who indicated we needed more personal savings, which we have done.
Did you use a Mortgage broker or are you applying directly?. No official applications, but spoken to two brokers.
What reason has the bank given to you for refusing you? No official refusals.
Have you checked your ICB record to make sure it's clean? One clean record, spouses record not clean due to credit union loan. The record does show it fully paid as at Feb 2015. It also shows that we were 7 payments behind at one stage though it reduced to 4 in the month preceding the loan being fully paid off in Jan 2015.
Other: we own a 2 bed apartment in Dublin. Worth 160k, mortgage balance 170k. On a tracker at +1.7%. Rent covers mortgage/mgmt fee/ tax.
We rent a house at 1700 per month in Dublin.
Joint account – balance as of today circa 4k.
We get child benefit of 420 per month.
We save 500 per month but feel 1000+ per month is definitely achievable as the joint account is building up month on month. We live very frugally.
We pay 1800 in crèche fee, reducing to 1250 in September.
Background, both spent too much in our 20’s and only shook ourselves together when the kids came along. We have transformed our lives for example 5 years ago we had loans for circa 40k outstanding. We have paid all these off. And done this despite reduced wages during maternity and parental leave. However we have a couple of issues remaining, the credit union loan mentioned above and lack of real personal savings (only 5k as mentioned above). In 2015 we set up a joint account for every single payment we make and receive and its been good for budgeting etc.
So we want to buy as we want to sort out schools etc for the kids and generally just settle as we’ve been renting for a few years and we are not getting any younger. We spoke to 2 brokers, one said the credit union loan pretty much ruled us out until it was removed in 2020 from the record. The other felt he could speak to the banks on our behalf and perhaps get them to be more flexible in their opinion of it. He did think we needed to build up more personal savings and said the 1800 on crèche was an issue that he would like us to remove.
I would be very grateful if any of you guys could perhaps comment on our situation or help me gather my thoughts as to where I should go from here. Here are some of the questions I have.
Should we as of today clear the overdrafts with our savings (and increase monthly saving to 1000 per month) or continue to save 500 per month and make a dent into the overdrafts (say at 250 per month each)? They are costing us about 130 per every 3 months in interest. I feel that even psychologically it might be good to clear them now when we have it in savings as they are the last vestiges of our profligate years. Broker mentioned that we could essentially hide them though and just give our joint account statements. Still though we need to deal with them at some point.
Is the credit record issue just going to wipe us out till 2020 as per the 1st brokers advice?
If we assume that something can be done about the credit record, can and how do we get in a good position for an application say for late this year or early 2017?
We haven’t got an official refusal from anyone but the feeling seems to be negative therefore I’d like to be more confident of an acceptance before proceeding (if indeed we can).