Mortgage approval question

lipbalmpam

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I need advice on what our chance of getting a mortgage is. We currently live in a 3 bed semi valued at 150k with 101k of a mortgage (tracker) we plan to rent out this house and build on a site we've just got planning permission on. I don't have a great credit rating but my partner does and he is applying on his own for the mortgage. He earns 75k per year, has savings of around 15k in the bank, has a car loan with the same bank and he's never missed a direct debit or payment from his account. I requested a credit check and our mortgage repayments have been ontime for the past 24 months. However, the bank has requested statements from our other account which the mortgage is paid from this is with PTSB (who our current mortgage is with). This bank account has some missed direct debits (more of a timing issue than anything) but is only an account we use to pay bills no savings. Will this affect our mortgage application?

Any opinions would be great, thanks
 
I need advice on what our chance of getting a mortgage is. We currently live in a 3 bed semi valued at 150k with 101k of a mortgage (tracker) we plan to rent out this house and build on a site we've just got planning permission on. I don't have a great credit rating but my partner does and he is applying on his own for the mortgage. He earns 75k per year, has savings of around 15k in the bank, has a car loan with the same bank and he's never missed a direct debit or payment from his account. I requested a credit check and our mortgage repayments have been ontime for the past 24 months. However, the bank has requested statements from our other account which the mortgage is paid from this is with PTSB (who our current mortgage is with). This bank account has some missed direct debits (more of a timing issue than anything) but is only an account we use to pay bills no savings. Will this affect our mortgage application?


Any opinions would be great, thanks


You may loose your tracker of ypu rent put your home

Is there a good demand for rental properties in the area?

If you plan to build a house for 275000 all in then you will have a 380000 in mortgages

The fact that he has a car loan is not good

The fact that you have missed direct debits is not good


My advice is clear the car loan. Make sure your current account is perfect for six months

then try again.

Given your circumstances I dont think you will get approval now.
 
I called up banks last week to see what i would be eligible for (rough guidelines only) and i was surprised at the results (not in a good way!). I currently take home about €3600 per month (bonuses no longer included in calculations as extra income) and with a car loan that has 3.5 years left on term costing €518 per month (no missed payments) I was told i would be eligible for around €140k. Without the loan i would be eligible for around €300k (with KCB). It's to do with your monthly outgoings. Could your partner transfer the loan into your name, and apply for the mortgage himself?
 
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