Hi there,
We're probably about to apply for a mortgage quite soon.
We thought we were as close to guaranteed to get one as its possible to be, - but my father was speaking to a friend of his (ex owner of an EBS agency) who is declaring that banks are basically not giving money to anyone, - pretty much regardless of circumstance...
I find the above a little hard to believe to be honest. I expect its tightened up a lot, but think there's a bit of over-exaggeration going on, - but I could be mistaken.
Has anyone any real experiences of successfully drawing down money in recent times? - would be interested to hear your circumstances (briefly).
In terms of our own circumstances, - in brief:
- 80% deposit approx; 385K in cash, mostly savings over a decade or so, gift from parents and money from previous house sale a few years back. (The fruits of being the frugal type !!)
- For a house of c 460K, - mortgage would be around 80K.
- I'm self employed as a consultant/contractor in IT, - salary of approx 80K for the last 4 years in this country (6 years overseas prior to that).
- Wife has permanent position as a manager in an IT MNC ( 60K salary). Has been there 4 years.
- Probably a decade of evidence of regular savings and consistent income
- No debts
- Creche outgoings of 1.5K per month
I'd have thought we'd be ultra low risk for any bank, - but this friend of my father reckons not so. I realize I am self employed but my wife would be able to carry the mortgage comfortably on her own. With both of us earning (which I expect to be honest, - plenty work in IT around at the moment), the repayments would be substantially less than our rent.
Any thoughts? And would be very interested to hear if anyone has successfully drawn down recently, and from what bank?
Thanks...
We're probably about to apply for a mortgage quite soon.
We thought we were as close to guaranteed to get one as its possible to be, - but my father was speaking to a friend of his (ex owner of an EBS agency) who is declaring that banks are basically not giving money to anyone, - pretty much regardless of circumstance...
I find the above a little hard to believe to be honest. I expect its tightened up a lot, but think there's a bit of over-exaggeration going on, - but I could be mistaken.
Has anyone any real experiences of successfully drawing down money in recent times? - would be interested to hear your circumstances (briefly).
In terms of our own circumstances, - in brief:
- 80% deposit approx; 385K in cash, mostly savings over a decade or so, gift from parents and money from previous house sale a few years back. (The fruits of being the frugal type !!)
- For a house of c 460K, - mortgage would be around 80K.
- I'm self employed as a consultant/contractor in IT, - salary of approx 80K for the last 4 years in this country (6 years overseas prior to that).
- Wife has permanent position as a manager in an IT MNC ( 60K salary). Has been there 4 years.
- Probably a decade of evidence of regular savings and consistent income
- No debts
- Creche outgoings of 1.5K per month
I'd have thought we'd be ultra low risk for any bank, - but this friend of my father reckons not so. I realize I am self employed but my wife would be able to carry the mortgage comfortably on her own. With both of us earning (which I expect to be honest, - plenty work in IT around at the moment), the repayments would be substantially less than our rent.
Any thoughts? And would be very interested to hear if anyone has successfully drawn down recently, and from what bank?
Thanks...