Advice needed on small mortgage

[memubo]

2 adults no dependant children
my salary €35,700
husband €3,400 per year occupational injury pension. Currently on invalidity pension which isn't counted as income for mortgage.
net monthly income is €2364

Selling house for 215k and outstanding mortgage of 150k
new smaller house 137k
savings of 30k

We hope to get a mortgage of 55-60k over 15 years in order to buy new house. LTV <50%
No credit card and no loans whatsoever. Never missed a payment on mortgage or life cover etc

Currently we pay ~€900 per month on mortgage
new house mortgage would be ~€400 per month
which is less than 20% of our income.

We are awaiting approval but am very anxious, what are our chances of approval ?
Thanks

 

[Dermot]

Had you sold or signed a contract before applying for the mortgage.

You will have approx 60k after your sale and paying off mortgage and 30k in savings to go towards the purchase of the new house.
You have an extra €500 per month less mortgage repayments.
Your new mortgage repayments are about 17% of your nett income.
No credit card and no loans whatsoever.
The LTV is less than 50%.
Your Cr record is good.

While your income is relatively low for a mortgage I would consider that looking at all of the above positives that your chances of getting approval are quite high. Looking at your post you appear to be quite disciplined in managing your finances.
I wish you the best of luck and let us know how you get on.

 

[memubo]

Thank you, yes will have roughly €90k in cash for the house, shortfall of €47 and then another €10-11 for solicitor, estate agent and stamp duty. Contracts not signed yet, hopefully this week.