Has anyone been approved for a mortgage recently?

M

muno

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I am just wondering what are the main issues you faced?

We currently have a mortgage, theres approx 40 k equity in the house....I owrk for one of the leading mortgage providers and could avail of the staff 3% rate...i enquired today and hey told me that due to the current credit policy , the max they can offer me is 195k ...this is without asking salarys or anything, purely L.T. V price.


I have to say im shocked !!! we were hoping to move soon and hoped to switch our morgage to staff rate and top up

thanks

Muno
 
muno said:
....I owrk for one of the leading mortgage providers and could avail of the staff 3% rate...i enquired today and hey told me that due to the current credit policy , the max they can offer me is 195k ...this is without asking salarys or anything, purely L.T. V price.
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If you work for the mortgage provider, maybe they don't need to ask what your current salary is??
I have recently been approved for €385K by AIB through a broker.
LTV is approx 78% and we have approx €130K equity in existing house (although this is rapidly dwindling!!)
Accounts / salary certs and all the usual paperwork was required
 
got an approval for 6 times our joint income last week, couldn't believe how much they were willing to lend. If we did take that amount, we would barely be able to make the repayments, thank god were looking at houses that are about half the price of the approval.

I'd say if your making an average wage and not looking to buy near dublin, you can still get a mortgage for a descent house. The girl in the bank said lots of approvals have been given but nobody is drawing them down, seems like most people are waiting for the market to drop further, as it inevitably will.
 
due to the current credit policy , the max they can offer me is 195k ...this is without asking salarys or anything, purely L.T. V price.
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what has shocked you ? that the amount you can borrow has been restricted to a certain percentage of its value ?

what is the property currently worth and how much did you hope to borrow relative to its current value, as in what LTV where you looking for ?
 
Just got approval form Haven through a broker , our 4th try TSB,AIB,IIB all said no to the amount we were looking for.
 
car29 said:
Just got approval form Haven through a broker , our 4th try TSB,AIB,IIB all said no to the amount we were looking for.
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You'll get a better rate if you go to EBS direct rather than going to Haven through the broker.

We did and it will save us approximately €600 per year.
 
car29 said:
Just got approval form Haven through a broker , our 4th try TSB,AIB,IIB all said no to the amount we were looking for.
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Would the fact that those three insitutions above refused not set some sort of alarm bells ringing in your head? Whats the hurry on the mortgage? Prices are going south with no sign of that changing within the next 18 months. Save, save, save and be in a better position this time next year.
 
Clown said:
Would the fact that those three insitutions above refused not set some sort of alarm bells ringing in your head? Whats the hurry on the mortgage? Prices are going south with no sign of that changing within the next 18 months. Save, save, save and be in a better position this time next year.
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+1

I don't understand the rush to buy and pay mad interest rates when you can rent for half the price and buy next year for less with more savings
 
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