FunnyOnion
Registered User
- Messages
- 13
We got mortgage approval from Bank of Ireland back in April and put our booking deposit down on the house we want to buy at the end of May. That was five weeks ago and nothing has moved on. Bank of Ireland have asked for more recent bank statements and payslips as the original ones we submitted are "too old" (they were from Sept 2011 - March 2012).
We have done this and now the latest is that the bank are querying why my actual gross salary on my payslip doesn't equate to what's on my salary cert. My broker has explained that it's because I'm currently taking parental leave at one day per week, howevery I'm starting to worry now that we may be refused and I'm now wondering how many mortgages are actually drawn down, from when the approval is given?
Are all these questions and scrutiny par for course now? Why bother to give the approval if they aren't sure on whether they're actually going to give you the money??
Here's our situtation:
Husband (age 34) earns €60k per year guaranteed, plus an additional €10k commission (not guaranteed).
I'm a public sector worker (age 33) earning 37K but this comes down to €30k when you take off the parental leave (which is a set amount of 70 days, taken at my own discretion, with my employer's consent) i.e. so it's not forever and once it's finished, I'll be back on my regular €37k salary which will increase again in a few months time, when I get my next increment.
We have an existing tracker mortgage with an outstanding balance of €275k (purchased in 2006) on a 3 bed two-storey apartment in North Dublin, 20 minutes from the city centre and pay about €950 every month (including TRS calculation). We plan to rent this out (so I know we'll lose the TRS credits) and had estimated to receive rental income of €1100 per month, however the bank have adjusted this to €1000.
We have savings of €30k (€13,500 from consistent monthly credit union savings over the past number of years, €9k from a gift and €7500 saved in the bank in the last six months).
We have no other loans and our credit card is at zero (previous to this we pretty much paid it in full every month, or near enough).
We have all the usual bills every month, including childcare costs of €780 per month (one dependant - age two), however this will no longer be the case when we move, as the grandparents will be minding our daughter.
The house we want is €230k so we're looking for a mortgage of €207k which was offered to us by the bank back in April when they approved us for a mortgage. Should I be worried that they're requesting more statements and payslips and are querying my parental leave? Our broker has said it'll be tight....
Thanks!
We have done this and now the latest is that the bank are querying why my actual gross salary on my payslip doesn't equate to what's on my salary cert. My broker has explained that it's because I'm currently taking parental leave at one day per week, howevery I'm starting to worry now that we may be refused and I'm now wondering how many mortgages are actually drawn down, from when the approval is given?
Are all these questions and scrutiny par for course now? Why bother to give the approval if they aren't sure on whether they're actually going to give you the money??
Here's our situtation:
Husband (age 34) earns €60k per year guaranteed, plus an additional €10k commission (not guaranteed).
I'm a public sector worker (age 33) earning 37K but this comes down to €30k when you take off the parental leave (which is a set amount of 70 days, taken at my own discretion, with my employer's consent) i.e. so it's not forever and once it's finished, I'll be back on my regular €37k salary which will increase again in a few months time, when I get my next increment.
We have an existing tracker mortgage with an outstanding balance of €275k (purchased in 2006) on a 3 bed two-storey apartment in North Dublin, 20 minutes from the city centre and pay about €950 every month (including TRS calculation). We plan to rent this out (so I know we'll lose the TRS credits) and had estimated to receive rental income of €1100 per month, however the bank have adjusted this to €1000.
We have savings of €30k (€13,500 from consistent monthly credit union savings over the past number of years, €9k from a gift and €7500 saved in the bank in the last six months).
We have no other loans and our credit card is at zero (previous to this we pretty much paid it in full every month, or near enough).
We have all the usual bills every month, including childcare costs of €780 per month (one dependant - age two), however this will no longer be the case when we move, as the grandparents will be minding our daughter.
The house we want is €230k so we're looking for a mortgage of €207k which was offered to us by the bank back in April when they approved us for a mortgage. Should I be worried that they're requesting more statements and payslips and are querying my parental leave? Our broker has said it'll be tight....
Thanks!