Will we get a mortgage?

N

Nalex17

Registered User
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Hi there

Putting house up for sale in next couple of months. Hoping to have e295k profit from house, this will be deposit towards new house.

I am working part time (permanent public service) earning approx 1650 pm including overtime.(after tax)
Husband full time (permanent public service) earning 2200pm after tax.
2kids, childcare 300pm.
Current mortgage 420pm
Car loan at present 240 pm, will be paid off by the time we apply for new mortgage
Save 400 pm into separate savings account, current savings 5k, will increase savings by 650 once car loan paid off and house is sold, so will be 1050 pm while staying with my mam.

Once house is sold we can stay in my mams while we apply for new mortgage and buy new house.

New house aims to be in 350k bracket (Dublin).

Im so nervous that we will sell house, move into my mams and then we get refused a mortgage!

Firstly, what are the banks position on part time work? A colleague told me once permanent public service it should be fine.

Also, we missed a payment with car loan CU by one day, as in didn't make it in the Friday but paid it the following Monday. I've ordered credit rating statement, it's not noted on it thank god. But would the banks get a more detailed one than mine?

We would like around 100k mortgage, on paper it's less than 3.5 x combined salaries so should b OK, in just so nervous that we'd be left in my mams forever lol

Thanks in advance
 
What age are you and what are your gross salaries?

You are showing the ability to repay €820 (savings + current mortgage) and the repayment on €100k over 30 years would be roughly €420 @ 3% so there really should be no issue in getting a mortgage.

Good luck with it
 
Thanks all for replies.. so should no issues with me being part time?

I am 35 and husband 43 so probably a 20 year mortgage would be all we'd get.. husband gross salary is 35000 p/a and mine is 18000 basic pay p/a with around 2000 guaranteed overtime.

Thanks again
 
Nalex17 said:
Thanks all for replies.. so should no issues with me being part time?

I am 35 and husband 43 so probably a 20 year mortgage would be all we'd get.. husband gross salary is 35000 p/a and mine is 18000 basic pay p/a with around 2000 guaranteed overtime.

Thanks again
Click to expand...

You’ll be grand based on all of that info; best of luck.
 
Say you need 100k. AIB will stress test at 6%, and want to see you have 2,500 left over after mortgage and fixed commitments, so it's important to get the car loan paid off.
Even at 6% over 20 years, repayment is 720 per month, so you'll be fine.

UB also count child benefit as secondary income which would help you with their stress testing.

You'll have no problems.

And don't worry about 1 day late on the car loan. The bank only sees what you see on the ICB report.
 
Thank you so much , such a relief to hear that!

So good of my mam to let us move in while we get sorted, but stuff of nightmares to be left there forever ;)

Thanks again
 
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