HI
I know the bank when bananas during the boom, giving out mortgage's llike biscuits and I can understand CB incentives prevent re- occurance but do you think the Banks are gone too restrictive handing out mortgages. Take our situation : €1250 monthly proven repayment capacity ( €650 rent / €600 savings), close to €30,000 in savings, absolutely no debt and looking for a mortgage of €95,000. Good numbers you might think, but the bank ( all of them) think we can't afford it because we are a single income family with 3 children. They say we need to have something like €2500 per month even though our finacial statements prove contrary. Its frustrating really, we are mature people who make a little go a long way. Why do banks not look at things like the mortgage and insurance to pay will be less than the current rent, no childminding fees as one person is at home, steady savings record from €0 to €30, 000- no lump sum payments, €650 pm for last 10 years, always have money in current account. Is there any avenue for us to take or are we destined to rent forever...
I know the bank when bananas during the boom, giving out mortgage's llike biscuits and I can understand CB incentives prevent re- occurance but do you think the Banks are gone too restrictive handing out mortgages. Take our situation : €1250 monthly proven repayment capacity ( €650 rent / €600 savings), close to €30,000 in savings, absolutely no debt and looking for a mortgage of €95,000. Good numbers you might think, but the bank ( all of them) think we can't afford it because we are a single income family with 3 children. They say we need to have something like €2500 per month even though our finacial statements prove contrary. Its frustrating really, we are mature people who make a little go a long way. Why do banks not look at things like the mortgage and insurance to pay will be less than the current rent, no childminding fees as one person is at home, steady savings record from €0 to €30, 000- no lump sum payments, €650 pm for last 10 years, always have money in current account. Is there any avenue for us to take or are we destined to rent forever...