20% of value loan options

[debbiermcd]

Hi,

We're first time buyers who find ourselves in the unusual situation of having 80% of the purchase price of a house where we'd like to live but need to raise €50 - 60k through a mortgage.

We're self-employed and have imperfect credit history and as yet haven't approached a bank but are wondering if anybody can recommend who might best to try given that we are putting up 80% of purchase price in cash.

Any advice welcome.

Thanks, D

 

[LDFerguson]

We're self-employed and have imperfect credit history

How long have you been self-employed?

How many years audited or unaudited accounts can you produce?

You'd need to expand on imperfect credit history.

Lenders will be looking mostly at your ability to make the repayments on €50,000 or €60,000. The amount you're putting up as a deposit is only of use to them if they need to repossess the property.