M
Mrfrags
Guest
Can someone help me out here or give me there opinion on this!.
We are in the process of buying a house (Value 265,000) and have started looking for a mortgage of 150,000 over 15 years which would work out at 1000 approx a month. The rest of the money we have as savings/investments (€80,000) and the rest being gifted by both our parents. My wife stays at home and looks after the kids and my salary is approx 45K a year and my wife brings in about 400-600 a month approx through childrens allowance and her curtain making she does on the side.
We have approaced AIB for the simple reason they offered the best rate on their tracker rate (.95% above ECB rate) and also we know people working there. We were turned down initially because they said that We could afford the repayments and that I was not in permanent employment (Im on a 2 year rolling contract with state utility, nobody employed less that 4 years ago in permenant). I explained to them that we are well able to afford pay showing documentation that up until last month we had a car loan of over 750 a month (2 year loan) and on top of that we had rent of 750. The car loan is now finished, we do not have any credit cards, over drafts, etc. We spend only what we have (You become very responsible when you have kids LOL!).
Now my problem is that the bank has back offering us a mortgage over 25 years!... Is this a ploy by them to get more money out of me?. .... They have also asked me to come in and talk to one of their advisers about getting life assurance etc.
I have a gut feeling that I am being shafted here.. Should I go off and try and get a mortage with some else.. I just hate the way they try to make you feel they are doing you a favour by giving you a mortgage even though they will earn thousands off you...
We are in the process of buying a house (Value 265,000) and have started looking for a mortgage of 150,000 over 15 years which would work out at 1000 approx a month. The rest of the money we have as savings/investments (€80,000) and the rest being gifted by both our parents. My wife stays at home and looks after the kids and my salary is approx 45K a year and my wife brings in about 400-600 a month approx through childrens allowance and her curtain making she does on the side.
We have approaced AIB for the simple reason they offered the best rate on their tracker rate (.95% above ECB rate) and also we know people working there. We were turned down initially because they said that We could afford the repayments and that I was not in permanent employment (Im on a 2 year rolling contract with state utility, nobody employed less that 4 years ago in permenant). I explained to them that we are well able to afford pay showing documentation that up until last month we had a car loan of over 750 a month (2 year loan) and on top of that we had rent of 750. The car loan is now finished, we do not have any credit cards, over drafts, etc. We spend only what we have (You become very responsible when you have kids LOL!).
Now my problem is that the bank has back offering us a mortgage over 25 years!... Is this a ploy by them to get more money out of me?. .... They have also asked me to come in and talk to one of their advisers about getting life assurance etc.
I have a gut feeling that I am being shafted here.. Should I go off and try and get a mortage with some else.. I just hate the way they try to make you feel they are doing you a favour by giving you a mortgage even though they will earn thousands off you...