can I borrow more with my unusual circumstances?

Hi all,

I am currently looking at property and want to get a sufficient mortgage to purchase. However I have moderately unusual circumstances that prevent me from getting enough in the short term.

Circumstances : I am getting married on May 31. My girlfriend is American and so is currently not legally entitled to work at the moment but would hope to command a decent salary (30k+) as soon as we tie the knot.

I have found an apartment I think is an excellent deal (asking price €290k) and I would like to be in a position to make an offer. First Active seem to offer the most but still not enough with my short term situation. As single I can get €225k with my salary. However that figure jumps to €278k if I was married with her earning €1.

Is there anyway I get some sort of preappoval for an amount I could get in a few months and make an offer now as I think this apartment is a good deal that won't be around in a few months?

I have consulted a First Active mortgage man who was completely uninterested and a broker who is entirely optomistic but I would like independent advice.

Thanks for any advice. Hope post was clear.

groom said:

First Active seem to offer the most but still not enough with my short term situation. As single I can get €225k with my salary. However that figure jumps to €278k if I was married with her earning €1.

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I presume that you're using some online calculator here? If so then bear in mind that these are only indicative and I would be surprised if you could in reality borrow an extra €53K just because you added a €1 p.a. earning spouse to the application!

Not suggesting any illegal/unethical practices or anything, but in my experience brokers know the best way to 'work' the system. If your broker is optimistic, and if e.g. he comes recommended, I too would be optimistic.

Make sure that your broker's optimism matches your actual ability to service the loan required!

The properties I am looking at are pretty modest (<300k) and any repayments are very feasible that is why I would be keen to get as much as possible.

Could you possibly have somebody go guarantor on the loan in the short term? They could then be removed when your wife starts earning?

Is this an owner occupier or property investment query?

- Owner occupier for now but I would like option to rent out property in future when family life takes hold. I think the apartment would be a good future investment

- I have tentatively asked both parents but more in way of cash loan. They were both dismissive saying they were broke but I might retry them with guarantor angle

Thanks for your replies

Have you tried other lenders apart from First Active? Each lender has its own criteria for assessing loans.

I have looked around by using some online calculators. Using these most indicate they will give me far less. I've now spoken to 2 brokers who are very optomistic. They know all the angles (i.e. Rent-a-room). This would seem to be the way to go. But now I'll have to find a thread here on brokers and their dangers. If anyone has any advice regarding brokers I would indebted.