Changing lender but on half our original salaries!

B

branners

Registered User
Messages
14
Hi,

our fixed rate is ending this July. My mortgage is with the ICS. I want to change to another lender, say AIB.

Since we originally got the mortgage we had a little girl so we both work share now but it has meant we earn just over half the original salaries. We have been managing well and have never missed any repayments. On paper we look cr@p but we have managed and have bank statements to prove it. And if anything we would be €300 per month better off with a move to AIB than we are now!

So the question is are we stuck with ICS or would AIB equal the mortgage we have with ICS based on the fact that we have been paying it no problems for the past year and a half?

Would contacting a broker be any use in a situation like this?

Any advice would be really appreciated!

Thanks,

Branners
 
branners said:
So the question is are we stuck with ICS or would AIB equal the mortgage we have with ICS based on the fact that we have been paying it no problems for the past year and a half?
Branners
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My gut reaction is that you are stuck with ICS.

Is the outstanding mortgage more than 5 times your joint salaries?
If so, added to the fact that you have a child, it is unlikely that AIB will approve you.

Although you have not missed a payment for the past 18 months, it will be your ability to repay in the future with expected rate increases that will occupy AIB.
 
I think all that anyone can tell you is that you will have to make the application and see what they say.

I personally would use a broker but other posters here will say just do it yourself.

On the face of it, the drop in income is not good and even though you can show the ability to pay, don't be surprised if you are turned down. The days of readily/easily available credit are well and truly over.

mf
 
How about going back full-time for three months - switching your mortgage - and then part-timing again
 
mf1 said:
I think all that anyone can tell you is that you will have to make the application and see what they say.
Click to expand...

Whats the worst they can do, apart from laugh!!!

jquinn said:
How about going back full-time for three months - switching your mortgage - and then part-timing again
Click to expand...

Unfortnately that cant be done as I am off child minding!

Thanks for the replies.

I had hoped of a "we did this and it was no problem" reply!!!
 
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