tommyryan55
Registered User
- Messages
- 64
Hello everyone,
I recently attempted to switch from PTSB (3.80%) to AIB (3.10), here are some of the fact and figures and the result.
Me:
Private Sector
Gross Salary: €29,000
Overtime: €2,500 approx (not guaranteed but regular)
Bonus: €1,300 (not guaranteed but regular)
VHI: Mine paid for, €1,000 towards my dependents
My Wife:
Civil Service
Gross Salary: €23375, on max salary scale of €38,000
2 Children under 4 in full time crèche.
Bought our house for €115,000 in September 2013, mortgage taken was €92,000 (LTV 80%).
I have been over paying our mortgage so at present the balance is approx. €73,000. I asked AIB for €70,000 as the value of our house would be approx. €140,000 now.
We have no debt besides our mortgage, we save on average €400 a month, our childcare costs are €850 a month.
Now I knew it would be tight with AIBs net disposable income rules but after 3 weeks of “assessment” they offer us an amount of €44,000.
So if you have children and a modest income forget about switching, as the likes of AIB treat childcare costs as if they were a loan.
If I left my children with relatives and spend the childcare cost of drink, clothes, etc we would get the mortgage amount we asked for!! In the words of AIB we had a “strong applications its just the net disposable income rules”
Regards
T
I recently attempted to switch from PTSB (3.80%) to AIB (3.10), here are some of the fact and figures and the result.
Me:
Private Sector
Gross Salary: €29,000
Overtime: €2,500 approx (not guaranteed but regular)
Bonus: €1,300 (not guaranteed but regular)
VHI: Mine paid for, €1,000 towards my dependents
My Wife:
Civil Service
Gross Salary: €23375, on max salary scale of €38,000
2 Children under 4 in full time crèche.
Bought our house for €115,000 in September 2013, mortgage taken was €92,000 (LTV 80%).
I have been over paying our mortgage so at present the balance is approx. €73,000. I asked AIB for €70,000 as the value of our house would be approx. €140,000 now.
We have no debt besides our mortgage, we save on average €400 a month, our childcare costs are €850 a month.
Now I knew it would be tight with AIBs net disposable income rules but after 3 weeks of “assessment” they offer us an amount of €44,000.
So if you have children and a modest income forget about switching, as the likes of AIB treat childcare costs as if they were a loan.
If I left my children with relatives and spend the childcare cost of drink, clothes, etc we would get the mortgage amount we asked for!! In the words of AIB we had a “strong applications its just the net disposable income rules”
Regards
T