Getting Mortage Approval

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Shamrock

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Sorry guys, hope title is ok and apologies for messy thread? Just looking for some information regarding trying to get a mortgage so all help/responses greatly appreciated.

I currently earn circa €46k, bonus around €4k, company pay pension of another 4k and annual overtime maybe 2k. My wife is in public sector and is on yearly contract but that won't be taken into consideration for mortgage purposes I have been told. I sold a house recently and took a hit of about 20k on the sale but needed to sell it in order to try and get a mortgage for a self build on family land.

Site is being gifted to me and will be looking for a mortgage around 250k. LTV will be less than 50%. My finances don't look great over past few months 'cos of house sale, architects fees, planning process etc so just wondering how many months statements do lenders look for. Is it 3 or 6 months? I also have missed a few DD's that obviously won't go in my favour.

I am currently paying €1200 rent per month.

Any comments/ideas much appreciated.
 
Minimum 3 months, if they are not happy, they can ask for 6 or 9 if they like. Everything in relation to mortgages is on a case by case basis.

My advice would be to get 6 months clean statements in order - no missed direct debits, rent being paid visible and savings building up.

www.monebackmortgages.ie
 
Thanks for that NorfBank. Based on my salary etc, whats the rough amount I could qualify for with loan cleared etc? Thanks.
 
We just went to the Bank of Ireland, from what the adviser said they do not want to lend money, we want E300k to build 3500 sq ft house and they want a 10% deposit?

Land is worth more than that with full planning but they refused to use it and wanted a deposit.

EBS also want 10%

AIB will take the value of the land into consideration

BOI and EBS can't seem to grasp the concept that the finished house will be worth double what the mortgage is for.

Hope this helps
 
Thanks CharlieR, thats good to know. Went into UB recently and was told that no banks are doing AIP anymore? Anyone else confirm this with other lenders? I am waiting for ABP to come back so cant get approval until full permission is granted.

In same situation in that finished house will be worth double what mortgage is for, crazy really. Are there any other lenders giving 100% for self builds?

Seems like it is becoming increasingly more difficult to get a mortgage.
 
AIB give AIP. Give them as much info as possible and a history of savings is of HUGE importance. Then keep ringing them to keep the pressure on otherwise they will take their time.
Buying (a secondhand 3/4 bed house) in a city location would have the highest chance of drawing down. Rural locations and apartments would be harder to get approval for.
 
Update guys. Has anyone gotten a self build mortgage recently? I was thinking about approaching a broker as I have had one or 2 DD's missed recently and am anxious about getting mortgage approval and was wondering if goping a broker would it better? Cheers.
 
Hi Shamrock, I'm going for a self build mortgage soon and I've been told that your current account would want to be squeaky clean for at least 6 months. No unpaids, dds missed etc. You need to prove repayment capacity, which you are doing with your current rent payment. A nice deposit/savings would be good. Also they may look for a 'contingency fund' of 10% for overspills! hope this helps!!!
 
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