Is Moving House Possible

O

Onlygirl

Registered User
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Hi I am just wondering if anyone could advise on what our chances would be of obtaining a mortgage to move house. Our details are below :

Joint application, husband's salary €39500 full time and permanent, private sector, I'm a civil servant on carers leave receiving €19,200 + bouns of €3700 per year. I'm currently due back to work in Nov 19 to full time at €37500 but not 100% I will be returning
Husband age 40 and mine 38
Current mortage outstanding €255,000
Term left 30yrs
Current house value €320,000
3 children
Credit union loan of €11,000 paying €190 per week for the last 2 years but shares are just about at €11,000 so could clear this loan
Saving only started in January this yr so only about €2500
No credit cards or overdrafts

We are looking to move because of really bad neighbours, the houses in the area we are looking are around €350,000. Do you think it would be possible to get a mortgage with myself on carers leave?? Do banks take this into consideration as income??? I really don't want to return to work this Nov as I'm carering for a sick family member who still needs me. Thanks so much for your help
 
If you sell your home for €320k, you’ll have €65k as a deposit for the new place.

€350k less €65k is €285k.

3.5 times your combined income if you go back is €270k; €15k short basically, but probably close enough to get an exemption

However, unless you return to work, it’s clearly not a runner I’m afraid.
 
Thanks so much for your reply, is there no banks that would take my carers allowance as income, I heard there is 1 or 2 banks that do on a case to case basis, do you think there is truth in that??? Do you think if I went thru a broker I'd have any hope?? Thanks again.
 
Best to go back to work to get the mortgage and then see how you are fixed as regards finances to go back out on carers income.

You will have exit and entry costs for the sell/buy.

Don't sigh purchase contracts until you are certain you are sale agreed on your current home, including having the money in your bank ! You've no money for a deposit, so how are you going to manage all of that?
 
We were hoping to use the equity from the sale of our current home as deposit, is that not possible???
Also returning to work is just not an option at the moment as I'm needed at home, if I got a letter from my employer stating my return in November to full permanent employment and what my salary will be do you think the banks would consider this and grant a mortgage before my return, ideally so we could move in the next few months?? I have been employed with them the last 18years.
Thanks again for all you help.
 
They might grant the mortgage but could make updated payslips a condition so that you would not be able to drawdown before November and returning to work, you'd need to check that with them.
 
You will need 10% in actual funds at the time of signing the contract, unless you come to some kind of special/unusual arrangement with the vendor.
 
I didn't realise about the 10% funds at signing contacts, thanks. It looks very unlikely we can move so, thanks for the advise.
 
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