sillyaboutmo
Registered User
- Messages
- 94
BOI told me minimum 12 months in a job before it'll count assuming it is full time permanent.
Appears a little harsh, but these restrictions are there for a good reason. All of these parameters were there during the property bubble, but were ignored by Banks who relied on a rising property market to cover any potential bad debts.
Using the example above of a single person on a 28K pa salary the position would be as follows;
Net disposable after tax etc - 25.5K pa
Standard allowance for living expenses - 18.5K
Available to pay debt 7K pa
Loan repayments on a 110K mortgage over 25 years at 5% stress = 8.5K pa.
As you can see from these figures this would be an extremely tight lending proposal. While salary might increase over time, personal circumstances are also likely to change. A Bank would be doing a client no favours by advancing a loan where repayment position is so tight.
That doesn't sound optimistic Brendan. The mortgage "expert" at BOI did input our nett incomes into their calculator and advised that we qualified prima facie. If as others on this forum suggest that for BOI we would need to clear €2,000 + €600 for three children (3x€200) + mortgage of €1,000, then we would just about cover it. I'm expecting a knock back though as it's a little too close methinks.
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