Mortgage Chances

Discussion in 'Mortgages and buying and selling homes' started by bottleandahalf, Apr 18, 2017.

  1. bottleandahalf

    bottleandahalf New Member

    Hi folks.
    Can any one enlighten me as to the chances of getting a mortgage when earning in the North?

    Partner is currently a (pregnant) home maker looking after children. Would like to take up employment in 3/4 years time - part time.

    I am currently working in North, and would have about a 50% deposit for a 100,000 house . Currently on £14000 sterling and have about £9048 coming, in other money per year also.

    Thanks in advance.
  2. Chris2014

    Chris2014 Frequent Poster

    If by other money you mean Childrens benefit etc that wont be included in income for a mortgage.

    What might work out for you nicely is something a friend of my Parents did in Cavan.

    Get a 10 year loan for 50k from the Credit Union instead of a mortgage using some of your mortgage deposit as a deposit for the CU loan.

    15k deposit for 50k loan + 35k = 85k for a house. Probably 650-700 a month for 10 years.
  3. SBarrett

    SBarrett Frequent Poster

    It's not the sterling income that will get you, it's the minimum disposable income that will. Banks require that you have a minimum level of income after the mortgage is paid. You don't say how many kids you have but a married couple needs about €2,050 a month and an additional €250 for each child. That's €30,600 for a couple with 2 kids. You'd be better off doing what Chris suggested and getting a term loan from the credit union.

  4. dereko1969

    dereko1969 Frequent Poster

    Presume House is in the Republic?
  5. bottleandahalf

    bottleandahalf New Member

    Hi folks
    Thanks very much for responses, really do appreciate it.
    I was thinking about house here in Republic in post yeah. Just weighing up my options.
    The CU option don't sound too bad but isn't that a lot of interest to have to pay back? Works out around 69000 on a 50k loan.
    Might be better for partner to get job in North after 3/4 years and try up there maybe.

    With HTB ISA and less interest it might work out better value
  6. Chris2014

    Chris2014 Frequent Poster

    True about the interest but desperate times call for desperate measures.

    Some would say if you leave it off you will pay about 20k rent and the price will probably rise about 10-15k in 3 years.

    I think it's roughly 900-1k a month for 5 years for 50k