OK, this is wrong. They approved you on a mortgage that you are not going to be able to repay. This is what got us in trouble i the first pace and it is dishartening to see that AIB is now lending governament money at a loss...
Cheers,
nadnerB
That does seem a bit strange! I got my mortgage approval in principle for €180k yesterday from AIB.
I'm single, earn €36k per year and have 1 child. It is over 35 years though so maybe that's why!
We only want 100k over 25yrs which would be around 550 a month (give or take). We are currently paying 700 in rent per month, which we are still finding difficult I might add that's why I want the smallest mortgage we can get away with to still keep some savings for emergency.
why would he not be able to repay that exactly?
That's great Sadie, well done. If you're going for variable keep an eye on the rates and fix before they go up again as these extraordinary low rates won't be with us forever. If on variable and you can afford more than the 500 a month try and chip away any extra you have. It can be a better way of saving.I'd originally posted here about being refused a mortgage outright by one Bank - single income family, 2 kids, salary 40k.
We successfully applied for and got approval from another bank in the meantime for 100k (2.5 x income). That's full approval for 3 months having submitted all the documents etc.
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