Mortgage - what's the chances

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Trish07

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Hi All,
I am married and have 1 child. Just recently found employment after being unemployed for 2 years in a fairly large multinational company starting salary is 20500. DH is unemployed. We have 60000 in savings (down from 80000 thanks to 2 years being unemployed). I would be hoping to be able to buy a property as soon as possible. I live in Donegal where property prices are quite low, I would get a decent house for around 100000 or less.

How long do you think I will need to be in my current job before approaching a bank? I'm a permanent employee but on 6 months probation.
 
I would say a year.
Your bank statements must not be overdrawn for at least six months, nothing but perfect will do, showing a good surplus.
try not to have car loan, credit union loan etc, if you do your app will be refused
And of course no credit card bill.

And it depends on the company you are working for aswell. A lot of banks are assessing the company informally as well as the permanency etc I have heard others say on here

The savings are good but unless the other is perfect I would say you have no chance.

On your income you could get a mortgage of 80,000 maybe.
 
Trish07 said:
Hi All,
I am married and have 1 child. Just recently found employment after being unemployed for 2 years in a fairly large multinational company starting salary is 20500. DH is unemployed. We have 60000 in savings (down from 80000 thanks to 2 years being unemployed). I would be hoping to be able to buy a property as soon as possible. I live in Donegal where property prices are quite low, I would get a decent house for around 100000 or less.

How long do you think I will need to be in my current job before approaching a bank? I'm a permanent employee but on 6 months probation.
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You have done well to hang on to most of your savings despite 2 years of unemployment. You have at least 50% deposit for your new house.
Bear in mind a recent report in the Examiner that the banks are currently refusing 50% of mortage applications so I would imagine you may have to wait until your probation period is over before applying.

Good luck on your new job, start saving a little again to pay for the solicitor, furniture etc.
 
Thanks all for the advice.

Our credit rating should be fairly good, we have no loans and no debt. Now if my husband could get a job we would be sorted.
 
[/QUOTE]I would say a year.
Your bank statements must not be overdrawn for at least six months, nothing but perfect will do, showing a good surplus.
try not to have car loan, credit union loan etc, if you do your app will be refused
And of course no credit card bill.

And it depends on the company you are working for aswell. A lot of banks are assessing the company informally as well as the permanency etc I have heard others say on here

The savings are good but unless the other is perfect I would say you have no chance.

On your income you could get a mortgage of 80,000 maybe.
Are you finding this lionstour? your bank statements can't be overdrawn for six months - even if you have an overdraft facility? that's tough!!! I use my overdraft to a degree at present, but am trying to pay off a loan at 1000e p.m. to try and get it paid off before I apply for a mortgage! I was hoping that I could prove repayment capacity by doing this but I guess I'm back to the drawing board!!!
Click to expand...
 
I've heard its over 2 years with current employer and banks are refusing over 80% of mtgs...less than 11,000 projected for the entire country for 2011.

it'll be tough!
 
I would say a year.
Your bank statements must not be overdrawn for at least six months, nothing but perfect will do, showing a good surplus.
try not to have car loan, credit union loan etc, if you do your app will be refused
And of course no credit card bill.

And it depends on the company you are working for aswell. A lot of banks are assessing the company informally as well as the permanency etc I have heard others say on here

The savings are good but unless the other is perfect I would say you have no chance.

On your income you could get a mortgage of 80,000 maybe.
Are you finding this lionstour? your bank statements can't be overdrawn for six months - even if you have an overdraft facility? that's tough!!! I use my overdraft to a degree at present, but am trying to pay off a loan at 1000e p.m. to try and get it paid off before I apply for a mortgage! I was hoping that I could prove repayment capacity by doing this but I guess I'm back to the drawing board!!!
Click to expand...

Using an overdraft is a killer. Pay a little less off loan and make sure you dont have an overdraft for six months and also a surplus ever month for six months.

It is that tough and tougher.

From personal experience and from a good mate who is a mortgage broker.
 
You're going to need to be with the company for 1 year before most banks will consider you for a mortgage.
 
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