Hi All,
Wondering if anyone could share some insights on our situation.
Currently applying for a joint mortgage with AIB.
Value of mortgage required is 250,000 and the value of the property is roughly 700,000.
Mortgage outstanding on the property is 100,000 which is in the names of myself and my parents however the deeds are in their names solely. The 250,000 is to be used to clear the 100,000 mortgage and 150,000 fornecessary renovation work. A tax consultant has been engaged and all CAT / CGT issues are covered. My parents PPR is mortgage free and they have other investment properties so they very kindly offered us this deal.
Our combined joint salaries are 155,000 with one dependent child with no creche fees etc. Savings are 25k and we currently pay 1400 in rent.
Our ability to repay the debt is not an issue but it has come to light that my wife has quite a number of missed payments on an old credit card balance of €400.
It’s a card she no longer has and completely forgot about. Statements didn’t come to our current house as she never updated her address details with the card company (Avant Card). The balance was cleared last month but AIB have checked her ICB report and requested 12 months statements for this card.
They have said that this will be a red flag to the lenders and fearing all is now lost. Is it a lost cause pursuing this mortgage with the main banks given this situation or will our earnings and LTV / Equity make up for this ?
Wondering if anyone could share some insights on our situation.
Currently applying for a joint mortgage with AIB.
Value of mortgage required is 250,000 and the value of the property is roughly 700,000.
Mortgage outstanding on the property is 100,000 which is in the names of myself and my parents however the deeds are in their names solely. The 250,000 is to be used to clear the 100,000 mortgage and 150,000 fornecessary renovation work. A tax consultant has been engaged and all CAT / CGT issues are covered. My parents PPR is mortgage free and they have other investment properties so they very kindly offered us this deal.
Our combined joint salaries are 155,000 with one dependent child with no creche fees etc. Savings are 25k and we currently pay 1400 in rent.
Our ability to repay the debt is not an issue but it has come to light that my wife has quite a number of missed payments on an old credit card balance of €400.
It’s a card she no longer has and completely forgot about. Statements didn’t come to our current house as she never updated her address details with the card company (Avant Card). The balance was cleared last month but AIB have checked her ICB report and requested 12 months statements for this card.
They have said that this will be a red flag to the lenders and fearing all is now lost. Is it a lost cause pursuing this mortgage with the main banks given this situation or will our earnings and LTV / Equity make up for this ?