Mortgage2023
Registered User
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As rates currently stand, yes you will qualify to borrow 4 times income.However with interest rate increases and stress testing I am worried that I may not qualify at all? Any advice would be greatly appreciated.
You should probably only use a broker who deals with Avant (as well as other lenders). You should be aware that AIB have some good rates, but they don't work with brokers, so you would have to apply to AIB directly if you want them as an option. (It is very important that you and/or your broker apply to more than one lender.)I have been recommended a mortgage broker who I was planning on contacting in the new year.
Go with a personal recommendation over what you read on the Internet.One friend got a mortgage through them and another started the process last month.
Yes, but criteria varies.Also will some banks assess my contractually guaranteed bonus as part of my income?
@Mortgage2023 You can see in this table that some of Haven's rates are a lot lower than AIB's. But Haven have been really slow for almost a year (at least for people switching their existing mortgage to Haven). If you are considering Haven, ask your broker if they are also slow for first-time buyers.Just remember NO broker deals directly with AIB, so apply directly to them yourself. Brokers deal with Haven, which is part of EBS and they have different rates and underwriting criteria to AIB. Brokers might try to tell you they are the same, but they're not.
Go ahead – you don't need permission to ask questions hereMay I ask further about your statement "allowed to include it when looking at the CBI limit of 4 times income which I think is the important criteria in your case" ?
It's best to read their Ts&Cs and terms of business and look for mentions of fees before you sign anything or enter into a contract with them.Yes I will ensure they are applying to many lenders and my friends have confirmed the broker does not charge initial fees.
Apologies, my poor wording. I should have said 'will' rather than 'can'.Many thanks.
May I ask if Red Onion or anybody else can provide information on how my bonus may be assessed at the 4 times CBI limit?
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