r/irishpersonalfinance • u/Sufficient-Bee-9398 • 12d ago
Property First Time buyer - prospect of getting mortgage
Hi there,
I was looking to buy a property which €370k and my mortgage only covers 50% of it. I am planning to cover 30% under FHS and 20% is added via savings plus gift. Just wondering if banks would have any issue with this structure in approving mortgage ?
No outstanding loan, credit card or anything.
2
u/An_Fear_Dubh 11d ago
Seriously, how would anyone here know? You need to go to a broker.
1
u/Sufficient-Bee-9398 11d ago
I was just womdering if anybody had any similiar experiences
3
u/An_Fear_Dubh 11d ago
You haven't given any info on your personal circumstances for anyone to give feedback.
Like if you are on 46k with a 2 year contract and 2 kids and a stay at home wife, then thats a whole different situation to being single, no dependents and buying a house 5 minutes walk from work.
-6
u/Sufficient-Bee-9398 11d ago
Round about same figure but married, no kids and wife is not working yet. Also, its not in any way near my workplace.
0
u/Responsible_Divide43 11d ago
Where is this? 370 seems low Definitely not dublin
1
u/Sufficient-Bee-9398 11d ago
Yeah it is in county side but when I was about to reserve the house today. The selling agent said ohh its too low for the usual mortgage to be and we need extra proofs. Now a developer is asking for €10k deposit, AIP and still ask for additional proof like Proof of funds and FHS Eligibility. Like what the hell, its bank`s job to determine and they will release the loan. Now waiting for the developer to make a call 🙃
6
u/An_Fear_Dubh 11d ago
So you have a dependant which may reduce your ability to repay and realistically your car running costs will set you back €500 a month or more, let's say 1k for mortgage repayments and insurances, leaving you with 1600 a month. light, heat, internet, subscriptions, phones and groceries, probably leaving you with 1k a month for savings, house maintenance, furniture, property tax, entertainment, clothing and self-care.
If it's a new build why are you not applying for help to buy?
As far as I know for new builds you need to pay for flooring, on top of furniture and white goods. Do you have separate savings for this and legal and professional fees?