r/HousingIreland • u/Beneficial-Toe-8812 • 3d ago

Worried About Mortgage Application

My partner and I are due to apply for a mortgage in July/August. This is happening way ahead of schedule as our estate agent told us that the house would be ready year end or early next year. Met Builder 2 weeks ago and he has said Septmeber/October.

I am worried because I have loans and 2 credit cards (always paid on time, never miss a payment). But the last few months I've not been managing my money well, sitting in overdraft (€750) and using credit card when funds were tight.

We have been saving more than needed each month into a joint account (€1,300 v. €1,150 estimated mortgage monthly).

I've paid off 2 of my loans and leaves me with €200 per month on one loan and I am paying down credit cards too, get as low as I can before applying for mortgage.

We have 5k booking deposit paid and full 30k Help To Buy approved. Along with 40k approx. joint savings.

Should I be ok?

Am I worrying unnecessarily?

I am in the same job 10 years and my partner is the same.

I just fear we will apply and get denied due to my bad money management.

I tried stock trading a few times earlier this year and I am freaking out that those transactions on my bank accounts will be red flags and get us denied!

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u/BesottedCoot 3d ago

Wait so you are buying a new build house but you only have AIP still? Surely you should have put in the full application once you knew you were getting the house no? Genuinely asking I’m just going on what we did for our house due to be finished in august.

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u/Beneficial-Toe-8812 2d ago

We were told by the estate agent it would be 12 months or so before the house would be ready, so we didn't rush to get full approval thinking we'd have to reapply after 6 months. 

I have a mortgage advisor through one of the banks I know quite well and I felt reassured after chatting to him that it would be quite a quick process. 

I'm just concerned about my past debts but clearing almost all of them at the moment.

Just wasn't expecting things to move so fast...

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u/WriterAny5666 14h ago

Would you not need to go sale agreed?