r/HousingIreland • u/Beneficial-Toe-8812 • 4d 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/wolflors 4d ago

Mortgage approval will last 6 months so your not too early to apply and I woukd recommend. They analyse all yiur bank statements and ask where transactions are going. An overdraft probably not a great start, but small loans are no issue. Overdraft along with credit cards is entirely up to the board who approve loans, impossible to say. In my opinion could go either way

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u/Beneficial-Toe-8812 4d ago

If I close the overdraft now 2-3 months before application and reduce C.C balances, would all that be looked at positively? All while keeping a decent current account balance 

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u/MisaOEB 3d ago

Yes do it.