# Will we get a mortgage €160k savings €40k? temp teacher, partner is a sub teacher.



## trixie2009 (6 Jan 2011)

Hi all,

I am temp teacher, partner is a substitute teacher. We are looking for a first time buyers mortgage. Have good savings  40k and looking for mortgage about 160k?

Anybody any idea of our chances or anybody on temp contracts get mortgages lately?

Thanks


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## PaddyBloggit (6 Jan 2011)

I reckon your chances are slim to nil ... without some form of permanancy.

With the current moratorium on permanent appointments your chances of permanency in the short-term aren't great.


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## trixie2009 (6 Jan 2011)

Do you really think that we have no chance? Even with 1/4 in savings and one of us temporary? Its very disheartening.


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## aristotle (6 Jan 2011)

I think you should consider if you even want to commit to a mortgage given that your income might dry up completely if you are both unable to find temp\substitute positions.


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## trixie2009 (6 Jan 2011)

Do people think that the teaching profession is really going to dry up that much and there will be no jobs? Thats a scary thought. I have hope to be kept on in the school I am in and my partner gets a good bit of subbing?


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## PaddyBloggit (6 Jan 2011)

Jobs are getting tight in education and are set to get tighter.

The circular I've linked to is a step to cutting teacher numbers in the system and unfortunately the future prognosis isn't great.

I've never seen it so bad. I pity the new graduates ....

Re. subbing ... banks won't even look at this as this type of work isn't guaranteed.

You'd have enough trouble trying to convince a bank to consider your temporary position not to mind asking them to consider a substitute position.

My advise ... hang onto your money, keep it safe and continue to rent.


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## johnmurf83 (7 Jan 2011)

I have had a similar experience to yours. i was a temporary teacher looking for a mortgage with a decent amount in savings. One thing is for sure your partners situation as sub-teacher will not be entertained. If you have been working as a temporary teacher in the same school for a couple of years, you might be aware that you will be entitled to panel rights after 3 years. If you could get the principal of the school to write a letter to say that you will be guaranteed to work there until such a time as you have panel rights and views you as a candidate for fututre permanency then EBS might entertain you. They did for me, but i was less than 6 months from having panel rights and a permanent job was about to be sanctioned. 
To be honest though, unless you are confident to have a secure job stay away from buying property for the moment. If you read david macwilliams or ronan lyons they both believe there is a bit more to come off property yet. I would be an advocate of finding the price of a property by taking a months rent for a similar house, multiply it by 12 and then by 14.1. If the asking price for the house ties in with this amount then move and make a bid, if its a big way away still then leave it. Remember 2011 will be the years for repossessions so dont be in a huge hurry. Thats just my opinion. I'm sure there are others who disagree


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## trixie2009 (7 Jan 2011)

Thanks everyone for the advice. It now looks like we can get up to 70k savings so we wud only be looking to borrow maybe 130k or 140k but i suppose the job situation remains the same. iF I can get another temp contract  I wud only be a couple of months from the panel so maybe that gives us hope. We thought the same about further drops in house prices but dont want to have to wait until prices increase again. But Im guessing if prices are still falling it may be a while be4 they stabilise and begin to rise again. Any thoughts?


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## NorfBank (7 Jan 2011)

House price speculation is not allowed on AAM trixie.


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## Greta (7 Jan 2011)

Trixie, check with a broker what you can borrow, or just walk into a few banks and ask  The low LTV may work in your favour. If you pay deposit of 70K on a house worth 200K, that's 35% deposit., which is pretty good. If you can save 10K more, you will have a massive 40% which _may_ help you get a mortgage, even if you can't now. 

My advice is - have a try and see what you can get That doesn't mean you have to buy now, but at least you'll know where you stand.


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## trixie2009 (8 Jan 2011)

Thanks Greta. Have tried a couple of  banks but when we say temporary, their attitude changes. Seems to me doesn't matter what savings you have, if your not permanent they won't even look at your application. Will try a few more and see if any bank will help us and of course continue to save as much as possible


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## Society (11 Apr 2011)

Has anyone been able to secure mortgage approval if one party is permanent and the other on a fixed term contract?   If the mortgage is given on the salary of one of the parties can both names be on the title deeds?


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## ericsson (12 Apr 2011)

Hi Trixie just my 2cent worth but I am a permanent teacher for the past 5 years and still didn't manage to get a mortgage... ended up going down the shared ownership route....


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## lionstour (12 Apr 2011)

Society said:


> Has anyone been able to secure mortgage approval if one party is permanent and the other on a fixed term contract? If the mortgage is given on the salary of one of the parties can both names be on the title deeds?


 
Yes, 80% but I also have a investment property.  no loans and never overdrawn on my current account.


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## gnf_ireland (13 Apr 2011)

Society said:


> Has anyone been able to secure mortgage approval if one party is permanent and the other on a fixed term contract? If the mortgage is given on the salary of one of the parties can both names be on the title deeds?


 
I have just drawn down a mortgage cheque in the last few weeks for a LTV of 70% on my own, and I am on a fixed term contract only (within  the IT industry). However, I have been working on fixed term contracts for the last 10 years and have shown asset accummulation using this employment method. I am not sure if the bank classified me as fixed term or self employed, but believe it was fixed term since one of the criteria was to supply a signed copy of my contact

Also, the mortgage is in my name only, but the mortgage protection insurance is in joint names and partners name has been added to the deeds as part of the overall title transaction

Obviously I had one bank refuse me, but two issued letters of offer based on this scenario

Hope this helps !


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## NorfBank (13 Apr 2011)

ICS Mortgages are starting to look at public service contact workers if the rest of the application is strong e.g repayment capacity, savings etc.

[broken link removed]


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