100% mortgages and locations

P

pebbles

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I live in Dublin and have applied for a 100% mortgage and was told it shouldnt' be a problem on my wages etc. However the house I wish to buy is in sligo. I applied for a new job there (am a nurse) but didn't get the one I want, and now the only job I can get there is on temporary contract, renewed every 6 months, they very seldom do permanant contracts in these hospitals. The mortgage advisor has told me that I need to show a letter of job offer in order to obtain my mortgage but is a letter offering a temporary contract worth anything even though they are always renewed? I also mentioned that as I only work 3 long days a week in my current post in Dublin that I could commute as I'd only need to spend 2 nights in Dublin and could stay with a friend until such time as I move to a permanent job, but was told that this doesn't meet with the 100% mortgage criteria. So am very confused and despondent so would appreciate any advise, have a booking deposit on house in sligo so need to make decisions quickly, no pressure eh!! Thanks
 
Hi Pebbles

my recommendation is that , if you were told you can get a 100% mortgage on your salary in Dublin , then wait till you get a formal offer
of the same from the bank & your 10% advance deposit before you move to a new job in sligo. Once the 10% is drawn you can move off as then the bank is only worried about the payments you will make to them on the morgages. Dunno if this helps , good luck
 
It is not as simple as just using your income from a job in Dublin to purchase in Sligo. They may ask how you intend to live in Sligo while working in Dublin - if you say you are going to stay in Dublin for the 2 nights you are working they will question rent etc and factor this in, possibly reducing the amount you can borrow. If you say you are going to commute on a daily basis they could factor this cost in also.

Is the job you have been offered in Sligo with the HSE? If so most lenders accept that it is rare that someone is made permanent but that thier job is secure and usually do not have an issue with offering a loan to someone in your position. Also, are you currently employed by the HSE in Dublin? The lender could look at this as a transfer rather than you starting a completely new job, as long as your income is ok I think you should be fine.
 
Hi Pebbles
I was on a six month probation when I applied for my mortgage, I was approved on the principal that I would be made permanent, if at all possible stay where you are working and wait till you get the loan offer before moving.
 
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