Another one of those "what can i get Q's"

T

Tony

Registered User
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before i start apologies for adding another one of these questions to the board but i think my situation is a little different than others.

i think the main problem here will be the fact htat my GF is not working full-time yet but do they take this into account when people are applying for a mortgage.

can anyone help and tell me how much we would qualify for??
 
Tony, I'd say it matters little how good your girlfriend's chances of employment or income are... They will base you on actual income and not potential income.You can probably expect to get around 3.5 times your income. From what you're saying you'd probably have to go for a 100% mortgage, too, as your savings including the SSIA come to about 14K and that'll easily go on things like stamp duty and solicitor's fee, etc. You might want to try going through a broker, they're usually able to get you more than the banks offer directly...
 
Hi Tony,

Based on your income and with the car loan repayments you only qualify for €110,000 on your income for a joint mortgage. As a sole applicant you could add in room rental which would increase your capacity to €130,000 with the loan remaining. If the car loan could be repaid you could borrow €160,000 on a joint mortgage or €180,000 as a single applicant. As a 92% mortgage and with no car loan the max. increases to 192,000 (joint) or €217,000 respectively.

Until your girlfriend is actually employed and has completed any probationary period her income capacity will not be taken into account.

Sarah

www.rea.ie
 
What happens if for example you move job after 5 or 6 years and are back on 6 or 12 month probation....does that effectively mean you must stick with your existing mortgage and say nothing?
 
No, once you've got your mortgage and can make the repayments you can do what you wish employment wise. A new job with a probationary period would only affect you if you were looking to move house or remortgage at the same time.

Sarah

www.rea.ie
 
so if you have a 2 year probabtionary period it means you are stuck with existing lender so???
 
Two years??! Wow. In this case it'd be worthwhile talking to other lenders (or a good broker :D ) to see if they are willing to take a view.....

Sarah

www.rea.ie
 
yea, just that the value of our home has shot up in the last 12 months as they are not building many more new houses in the estate and our loan to value is below 50% and I intend looking around for the best deal soon. We're on the pTSB tracker of ECB + 1.1 but we now owe less than 250k and as I said LTV of < 50% so want to get the best deal but no point in doing that if 2 year probation has me up the creek!
 
You should try Ulster for their 0.95% fees free tracker - given your profile I'd be confident they would make a commercially sensible decision!

Sarah

www.rea.ie
 
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