Hi
Background
Hadn't previously contemplated getting a mortgage as I assumed I would be a non-runner due to the type of employment contract I have, but becoming more and more disenamoured of the rental market in Dublin.
My income sources:
Employment: €30k
Non-employment: €19k
Total: €49k
Employment:
I'm employed on a 3 year training contract (professional services) paying €30k gross a year, which will rise to about €47-50k at the end of the contract, but I suppose the potential pay is irrelevant. I'm 2 years into the contract next month. This obviously isn't a 'permanent' position, but I would be kept on after the contract ends or could transfer to another company. Employment prospects post-qualification are good and I'd imagine (or hope) banks might take this into consideration, but maybe not.
Non-employment:
I have a mix of non-employment income totalling €19k - rental income and consulting income. The rental income makes up the majority of this amount. I co-own a building and don't owe any money on it, but as I only co-own it I can't put it up as collateral. It's in a great location and rental voids are highly unlikely as there are multiple tenants and any of them could be replaced in 1/2 weeks if they left.
Credit history:
I have never had a loan. Don't have a credit card. Don't gamble (no Paddy Power bills on my bank statements!).
Ideally/realistically I'd like a mortgage of about €130k, which would be about 78% LTV based on the value of the properties I am considering. I have the other 22% in cash in my account. Obviously I'd be delighted to take 90% LTV if I could get it, but I don't see that happening given my low 'guaranteed' employment earnings.
Considering all my income, a €130k mortgage would represent a 2.65x multiple. If lenders wouldn't consider my non-employment income, then I assume the max I could borrow is 3.5x employment, i.e. €105k.
Queries
Is there any hope of banks taking any of my non-employment income into consideration?
It would be far from ideal, but I could potentially make do with €105k (3.5x employment) and sell some relatively liquid assets/borrow the remainder from family, but am I likely to be even approved for anything considering my employment isn't 'permanent'?
Is there any point in applying directly for a mortgage considering how messy my situation is, or would I go through a broker (assuming I have any hope)?
Thanks
Background
Hadn't previously contemplated getting a mortgage as I assumed I would be a non-runner due to the type of employment contract I have, but becoming more and more disenamoured of the rental market in Dublin.
My income sources:
Employment: €30k
Non-employment: €19k
Total: €49k
Employment:
I'm employed on a 3 year training contract (professional services) paying €30k gross a year, which will rise to about €47-50k at the end of the contract, but I suppose the potential pay is irrelevant. I'm 2 years into the contract next month. This obviously isn't a 'permanent' position, but I would be kept on after the contract ends or could transfer to another company. Employment prospects post-qualification are good and I'd imagine (or hope) banks might take this into consideration, but maybe not.
Non-employment:
I have a mix of non-employment income totalling €19k - rental income and consulting income. The rental income makes up the majority of this amount. I co-own a building and don't owe any money on it, but as I only co-own it I can't put it up as collateral. It's in a great location and rental voids are highly unlikely as there are multiple tenants and any of them could be replaced in 1/2 weeks if they left.
Credit history:
I have never had a loan. Don't have a credit card. Don't gamble (no Paddy Power bills on my bank statements!).
Ideally/realistically I'd like a mortgage of about €130k, which would be about 78% LTV based on the value of the properties I am considering. I have the other 22% in cash in my account. Obviously I'd be delighted to take 90% LTV if I could get it, but I don't see that happening given my low 'guaranteed' employment earnings.
Considering all my income, a €130k mortgage would represent a 2.65x multiple. If lenders wouldn't consider my non-employment income, then I assume the max I could borrow is 3.5x employment, i.e. €105k.
Queries
Is there any hope of banks taking any of my non-employment income into consideration?
It would be far from ideal, but I could potentially make do with €105k (3.5x employment) and sell some relatively liquid assets/borrow the remainder from family, but am I likely to be even approved for anything considering my employment isn't 'permanent'?
Is there any point in applying directly for a mortgage considering how messy my situation is, or would I go through a broker (assuming I have any hope)?
Thanks
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