Chances of mortgage approval?

T

tommythegun

Registered User
Messages
14
Hi All,

I'm sorry if these kind of posts have been done to death, but I guess everybody is in a different situation.

I'm looking to see if any of you would think I have a chance of a mortgage in my current situation?

Age: 31
Status: Single with no dependents
Savings: €15000+ over 2 years, will be €25000 by July 2014. Also have €11000 in company shares (doing very well, not matured)
Saving with pTSB €1000 pm, and have savings with them, and any excess at end of month goes into an extra savings account or CU

Salary: earned €63k last year
No c/c or any loans, own my car outright, so no major expenses
Currently moved back into parents and give them approx €300 pm

I'm on contract with my company (pharmaceutical), keeps rolling over. was initially 12 month, i'm there 27 months now, extended til June 2014 with obvious chance of extension, no precedent set in company for temporary staff.

Education to Masters Degree in engineering, as i know some banks assess future employment opportunities

Looking to buy apartment/house for approx €120k, and will be renting out a room for approx €400 pm.

I'm looking at this now because i know property prices are on the rise, so makes financial sense and don't want my savings to have to go to waste.

Any thoughts would be greatly appreciated.

Thanks in advance,
Tom
 
Great savings record and a reasonable accumulated fund. Unfortunately you are likely to be scuppered by the contract nature of your employment. AFAIK, if you are retained on contract for longer than 3 years (it may be 4!!) you are entitled to be offered a permanent position. Check this out.
 
Thanks 44brendan,

Yes it's 4 years. It may well end up the case, company is going well etc... but just a block on perm positions due to over hiring years ago and subsequently running into problems which have now been well since resolved.

Would i still be scuppered even though my education & experience is reasonably ok, and the income from the extra room being rented would cover a good chunk of the mortgage itself?

Thanks,
Tom
 
BoI are probably the most active provider in the market now. Give them a ring and check their current criteria on this issue!
 
I've just switched banks from them to pTSB because i thought pTSB were the more active of them both. I think somebody on this site had mentioned that pTSB were more likely to look at candidates who are on contract positions
 
44brendan said:
May well be true!! Give them a call!
Click to expand...

Yeah I think I might do that or contact an independant broker, not looking to purchase for a few months yet I don't think, until i get to the savings target i'm looking for

If anybody else has any experience of a similar situation, i would greatly appreciate it

Thanks,
Tom
 
The banks (BOI at least) have some differing opinions on contract work depending on the industry its in. I know they look at ICT contracts somewhat favorably when they are at the higher end of the scale and there is little breaks between contracts.
 
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