Contract Employee - Likelihood of Mortgage Approval

L

lionel_hutz

Guest
Hi,

I am working as a trainee professional, earning a solid salary (slightly above €40k) and with good prospects of earning more by January 2014.

My employment is on a training contract, and it is finished in January 2014 when, hopefully, I will be hired on a more permanent basis, earning somewhere in the region of €60k. If I am not hired on a more permanent basis, I would have a very good chance of getting a different job earning something from €40-60k.

However, there is always the possibility that I will not be hired on a permanent basis by my current employer, and I could also struggle to find employment upon qualification, although the latter, in particular, is highly unlikely.

So, in your view, would I have any chance of getting mortgage approval, if I was to apply jointly with my girlfriend, who earns €25k in the civil service? Or would the fact that I am on a contract rule me out?

Many thanks for your opinion.
 
I would imagine it would be very difficult to get a mortgage in your current situation. I would save as much as possible with a view to applying as soon as you get a permanent contract.
 
Thanks for the response.

Not necessarily what I wanted to hear, but it confirms what I thought. It's very frustrating.

Thanks again.
 
We applied last week, neither AIB or BOI even considered my GF's income and she has a contract of indefinite duration

Drop into them though I found BOI very helpful
 
Why not wait til you're earning 60k and save a larger deposit in the mean time?
 
That's a fair question, Spear.

To be honest, I'm getting a little fed up of paying sky high rent (who isn't?), and I feel confident enough in my desire to live in Ireland and my job prospects to commit now and get on the property ladder. My girlfriend feels the same.

It's a personal thing, and not everyone would agree with me, particularly in relation to whether or not now is the correct time to buy. I would imagine your suggestion is my only option, Spear, although I do plan to call into BoI on a day off and see what they say.

Thanks again to everyone who replied.
 
If between the 2 of you, you can save 30-40k over the next few years it will greatly reduce the amount you need to borrow so that once you do apply again, you'll have a lot less to pay.

I understand your situation though, I'm an IT contractor, and taking home about 25k a year more for the last 2 years than my last "permanent" (permanent until laid off, that is) role so saving every cent I possibly can until things improve.
 
That's the only feasible plan, I suppose, lff12.

Saving that €30-40k while also paying rent and a car loan is the difficult (but certainly not unachievable part) part.

Thanks for the response.
 
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