steven8719
Registered User
- Messages
- 9
Hi,
First time poster, am in a real conundrum. If anyone could advise it would be brilliant.
Myself and my Fiancee were due to apply for a mortgage in 6-9 weeks. Today, my Fiancee lost her job. This is naturally a tough time emotionally, but we have to figure out now what we can do for a mortgage.
With this in mind, I have a few questions. Any advice is welcome.
1) If my Fiancee got 1-year contract work - I assume banks still don't look on this too kindly and require a person to be in a permanent full time role to consider their income for the application?
2) If my Fiancee got a steady part time job, once her probation period was up would the banks take 3.5 times her salary into account, or because it's part time would they offer less?
3) If we were to apply together now, would we meet any criteria? My salary is 35k, permanent full time. Take home pay per month = 2343. Usual lending criteria is that 2k must be left over per month for expenses for two adults. This leaves 343 per month for a small mortgage. However, online calculators (e.g. KBC) say that this doesn't meet requirements for approval in principle. So, is it a non runner to apply jointly on my income?
4) As we are not yet married, I believe I can still apply as a single applicant? In this scenario, what are the legalities if I purchase alone and my Fiancee moved in after a time? I understand that after a certain period of time the person who moved in acquires rights to the property. That is fine and outside of the scope of my question here - my question is that if I apply alone on the basis that I would be the only person living in the property, purchase the property and ask my Fiancee to move in after a couple months, do the banks consider it a fraud application as two people would now be living there, and seek legal recourse to recover the loaned funds? In short, am I allowed under law to buy and then invite someone to live with me rent free?
Please help advise if you can.
Thank you.
First time poster, am in a real conundrum. If anyone could advise it would be brilliant.
Myself and my Fiancee were due to apply for a mortgage in 6-9 weeks. Today, my Fiancee lost her job. This is naturally a tough time emotionally, but we have to figure out now what we can do for a mortgage.
With this in mind, I have a few questions. Any advice is welcome.
1) If my Fiancee got 1-year contract work - I assume banks still don't look on this too kindly and require a person to be in a permanent full time role to consider their income for the application?
2) If my Fiancee got a steady part time job, once her probation period was up would the banks take 3.5 times her salary into account, or because it's part time would they offer less?
3) If we were to apply together now, would we meet any criteria? My salary is 35k, permanent full time. Take home pay per month = 2343. Usual lending criteria is that 2k must be left over per month for expenses for two adults. This leaves 343 per month for a small mortgage. However, online calculators (e.g. KBC) say that this doesn't meet requirements for approval in principle. So, is it a non runner to apply jointly on my income?
4) As we are not yet married, I believe I can still apply as a single applicant? In this scenario, what are the legalities if I purchase alone and my Fiancee moved in after a time? I understand that after a certain period of time the person who moved in acquires rights to the property. That is fine and outside of the scope of my question here - my question is that if I apply alone on the basis that I would be the only person living in the property, purchase the property and ask my Fiancee to move in after a couple months, do the banks consider it a fraud application as two people would now be living there, and seek legal recourse to recover the loaned funds? In short, am I allowed under law to buy and then invite someone to live with me rent free?
Please help advise if you can.
Thank you.