Getting a mortgage after changing jobs/unemployment

G

Glittergirl

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I apologise if this question has been asked or if this is the wrong place for posting. Also sorry for long post but would grealty appreciate if anyone can help. I was in the process of buying my first house with bf and had choosen the house and was in the process of completing the salary certs by employers when bf lost his job last Fri. He worked in the construction industry so was too be expected however we thought we had comfortably 6-9 mths before it would happen. We were dealing with a mort broker and would have no problem securing a mortgage as we were both in jobs a few yrs, have no loans and about €40000 in savings. We were looking for a 92% and were told we could have €290,000 but we only wanted approx 230,000. However bf lost his job last Fri and we know the process has to be postponed. However I was hoping for some advice on the future. We are obviuosly devastated and focusing on getting him any employment for now with a view to more secure employment. However we want to be realistic. if he was to get a job in the next month, best case scenario, how long would we have to wait before we could expect to be approved? If he has to claim unployment is it a total disaster, should this be avoided as long as possible? Thank you
 
Claiming Jobseeker's Benefit/Assistance assuming he qualifies is not a disaster per se as opposed to your mortgage plans. He should sign on ASAP and claim until he finds new work. Unfortunately this is almost certainly going to impact your mortgage application as lenders will normally want all applicants to be in full time employment (unless you can afford the loan alone?). This means that if a loan is dependent on both of you working then you will probably only be in a position to get approved when has has found new work and has served any probationary period. What stage are you at with the house purchase? Hopefully not past signing binding contracts yet?
 
Thanks for your response....no we are not at contracts stage, there is no consequence to bailing out at this stage which I know is a blessing. I unfortunately wouldn't qualify on my own, well i would but the amount I would qualify for wouldn't purchase a shoe box i'm afraid!
 
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