Mortgage and Permanent Jobs

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ruler2

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ok here's the background (will try and keep it brief!)
Myself and g/f purchased our 1st house over 2 yrs ago (mortgage 229k with EBS, down to about 210K at this stage) purchase price = 255k .Currently valued at approx 400k. All good .

We are thinking of moving. Price of new house =approx 500k & its over 1600 sq ft so we will be penalised with some stamp duty. All things considered (solicitor etc) we would be looking for a mortgage of approx.380K . Have not gone to EBS yet .

Heres the dilemma - i have a chance of taking a voluntary redundancy . If i do id walk away with 30k and plan to go back to college and after a 1 year course (starting sept 07) do secondary school teaching . So no permanent job . I would obviously be working prior to starting the course , probably teacher subbing (nothing perm)

We would be fairly confident of making our mortgage payments over the next couple of years but will the EBS see it like that ? We have a very good track record with them as regards mortgage repayments / savings etc. Will taking a redundancy ruin our chances of buying our new home ?

Head melted ! All advice welcome ......
 
A lot would depend on your wifes income.
The bank would have to be satisfied that her take home pay could cover the mortgage
 
Was in a very similar situation with EBS. Had a good relationship with the clerk in the ESB office which was very important. The assessor in HQ was very particular about a possible change in employment, looking for proof of qualifictions etc. In the end I had no doubt that they would give the loan since, IMO they are not writing as much business as the other banks and are mad for business. Instead of a two day turnaround we had two weeks of nail biting.

Just think carefully about what you tell them. Keep your cards close to your chest, keep it simple.

Hopefully the timing works for you, but as soon as they cheque issues your a free man to do as you wish, and they don't care anyway as long as the monthly payments are made.
 
Hi

I would do as advised and keep cards close to chest. If timing works out and you succeed in securing mortgage etc in advance of having to accept redundancy etc- you'll be on a winner all round. By the way, having completed a H.Dip. (secondary teaching) myself, you should note that it is likely you will be subbing/ tempping for up to 2-5 years before permanent job. So beware!

Also as a point of info. -well done on gain with house? May i be so cheeky as to ask the general area? Was it in the country?

best wishes

Mary
 
guys , thanks for the advice . "cards close to chest" is what i was thinking alright . Basically i have 4 weeks to decide if i want to take the redundancy or not. With regard to the new house we are looking at, the next wont be released until "early spring" which is when we hope to buy - and this would be off the plans so not sure when it would be ready !

If say we were to head into the EBS tomorrow and look for approval and we were to get it (given our current positions) how long would the offer be valid for ? Would we have a "moral duty" (when the house isready)to advise them that well our circumstances have changed a bit ?

I suppose the mad thing is that i know we would be well able to meet the re-payments between g/fs wage / lump sum i would get (if i decide to break free!!) / and work i might get in near future . Just have to find the best way to approach it .

Mary, yeah well chuffed with the huge increase in this house price - incidentally we are in swords in Dublin . Interested in finding out lots more about the job Sure i might set up another thread on the Jobs/Employment thread in the next couple of days . Would love to hear more !
 
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