Mortgages and Fixed term contracts

[Sesed]

Hi, I noticed in another thread a man said his wife salary on a fixed term public service contract will not be taken into account. Is this usually the case? We are looking into buying in the next year or so.
Him: 44k, provate sector, permanent
Me: 38k, PS, Fixed term 3 year contract (Although I have been here 3 years already)

Will any of my earning be taken into account? We are looking at borrowing circa 250K

 

[Sargent_Duck]

Hey Sesed,

My wife and I are currently in the middle/end of buying a house and we were somewhat the same situation.

I'm in full time, permanent employment and have been for 5+ years.
My wife is on contract work, and has been for the last 1.5 years.

Basically all the banks we talked to said that they would completely ignore my wifes salary unless she was made permanent. No exceptions.

Now there were some differences between the banks. AIB said that they comepley ignore her current income and will go on the basis that I will have to support her along with paying the mortgage. They would not take into account any social welfare if she was not working or they would not take into account that I would be entitled to her tax credits should she not be working. However BOI go on the basis that if she was not working she would get at a minimum €10,000 per annum and if need be would adjust my monthly income to take into account her tax credits. This IMO is a more realistic situation.


Hope this helps somewhat.

 

[Sesed]

Wow, that's depressing. There is no such thing as a permanent position where I work anymore due to the moratorium so I hoped they would take that into account.

 

[qwerty08]

This really bugs me!! How safe is permanent these days, a few measly weeks notice n statutory redundancy and your in the same boat as someone on the dole! I've been looking for finance lately but work on 3 year rolling contracts - gave up in the finish despite the fact I'm saving €1,500 a month after paying rent!

 

[NorfBank]

I've been looking for finance lately but work on 3 year rolling contracts - gave up in the finish despite the fact I'm saving €1,500 a month after paying rent!

Been declined twice?

You could try for a sponsored loan

[broken link removed]

 

[Berni]

However BOI go on the basis that if she was not working she would get at a minimum €10,000 per annum and if need be would adjust my monthly income to take into account her tax credits. This IMO is a more realistic situation.

The danger with factoring in SW payments @ 10K per year, is that she would only receive that for the first year, and after that a means test on your income would likely rule out her getting anything.

 

[Sargent_Duck]

The danger with factoring in SW payments @ 10K per year, is that she would only receive that for the first year, and after that a means test on your income would likely rule out her getting anything.

Fair point, I guess thats when the benefit of her tax credits would come into play. But your 100% right.

 

[becky]

Wow, that's depressing. There is no such thing as a permanent position where I work anymore due to the moratorium so I hoped they would take that into account.

The Fixed Term Workers Act still applies, so after 4 years you will have acquired rights to a contract of indefinite duration unless the employer can demonstrate an objective reason not to grant one.

 

[Sesed]

The Fixed Term Workers Act still applies, so after 4 years you will have acquired rights to a contract of indefinite duration unless the employer can demonstrate an objective reason not to grant one.

I asked about this- the objective reason is that there is an effective ban on recruitment accross the public service so they can let you go when it expires

 

[Sesed]

I have just thought of something - we couldn't apply for the affordable housing as we earned too much together. Since the bank will not take my salary into account anyway, does this mean we qualify?