Research Fellowship and Mortgage

P

phdstudent

Guest
I am currently recieving a research fellowship of €16,000 (tax free) and also get paid for some part time teaching which totals roughly €5,000 a year. The contract for this fellowship will be up in two years. After this I would be qualified with a phd, and would increase my earning potential.

My boyfriend and I are tying to find out if my income will count along with his.

I suspect that it cant, so can he say he has guarented rental income from me?
 
I know a couple in the same circumstances and they were able to get a mortgage. Talk to a broker and see what you can find out.
 
We did exactly that & got the keys to our place last week , after a long year of waiting :)

My boyfriend was one year away from finishing his Phd, therefore has less time on contract as such than you do. I was earning not a very impressive salary by any means and we were approved for a 92 % mortgage based ona purchase price of 245k.

I know that if you want to buy in Dublin that may not be enough but the info may at least be a guide. Have you considered applying for Affordable Housing ? This of course depends on your boyfriends income and other circimstances.

Note 1: Since then interest rates have gone up, therefore your borrowing potential has gone down.

Note 2: You won't qualify for 100% (AFAIK)

Note 3: You will need to get a letter from your college to state you are employed there. My boyf superviser did it for him, no problem.
 
Thanks for the positive replies, we expected it to be a long shot.

Although we dont have large salarys we should have a large deposit from the sale of his old house in the north. Fingers crossed.
 
Banks would only tend to take your fellowship into consideration if you had a guaranteed job offer at the end of your studies.

Otherwise it depends on other factors such as what you're studying and the demand for that qualification in the workplace. eg if you are qualified in medicine, this will not be a problem.

Rental income can be used but that would amount to a lot less then what you're currently earning.

Another option is if anyone in your immediate family can go guarantor until such time that you are earning
 
You must log in or register to reply here.
Back
Top