K
I currently have permanent job but my position isn't very safe, there have been layoffs and I know I'm at the top of the list.
What's your plan for dealing with the mortgage when you get laid off?- I currently have permanent job but my position isn't very safe, there have been layoffs and I know I'm at the top of the list.
- I currently have permanent job but my position isn't very safe, there have been layoffs and I know I'm at the top of the list.
I currently have permanent job but my position isn't very safe, there have been layoffs and I know I'm at the top of the list.
More than likely I will have to take a significant (> 10%) pay cut, but I'm not cutting it that fine on the monthly repayments. I've allowed for this expected pay cut.Do you have a Plan B for if you get laid off?
- Is there a very good chance of you getting a similarly paid job within a few months?
- Do you have another source of income?
Have you looked at what the repayments will be if/when the interest rates rise?
Kitog
If you decide not to buy, lose your job, and get another one, then it will be at least two years before you will be able to get a mortgage again.
If you can't afford your mortgage repayments, how lettable is the house? If the LTV is low, it's possible that the rental income will exceed the mortgage repayment, so you may be ok.
.
That sentence certainly set off some alarms and flashing lights !!
If you decide not to buy, lose your job, and get another one, then it will be at least two years before you will be able to get a mortgage again.
Surely a number of factors come into play: LTV, number of years previously in continuous employment, income level, appetite of the bank on a particular day..... Why would one particular factor, such as length of time in most-recent position, veto all others? Also, given the nature of the private sector, surely this would then rule out a huge percentage of people as the churn rate is quite high?
Bob
I rang up AIB mortgage center today and asked about changing employment. They would see a 'short' (less than 6 months according to them) gap between jobs as continuous employment and that it wouldn't affect my current mortgage approval or my ability to apply. I also asked if being made redundant would make a difference and it wouldn't, as long as I got another job quickly enough. Saying all that, it might be a different story when it comes down to it.
As a single f.t.b. you would be then liable for the extra stamp duty if you rent the house within the first two years. I am reading from the original post that this person is a ftb.Also,you said that you could rent the house should worst come to worst.
If you lose your job the government will pay the mortgage interest which is a buffer between jobs.
So the 400,000 people on the dole are in situations created entirely by themselves?It shows the craziness of the situation this country finds itself in where you can factor in free money from the government when you find yourself in a situation created entirely by yourself.
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