SNA rolling contract <€35k, currently on rent2buy scheme advice on getting mortgage?

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underpaid

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Hi Guys and Gals, need a bit of advive from people in similar situation that we find ourselves in.

Last year my partner entered into a "rent to buy" scheme for an apartment in Ballincollig, 10 mins from Cork City.

We went back and spoke to the auctioneer recently about purchasing the property after agreeing a sale price. Since april 09 we have been paying €900 a month with all the rent been set against the purchase price, this along with the deposit of €5000 equates to over €20,000.

She approached a number of financial institutions, was told she had a very strong case and repayments would vary between €520-590 per month AND then they refused to grant because of her job.

She works as a Special Needs Assistant (SNA) which is done on a rolling contract obviously once the child she is assisting leaves the school/dies/moves etc. then she is assigned a new child to care for. They asked for a letter of permanentcy (sp) but the principal advised they were not allowed give that but gave her a glowing report and stated on the letter that she would be with the school for the forseeable future and she has been working there for 4 years already.

A few people in the school in a similar situation have been granted mortgages on their own so she is finding out whom they got the mortgages with but does anyone on here have similar experiences or advice on where to turn to? Sorry for the long post but wanted to get all information into and probably have still missed a few bits.

Thanks in advance.
 
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I can understand the banks point of view - she does not have a permanent job. Also, as SNAs are a quite recent celtic tiger phenomena and are temporary contract staff, they are easy targets for government cut backs.
 
She has a permanent job in all but writing because the department doesnt allow it, also there are SNA's in her school with over 20 years so its not really a recent phenomena.
The CINO (sp?) went into the school (COPE by the way) twice last year looking to make cut backs and twice they reported back that the school was actually understaffed and no cut backs would be made. I feel her record of being able to pay €900 a month for nearly two years should surely show that she can afford a mortgage of under €600?
 
OP, did you use a mortgage broker or approach the bank directly? It might be worth talking to a mortgage broker.
 
Hi missdaisy, we approached the auctioneer selling the property who also has a mortgage department, she said she had dealt with a similar case recently and that the €20k we have put against the property(purchase price is €180k-20k= 160k) should have showed that my partner had the means to pay the mortgage comfortably.

Another broker said she could get the mortgage only that the apartment address is co. cork which is incredibly frustrating because other apartments within the complex's address are inside the "city limits".

They were not concerned about her occupation or permanentcy.
 
Just as an aside, never get your mortgage from the auctioneer selling the house.
Why should you let them know how much you can afford - it gives them information that only you, as the buyer, should know and this could influence their asking price.

It is difficult to get a mortgage when on contract, Home Choice Loans may be able to do something for you - they are a government lending agency who were designed to help out people like you. I have a couple of similar applications in with them at the moment though am not holding my breath..

www.moneybackmortgages.ie.
 
Hi Norfbank, we approached others first and only went to the auctioneer once a price was finalised.
Can you tell me a bit about Home Choice loans never heard of it before.

Thanks.
 
Thanks Norfbank, had a quick look but one of the qualification is that a single applicany must earn over €35k a year which is over what my partner earns from her job. Does that mean its a non runner or do they consider people on lower incomes if the amount that she wishes to borrow is low?
 
Underpaid, please do not bump your own thread.


Consider editing your title and you may get more responses. (Ive edited it from "FTB advice")



aj
moderator
 
A friend mentioned something about approaching the council for a mortgage, which I thought was only for affordable housing, he said that you can get a mortgage for any property aslong as you qualify for it, mortgage payment must be no more than 30% of your salary is this correct?
Anyone have experience of this type of mortgage? What is limit you can borrow etc.?
 
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