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mortgage for trainee professional

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  • 30-12-2007 10:10am
    #1
    patrickandmarie
    Closed Accounts Posts: 2 ✭


    I've heard that there are mortgages specifically tailored for trainee professionals which factor in the low wage paid during training and also the much higher earnings post qualification. Does anyone know anything about this or have experience of it with any institution?


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    #2
    jdivision
    Registered Users Posts: 4,260 ✭✭✭jdivision


    What do you do. Usually it's for accountants, doctors and solicitors. As far as I know these have become less and less common and in fact some lenders have dropped them given the current credit crunch and falling property prices


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    #3
    patrickandmarie
    Closed Accounts Posts: 2 ✭patrickandmarie


    I'm doing my accountancy finals. I'm actually a homeowner at present but looking to trade up. Took out my last mortgage when I was working elsewhere before I did a business degree and did accountancy exams. Am expecting wages to go up considerably over the next 2 yrs but have young family so would be keen to move into a bigger house now.


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    #4
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    Providing you have sufficient equity built up in your current property- its entirely possible that you may be granted an increased mortgage when you trade-up. The big problem at the moment is that property is not shifting- the multiples financial institutions are willing to lend has collapsed (it was up to about 15 times which is crazy). I'm in a similar situation- I bought a 3 bed apartment a few years ago, and now want to get a house with my wife. Our combined salary is triple what my original salary was when I got my original mortgage- but its totally irrelevant given the massive drop in liquidity in the secondhand market. One apartment in here has finally gone sale agreed (as opposed to sold) after 14 months, at 25% below its original asking price. Ordinary folk like you and I are bleeding equity at a silly rate- the only reason banks are still willing to lend to us- is because of the length of time we have owned property- it makes us less likely to be in a negative equity situation (that and Ireland's quite frankly archaic bankruptcy laws).

    You need to organise a meeting with 1) an independent financial advisor and 2) your current mortgage holder- to see what your options are. It really isn't possible for us to comment on your situation without knowing all the details (and there is no reason for you to post them up on the net).

    Let us know what happens!

    S.


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