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Getting a mortgage after being in College

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  • 18-02-2008 5:07pm
    #1
    lolli
    Registered Users Posts: 1,173 ✭✭✭


    Hi,

    I'm currently doing a postgrad in college and I want to buy a house in the summer. My other half is currently working but doesnt heard enough to get a mortgage on his own.

    I have found a house that i'm really interested in, they are not finished, they are due to be finished in the autumn. I would really like one of these houses, they are willing to hold one for me if i pay them €5,000 deposit now.

    What i'm really worried about is will it be hard for me to get a mortgage after being out of work the last year? Or will they go on the wages that i'll be getting from that job.

    Thanks!!


Comments

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    #2
    Jackz
    Closed Accounts Posts: 1,506 ✭✭✭Jackz


    A year out for a postgrad shouldn't really affect it, you have probably improved your earning potential.


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    #3
    Sarn
    Registered Users Posts: 3,076 ✭✭✭Sarn


    Are you returning to the same job? If so that would make it easier. Otherwise it could be a bit tricky.

    Your best bet is to speak to a professional. Last thing you want is to sign into a binding contract, realise you can't get a mortgage (or enough) and be forced by the builder to complete.


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    #4
    bobk
    Registered Users Posts: 370 ✭✭bobk


    get mortgage approval first and then you can worry about paying a deposit later.

    A bank will give you a mortgage if you are guaranteed work once you have completed your studies.

    if you are a doctor/nurse/accountant/solicitor or in some profession where there is a demand, banks will look more favorably on your case.

    if that's not the case, then you could look at the possiblity of getting a guarantor to cover you until you return to work.

    Only an immediate family member with an income can become a guarantor.


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    #5
    Victor
    Registered Users Posts: 78,400 ✭✭✭✭Victor


    lolli wrote: »
    I have found a house that i'm really interested in, they are not finished, they are due to be finished in the autumn. I would really like one of these houses, they are willing to hold one for me if i pay them €5,000 deposit now.
    Be careful in paying this deposit. Deposits tend to fix prices. Do you want to fix at today's price only to see the price drop 25% by autumn? And pay €5,000 for the privilege? And if you decide to throw away the €5,000, there might be a long waiting list (the builder's kids).

    Flip side is you don't get this property.


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