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Mortgage declined

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  • 09-04-2009 9:04am
    #1
    quickdraw
    Closed Accounts Posts: 2 ✭


    Hi,
    I am single male early 50's,
    and as I am employed on a contract basis I am finding it impossible
    to get a mortgage even though I have 50% deposit and am only looking for a 8 year term on the balance.

    Any ideas?
    Tagged:


Comments

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    #2
    samhail
    Registered Users Posts: 2,699 ✭✭✭samhail


    Have you tried a Building Society ?


  • Options
    #3
    quickdraw
    Closed Accounts Posts: 2 ✭quickdraw


    Not yet, as I have an account with the same bank since I was a teenager, and have a good credit history.
    I had not expected to be declined a mortgage in view of my credit history,
    also I would expect that asking for a mortgage from any institution where I have not saved or have no credit history would be less lightly to be accepted.

    The reason for the refusal is that my employment is on a contract basis for just over 2 years.

    my previous employer went into liquidation and my redundancy and savings were insignificant at the property prices of the last few years, however with the fall in prices I am seeking mortgage approval to take advantage of the lowering prices if I find a suitable home.


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    #4
    Drumpot
    Registered Users Posts: 19,306 ✭✭✭✭Drumpot


    quickdraw wrote: »
    Not yet, as I have an account with the same bank since I was a teenager, and have a good credit history.
    I had not expected to be declined a mortgage in view of my credit history,
    also I would expect that asking for a mortgage from any institution where I have not saved or have no credit history would be less lightly to be accepted.

    The reason for the refusal is that my employment is on a contract basis for just over 2 years.

    my previous employer went into liquidation and my redundancy and savings were insignificant at the property prices of the last few years, however with the fall in prices I am seeking mortgage approval to take advantage of the lowering prices if I find a suitable home.

    Just checked that out for you, it would depend on the type of employment.

    Most companies have a minimum of 1-2 years employment in a specific industry (not including probation periods).

    Mortgage companies would not necessarily look down on you if you have never done business with them. They can find out alot about your credit worthiness through the ICB (visit www.icb.ie , you can request a copy of your own credit details).

    If they feel your job is secure, they may offer you a mortgage. If the LTV is low (loan to value, ie amount you are looking for in comparison to the value), if your Salary is strong in comparison to what you are looking for ( eg only 3 or 4 times salary) and your repayments wont cripple you in the event of a couple of interest rate rises, you have a decent chance . .


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