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Unrealistic?

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  • 01-07-2009 2:40pm
    #1
    spark1976
    Registered Users Posts: 63 ✭✭


    Myself and the G/f currently live in a rented house. Currently we have 21k saved we could possibly get another 10k from her father to help us out. We were looking at houses for between 250k and 300k.

    I'm self employed working the past 4 years, i get six month contracts the next one is up in Jan of next year, the g/f is a mature student with one more year to go with her studies...

    If we had a 30k deposit, would it still be a bad idea to buy a house this year given the fact that she is a student and i'm a contractor? Will the bank even give us a loan or should we wait another year or so?

    We are currently living in a house that belongs to a friend, we have an option to buy it, and i think the friend wants to sell....

    Any advice would be much appreciated.


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    #2
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    The bank wont give you a mortgage not a chance. It might be blunt but thats the truth.

    you are a candidate for sub prime lending at higher interest rates and so on so forth. even the sub prime companies like Start mortgages it would be questionable if you get offered a mortgage and even if you do Id advise you not to.

    my advise wait until your girlfriend gets a permanent job at the very least before even contemplating getting a mortgage


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    #3
    spark1976
    Registered Users Posts: 63 ✭✭spark1976


    Thanks for being blunt.. i do have an annual yearly salary of nearly 60k.. which is decent.. i dont understand how people with lower paid jobs get houses.. its really confusing...


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    #4
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    spark1976 wrote: »
    Thanks for being blunt.. i do have an annual yearly salary of nearly 60k.. which is decent.. i dont understand how people with lower paid jobs get houses.. its really confusing...

    problem is not your earning capacity its that its not gauranteed.

    i.e after your 6 or 12 month contract ends the bank cant be sure you will be able to

    a) get employment

    b) even if you do get employment they cant be sure it will be at the same level

    hense the issue and why you would be sub prime material.


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