Advice about mortgage needed

Glenbhoy

D3PO wrote: »

To be honest that's my opinion on it, I think this thread goes more into the realm of opinion than requiring detailed factual commentary and as such that's what I've provided.

I think your taking that line out of context. Heres an OP that has been made redundant recently enough, whos just got a contract offer, this isn't somebody whos on a rolling 2 year contract that has been renewed once or twice or whatever.

Its a completely new contract during a recession, somebody in that position should be very wary of how precarious that position is. Even thinking of getting a mortgage on a contract that you have never started beggars belief.

I take your point, but sometimes I find the best way to get through to somebody is to be blunt, this OP needs to hear things bluntly because they seem to be in a bit of a bubble IMO.

Lets put it this way if I was an underwriter for the bank I wouldn't entertain the OP's application based on whats been outlines in this thread.

Point taken, it's just the notion/mention of 'permanent job' that gets my goat. For better or worse, we don't live in the 1970's anymore and there are few of us who have what would be described as a permanent job.

D3PO

Glenbhoy wrote: »

Point taken, it's just the notion/mention of 'permanent job' that gets my goat. For better or worse, we don't live in the 1970's anymore and there are few of us who have what would be described as a permanent job.

I know what you mean, I completely understand what your talking about.

My sister in law in a contract employee, having been so for 7 years in the same position. Its as secure as any "permanent" job kinda a different story though with the OP though who's just about to maybe start a 2 year contract that hasn't rolled over.

Lyn256

I know that this is slightly off the point and not relevant to the OP right now but the law changed regarding the rights of contract employees in the last ten years and basically once you have been on contract for four years you gain all the rights of a permanent employee

http://www.employmentrights.ie/en/informationforemployees/fixedtermworkers/

riclad

You can go to a mortgage broker, as a couple, together ,get free advice.
Even the banks know, the only permanent jobs here,are civil service ,semi state jobs,or doctors ,dentists ,gardai etc
You might get a 80-90 per cert mortgage ,
THE banks look at salary multiplied by x amount = loan.
IN the ninetys it was 3 or 4 times salary ,for an 80 per cent mortgage.
BEFORE the banks became reckless and caused the crisis we have now.
The banks need a letter stating you are employed at company x,
eg you are not an intern or a temporary worker.
And maybe 2 payslips to verify your salary.

Maximus_1

This is an interesting thread, interesting to see varying degrees of risk people are willing to take in the main. I am currently in the process of buying a 4 bed detached house for 120k in a lovely small estate (down from 260 in the boom). My wife and I are pretty risk averse type people, we have been saving away for a good few years now and so only need an 85k mortgage. (combined salaries of 58k) Theres a small gamble involved in that out of 21 houses in the estate there are 2 never bought and sitting with a builders finish at the back of our soon to be home. Having said that there are 30 yards between them but hopefully down the road some nice respectable family move in there! Thats our gamble!

I have always maintained whenever we got ourselves this huge load of debt we would try and keep it to a figure we could manage (for 6 months a year anyway) if one of us lost our job.I like being able to sleep at night and just hate the thought of putting my family into a situation where we would be struggling to keep the lights on, hence we waited and saved and waited and saved and happily something nice came up in our budget. The OP would be much different but each to their own. By the by OP we have a small baby now and having lived in small accommodation beforehand having the space of a house when the little uns arrive is great. Just my 2 cents.

I can see your thoughts on paying rent versus a mortgage but just dont be hasty getting one for the sake of it. Our rent of €520 versus prospective mortgage of €553+misc home owner costs makes it financially sensible at this point as theres not much difference in the 2.

By the by OP having dealt with banks very recently on mortgage I dont think without having 2 'permanent' jobs you will get past page one of the process. Good luck with whatever you decide to do.