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Mortgage

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  • 02-07-2013 8:33pm
    #1
    aisseery
    Registered Users Posts: 9 ✭


    Hi,

    I was just wondering if anyone here could advice. Myself and hubby both work in the education sector, but do not have permanent jobs which effectively means we don't get paid over the summer months. We work in various schools and educational settings and our hours yearly depend on student uptake.

    Between us we earn yearly between 50-60k, we have 2 children, and no childcare costs as we manage the childcare between us.

    We are renting the last 6 years, but would really love to buy our own place. Are we very unlikely to get a mortgage as technically we are unemployed for the summer, or have we a good hypothetical chance?

    We have at the moment no debts, and hope to have about 25k saved for a deposit by Nov 2014.


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    #2
    the_syco
    Registered Users Posts: 37,301 ✭✭✭✭the_syco


    aisseery wrote: »
    I was just wondering if anyone here could advice. Myself and hubby both work in the education sector, but do not have permanent jobs which effectively means we don't get paid over the summer months.
    TBH, if I were you I wouldn't settle down until I got a permanent teaching position, as otherwise you may be cutting back your chances a fair bit, and locking yourself to one part of the country.


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    #3
    Chin_Up
    Registered Users Posts: 12 ✭Chin_Up


    There is no harm in speaking to banks now to get a feel for what the lending criteria is. We also have two young children, and just applied for a Mortgage but im not holding my breath yet as the whole banking system is so unstable. Best of luck and as i said you wont know unless you ask


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    #4
    djimi
    Registered Users Posts: 13,237 ✭✭✭✭djimi


    the_syco wrote: »
    TBH, if I were you I wouldn't settle down until I got a permanent teaching position, as otherwise you may be cutting back your chances a fair bit, and locking yourself to one part of the country.

    This is good advice. I have some friends who are teachers in non-permanent positions and I have seen the kind of travel they have had to do for work (including to the UK in one case). Im not sure that getting tied down to a mortgage and one location is particularly wise, but you know your situation better I suppose!


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    #5
    the groutch
    Closed Accounts Posts: 16,096 ✭✭✭✭the groutch


    aisseery wrote: »
    do not have permanent jobs

    tbh I stopped reading there.
    zero chance of getting a mortgage.


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    #6
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    the groutch wrote: »
    tbh I stopped reading there.
    zero chance of getting a mortgage.

    Must agree, not much chance of it. Permanent is a necessity or at least as a teacher having a CID would pull a lot of weight with the bank also. In fairnes what guarantee do you have of hours come September every year?


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