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mortgage application

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  • 28-07-2013 7:51pm
    #1
    rainbows7
    Registered Users Posts: 92 ✭✭


    I just started a second part time job to increase my income so I can get a mortgage approved.
    My question is: Is it true that you have to wait 6 months in new job before applying for mortgage? (I was told this by a bank manager) Or is it flexible, depending on banks? Worth trying after 4 months ?

    I assume it doesn't matter holding down 2 different part time jobs as opposed to 1, in terms of mortgage application?


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    #2
    thefox1982
    Registered Users Posts: 157 ✭✭thefox1982


    It would look a lot better if you had one full time job instead of a part time job. They are seen as a more of a temp job.

    Most banks would want to see you workin there for at least 6 months and having passed your probation period.


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    #3
    TheBody
    Registered Users Posts: 5,624 ✭✭✭TheBody


    My wife is permanent in a public sector job. I work in the public sector too although I'm not permanent. We also have substantial savings and no loans. No bank would entertain us for a mortgage. Ulster bank said they wouldn't even bother sending up the application form to head office.

    Based on that, you haven't a hope in hell of getting a mortgage regardless of how many part time jobs you have. Sorry to break the bad news!


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    #4
    2mature
    Registered Users Posts: 97 ✭✭2mature


    rainbows7 wrote: »
    I just started a second part time job to increase my income so I can get a mortgage approved.
    My question is: Is it true that you have to wait 6 months in new job before applying for mortgage? (I was told this by a bank manager) Or is it flexible, depending on banks? Worth trying after 4 months ?

    I assume it doesn't matter holding down 2 different part time jobs as opposed to 1, in terms of mortgage application?

    My OH works in Public sector, I work part time, got approved via broker through AIB for over 155000 just two months ago, have since drawn down mortgage...however n job minimum 6 months before id apply if i was you


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    #5
    TheBody
    Registered Users Posts: 5,624 ✭✭✭TheBody


    2mature wrote: »
    My OH works in Public sector, I work part time, got approved via broker through AIB for over 155000 just two months ago, have since drawn down mortgage...however n job minimum 6 months before id apply if i was you

    Wow!! You were lucky. As I said above AIB woudn't entertain us at all. That was only 3 weeks ago.


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    #6
    2mature
    Registered Users Posts: 97 ✭✭2mature


    Hi The Body,

    It would seem so...as applicants my OH had just been made permanent aswell but we had an excellent broker (killers 1 on boards). I have read about people who seemed much better applicants getting refused.

    However a big plus for us was being able to save regularly for over a year and showing a repayment capacity well in excess of our mortgage amount


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