Getting a mortgage advice

wicklowwonder

Hi,

I really hope you guys can help, going to try talk to mortgage advisor too.

I am hoping to get a mortgage in 14/16 months time. I just got offered a great job with a really stable and secure organisation but it is a three year contract initially as it is a new role. My partner has a whole time, permanent job both of us earn very good wages and have substitutional savings and rent. Will the contract in the new role have a massive effect on the mortgage application?

Any advice greatly appreciated. Thanks

MrDerp

wicklowwonder wrote: »

Hi,

I really hope you guys can help, going to try talk to mortgage advisor too.

I am hoping to get a mortgage in 14/16 months time. I just got offered a great job with a really stable and secure organisation but it is a three year contract initially as it is a new role. My partner has a whole time, permanent job both of us earn very good wages and have substitutional savings and rent. Will the contract in the new role have a massive effect on the mortgage application?

Any advice greatly appreciated. Thanks

Hi WW,

The good news is, it depends! It's not an automatic no to be in a contract.

My wife was on a 24 month contract when we got our mortgage from AIB last year. But here's the deal, it depends on what you do - we both work in IT. So they were happy to proceed with one permanent and one contract salary, given my wife was well established in industry.

There were some additional hoops, we had to provide my wife's CV so that they could see her work history. Once they saw continuous work (she'd come from a permanent job) and looked at her records etc they were happy to proceed on the basis she was very unlikely to be out of work at the end of the contract.

They initially suggested (the first level person I spoke to) that they would count 50% of her salary, but afterwards the underwriters were happy to base their numbers of most/all of it (I don't know for sure, we didn't technically need more than half counted and weren't interested in maxing out - we borrowed only 3x joint salary anyway)

Talk to your bank. Being temporary in a typically permanent role shouldn't work against you. It's a bit different if you're a daily rate contractor, but at 36 months I'm presuming your job offer is simply a fixed term contract, as my wife's was.

wicklowwonder

MrDerp wrote: »

Hi WW,

The good news is, it depends! It's not an automatic no to be in a contract.

My wife was on a 24 month contract when we got our mortgage from AIB last year. But here's the deal, it depends on what you do - we both work in IT. So they were happy to proceed with one permanent and one contract salary, given my wife was well established in industry.

There were some additional hoops, we had to provide my wife's CV so that they could see her work history. Once they saw continuous work (she'd come from a permanent job) and looked at her records etc they were happy to proceed on the basis she was very unlikely to be out of work at the end of the contract.

They initially suggested (the first level person I spoke to) that they would count 50% of her salary, but afterwards the underwriters were happy to base their numbers of most/all of it (I don't know for sure, we didn't technically need more than half counted and weren't interested in maxing out - we borrowed only 3x joint salary anyway)

Talk to your bank. Being temporary in a typically permanent role shouldn't work against you. It's a bit different if you're a daily rate contractor, but at 36 months I'm presuming your job offer is simply a fixed term contract, as my wife's was.

Thanks spoke with my new employers HR and the mortgage advisor and both explained how other cases worked and how both examples got mortgages, I am now more than confident it will have little effect I just need to jump through a few extra hoops which is worth it for this role. Thanks for the help.