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Joint Mortgage Applicaton: 1 permanent, 1 temporary

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  • 25-03-2018 11:44am
    #1
    Naos
    Registered Users Posts: 4,738 ✭✭✭


    Scenario: Couple are applying for a joint morgage - one has a permanent job, the other just started but will not be made permanent for at least a year.

    How do the banks view this when applying for a mortgage? What rules apply etc?


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    #2
    Heres Johnny
    Closed Accounts Posts: 2,738 ✭✭✭Heres Johnny


    Naos wrote: »
    Scenario: Couple are applying for a joint morgage - one has a permanent job, the other just started but will not be made permanent for at least a year.

    How do the banks view this when applying for a mortgage? What rules apply etc?

    My brother was on a 2 year contract and his girlfriend was permanent. They got mortgage after the employer declared in a letter that his position was secure and prospects good despite not being permanent.
    He is permanent now.


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    #3
    Cash_Q
    Registered Users Posts: 1,920 ✭✭✭Cash_Q


    Approach some banks to see what they say and if you're not having any luck them approach a broker. Pm me for a recommendation if you like.

    When we first applied both of us were temporary having been with employers for almost 2 years each. They wanted letters and Cvs to show work stability. Luckily we were both made permanent in the early stages of our application and the duration spent on temporary contracts counted as probation for us.


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    #4
    elle.en
    Registered Users Posts: 48 ✭elle.en


    Naos wrote: »
    Scenario: Couple are applying for a joint morgage - one has a permanent job, the other just started but will not be made permanent for at least a year.

    How do the banks view this when applying for a mortgage? What rules apply etc?

    My boyfriend and I have got mortgage approval recently - he is permanent but I am not. They looked for a CV to assess future employment prospects but that’s it really. It was quite simple in our case, but we were looking for a relatively small mortgage so I can’t comment on the impact if looking for higher amounts/LTV.


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    #5
    sightband
    Banned (with Prison Access) Posts: 670 ✭✭✭sightband


    in some cases you will be approved but can’t drawdown until made permanent. from experience, the search, bids and buying process, a year is a lot less than what it takes.


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    #6
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    My wife is in a line of work where there is no permanent positions only contracts. No issues getting a mortgage from KBC despite her being the main bread winner.


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    #7
    Interested Observer
    Registered Users Posts: 13,106 ✭✭✭✭Interested Observer


    I'd been wondering this myself recently. Currently have AIP but if I changed job and went back to probation I assume that would sink my application?

    Anyone experience of getting approval on probation?


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    #8
    Naos
    Registered Users Posts: 4,738 ✭✭✭Naos


    Thanks for all the replys so far, intersting mix.

    I will definitely reach out to a few banks and ask, just wondering if there was anything set in stone in the lending rules laid down by the Central Bank.


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