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Mortgage on contract Employment

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  • 04-01-2019 12:34pm
    #1
    Jo1221
    Registered Users Posts: 4 ✭


    Hi all,

    I am currently working in a pharmaceutical company on a project as Document control
    I have 12 months done in the job and i have a 12 month contract (ending July)

    What are the prospects or getting a small mortgage (looking at a small property selling for 50k that needs work and tlc)

    Looking at getting the mortgage as a single applicant as my partner is self employed for just over one year

    What Mortgage providers look at contract employment ?

    Any insight, Experience or Advice is appreciated :)
    Tagged:


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    #2
    Jo1221
    Registered Users Posts: 4 ✭Jo1221


    My research has indicated that adding a second person who is self employed does not help when applying for a mortgage is this correct ?


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    #3
    Avatar MIA
    Closed Accounts Posts: 6,750 ✭✭✭Avatar MIA


    Not a BOI response - but, imo, your partner if they have certified accounts showing a viable business would be a better prospect than someone that is out of a contract in a year's time. What are the prospects of the contract being extended/made permanent?


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    #4
    Jo1221
    Registered Users Posts: 4 ✭Jo1221


    He only has one 'End of Year' Accounts under his belt and a five year loan out for the business

    The Project that i am currently on is 3Years, it entails building a massive extension onto an established pharma building
    I am hoping there will be a suitable permanent roll for me in the building when finished !!


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    #5
    Avatar MIA
    Closed Accounts Posts: 6,750 ✭✭✭Avatar MIA


    Jo1221 wrote: »
    He only has one 'End of Year' Accounts under his belt and a five year loan out for the business

    The Project that i am currently on is 3Years, it entails building a massive extension onto an established pharma building
    I am hoping there will be a suitable permanent roll for me in the building when finished !!

    I could be wrong, and BOI may confirm (by asking you to call their mortgage team), but it doesn't seem likely that a bank would give a mortgage when there is no guaranteed income in 12 months time.


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    #6
    [Deleted User]
    Posts: 5,121 ✭✭✭ [Deleted User]


    Given the amounts and your situation I think you are more into a credit union loan than a mortgage.


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    #7
    Jo1221
    Registered Users Posts: 4 ✭Jo1221


    Oh Brilliant , i will definitely look into that !
    Thanks for the Advice :)


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    #8
    Bigserious1
    Registered Users Posts: 248 ✭✭Bigserious1


    [Deleted User] wrote: »
    Given the amounts and your situation I think you are more into a credit union loan than a mortgage.

    This is correct. Most banks will have a minimum lending value for mortgages.

    Not worth their hassle and time taking security over a property for a loan of 50k.


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