Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

On contract and getting a mortgage

Options
13»

Comments

  • Options
    #62
    Tobecontinu
    Closed Accounts Posts: 60 ✭✭Tobecontinu


    Phileas Frog wrote: »
    Please go talk to your broker or your bank. 4.5 on a salary of 50k isn't going to happen.

    Why not? I am going to talk to a broker.


  • Options
    #63
    Phileas Frog
    Closed Accounts Posts: 946 ✭✭✭Phileas Frog


    Tobecontinu wrote: »
    Why not? I am going to talk to a broker.

    They will patiently explain why.


  • Options
    #64
    Tobecontinu
    Closed Accounts Posts: 60 ✭✭Tobecontinu


    Phileas Frog wrote: »
    They will patiently explain why.

    From what I've researched, they have a limited number of exemptions but it has increased. If you have a deposit, a good credit history, and can show proven repayment ability, then all banks are considering exemptions. We have a large deposit.

    I don't see why my partner would not be considered.

    By the way, no one is forcing you to reply. If you don't want to answer or don't know the answer, then leave it to someone who does. Thank you.


  • Options
    #65
    Tobecontinu
    Closed Accounts Posts: 60 ✭✭Tobecontinu


    Mr.S wrote: »
    Because it’s not a relatively high salary to warrant 1.5x extra.

    But they could give 4 times? Anything I've researched says you need to be above the average industrial wage, 50k is well above that. Do they want people earning 60 or 70k?


  • Options
    #66
    Tobecontinu
    Closed Accounts Posts: 60 ✭✭Tobecontinu


    Mr.S wrote: »
    For a property @ Dublin prices? Doubtful. What’s the value your looking for?

    Between 250 and 300k.


  • Advertisement
  • Options
    #67
    RiseToMe
    Registered Users Posts: 1,272 ✭✭✭RiseToMe


    On the exemptions front, banks are extremely picky with who they will grant exemptions to. Wife has a six figure salary with part of hers and my entire salary going into our savings for the last year, as well has 300 quid into another saving account. We'll be bringing at least a 70k desposit to the table.

    Initially we were looking in Dublin and price range had us just on the cusp of exception territory, we had approached a broker and a few banks and the broker (one we trust, family connection) had said even with the above banks are really tight with the exemptions. That's with one salary being permanent, she's there over 15 years, it's pensionable and has gaurenteed pay increases. So don't think it's a given that you'd get one.

    (we didn't apply for one as fortune favours the bold and we now actually only need a mortgage of 280k so I can't advise further on the process)


  • Options
    #68
    Phileas Frog
    Closed Accounts Posts: 946 ✭✭✭Phileas Frog


    Tobecontinu wrote: »
    But they could give 4 times? Anything I've researched says you need to be above the average industrial wage, 50k is well above that. Do they want people earning 60 or 70k?

    50k is not well above it


  • Options
    #69
    Tobecontinu
    Closed Accounts Posts: 60 ✭✭Tobecontinu


    RiseToMe wrote: »
    On the exemptions front, banks are extremely picky with who they will grant exemptions to. Wife has a six figure salary with part of hers and my entire salary going into our savings for the last year, as well has 300 quid into another saving account. We'll be bringing at least a 70k desposit to the table.

    Initially we were looking in Dublin and price range had us just on the cusp of exception territory, we had approached a broker and a few banks and the broker (one we trust, family connection) had said even with the above banks are really tight with the exemptions. That's with one salary being permanent, she's there over 15 years, it's pensionable and has gaurenteed pay increases. So don't think it's a given that you'd get one.

    (we didn't apply for one as fortune favours the bold and we now actually only need a mortgage of 280k so I can't advise further on the process)

    Ok, thanks for your help. I think the earlier in the year you apply the better. Might apply January 1st. :D


  • Options
    #70
    Dolbhad
    Registered Users Posts: 782 ✭✭✭Dolbhad


    Banks are tight on giving exemptions and generally are more inclined to give it with two people. Also it’s not just how much money you make (you do need to be on a higher side) but the type of jobs to. They prefer your more pensionable, “safer” jobs like guards, nurses, teachers who are permanent. And it’s not an automatic guarantee of 4.5. We got an exemption but it was 4 times our salary. Some banks didn’t give an exemption. Every bank is different. Tbh 50k is standard and isn’t big money if working in Dublin.

    Some banks stagger the exemptions throughout the year, some used them all up early one. We had gotten an exemption in November.

    Unless your married, the partner going down the sole mortgage name and sole name on house means you have no rights. If that’s not what you want, move to a more permanent role or at a min contract role as an employee. Otherwise you’ll have to wait until you have three years of self employment accounts in good order.


  • Options
    #71
    RiseToMe
    Registered Users Posts: 1,272 ✭✭✭RiseToMe


    Tobecontinu wrote: »
    Ok, thanks for your help. I think the earlier in the year you apply the better. Might apply January 1st. :D

    Our advice was based on applying in January. Also see poster above where banks do stagger exemptions and some don't do them at all.

    As I said we are borrowing a lot less now so have no need for one but if a six figure permanent salary that has gaurenteed pay rises and a very very very healthy pension only "might" get an exemption, then I think you need to think more along the lines that you won't and plan accordingly.


  • Advertisement
Advertisement