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Mortgage - 6 Months into 1 Year Contract

  • 23-06-2020 10:19am
    #1
    BlackEdelweiss
    Registered Users, Registered Users 2 Posts: 1,542 ✭✭✭


    Can anyone recomend a bank or institution who will consider offering a mortgage where I am only 6 months into the first run of a 1 year contract.

    The difference between our current rent and the proposed mortgage is E1000 per month so meeting the payments is not an issue and we will have 20% deposit.


Comments

  • #2
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    It really would depend on your occupation/line of work and past employment record.

    Have you discussed it with your bank/broker.


  • #3
    BlackEdelweiss
    Registered Users, Registered Users 2 Posts: 1,542 ✭✭✭BlackEdelweiss


    I am an engineer with a full employment history. Always on standard work contract, i.e. ongoing after probation period. This is my first actual term contract, it is for a state body.

    I have discussed it with a few lenders but am getting the same story that they would prefer me to be in the 2nd run of a contract. I have discussed this with my boss who wants to renew my contract but cant put this down officially. She has given me a letter saying she hopes to renew my contract due to the workload and shortage of appropriately qualified staff.


  • #4
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    It really depends on your earnings for past 3 years. if your were working continuously for past 3 years and say your income was 60k each year and your new contract is for 60k well it should not be a problem once you can furnish last 3 years P60's and your CV. If your income for past 3 years was 40k well then they probably wont take the full 60k into consideration how much they lend.

    All lenders are now gone cautious lending as they don't know what's coming down the road.

    BlackEdelweiss wrote: »
    I am an engineer with a full employment history. Always on standard work contract, i.e. ongoing after probation period. This is my first actual term contract, it is for a state body.

    I have discussed it with a few lenders but am getting the same story that they would prefer me to be in the 2nd run of a contract. I have discussed this with my boss who wants to renew my contract but cant put this down officially. She has given me a letter saying she hopes to renew my contract due to the workload and shortage of appropriately qualified staff.


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