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Advice on mortgage plans please

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  • 10-05-2023 6:59pm
    #1
    cartwheeling
    Registered Users Posts: 5 ✭


    Hi,

    I posted in the general discussion the other day but thought i'd create a separate discussion as I have many questions.

    my stats as follows:

    age:41

    status: applying on my own

    dependants: one child

    savings: 40k - saving 1k a month as well as rent

    looking to borrow: 200k

    employment status: currently out of work but hope to have some part time stuff secured for the short term in about 2 weeks

    so, feeling pretty negative about the entire situation to be honest. I know i will get a full time position soon and will be holding out for one that is permanent. once im back in the work force I know I will have to wait 6+ months before applying, in the meantime here are my questions:

    is it a very bad idea to sign on for the next 3 to 4 weeks - would this look terrible for the application in say 8 months time?

    if the current set back means I have to wait a year am I very likely to be discriminated against for my age?

    Am i better off going to the local authority and sussing out a loan with them - assuming again they would have the same requirements re ability to repay?



Comments

  • Options
    #2
    cartwheeling
    Registered Users Posts: 5 ✭cartwheeling


    is the lack of comments an indicator of how dire my situation is ?! 😣 any insight welcome no matter how negative !



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    #3
    newmember2
    Registered Users Posts: 2,596 ✭✭✭newmember2


    I don't know if there's a minimum term for a mortgage but banks will still give you a mortgage well into your fifties - the amount depending on your capacity to repay obviously. In my experience, for PAYE workers they are looking for six months' payslips - so once you have this I can't see how anyone would be looking on previous unemployment claim history. The want to know about you capacity to save history, your present situation, and your likely future situation. As regards the LA giving you a loan, yes they'd be looking for the same so you'd need to check out which would suit you best e.g. interest rate, etc



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