Mortgage Application- Construction industry

Sunshine26

Registered User
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Hi we are hoping to apply for mortgage at end of the Summer and I am wondering how banks currently evaluate an employee working in construction industry.
My husband works in construction and has been working for the same company since November 2015- the company has long term work and good prospects for further work.
His basic salary is approx €40K but with consistent overtime would bring it up to €50K.
How would his situation be viewed by banks- would they take all/ any of his salary into account?
I am a public sector worker full time pensionable etc on €55,000, this would be our 2nd mortgage plan on selling our current home which has approx 50K equity and we have about 30,000 in savings and are managing to save 1000 currently. Have no other debts good credit history with banks have always overpaid mortgage etc. 2 children with childcare approx 800 a month.
Really just worried as to any negative view of construction industry by banks, would appreciate any views/ experiences?
 
I wouldn't be too worried about getting approved just because one applicant is working in the construction sector. The banks would most likely scrutinise the company he is working for quite closely, though, so that could be a factor. A key question is, what was your husband doing before last November? Continuous employment is very important for a mortgage application, preferably for at least 12 months.

Most banks won't take any overtime into account until at least a year's worth of historical overtime can be shown, but that may not be a big consideration here. As long as the employment duration and the specific employer don't cause concerns, I feel that the biggest factor will be the amount you are looking for. If you want to borrow an amount that would require an exception to the Central Bank lending rules (more than 3.5 times income, i.e. €332,500, or more than 80% LTV), I think it would be extremely difficult. If you want to to borrow within those limits, you should be fine. Just make sure everything else about the application is perfect, i.e. consistent savings, impeccable account operations, don't take out a loan, etc.

Best Regards,
Dave Curry, Irish Mortgage Corporation
https://ie.linkedin.com/in/davecurryirl
 
Thanks Dave for the response much appreciated.
My husband has been in continuous employment before November was just with a different company although on lower wages then.
We would be looking to borrow max of €270000 so hopefully that is realistic.
Thanks again for your help.
 
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