Who will give me a mortgage, turned down due to no permancy

S

ShelsFan

Guest
Hi,

Myself and my girlfriend are currently attempting to secure a mortgage in order to buy our first home. The property I wish to buy is valued at €210k with a possible sale price of €200k-€205k. I am therefore looking for in the region of €184k to €193k given that I will be receiving a gift from a parent for the 8% of the value.

I originally applied to AIB who I have been with for 8 years and was declined as my current employment is not defined as permanent. We then tried BOI who told us the same. We would only be givin a mortgage based on her salary. The following are my and my partners details:

Me

Occupation: Trainee accountant
Employment: 3 1/2 year trainee contract ending in April 2011
Salary: 27,000 increasing to hopefully 30-32k in November
Monthly outgoings: €550 (rent), €80 (insurance)
Credit card: Yes with balance paid off each month, have never been charged interest
Savings: €2k
Other loans: No

Partner

Occupation: Office Staff (accounts)
Employment: Permanent
Salary: 27,000
Monthly outgoings: €550 (rent), €110 (insurance), €350 (car loan), €100 (Credit Card)
Credit card: Yes, current balance of €1k
Savings: No
Other loans: €15K car loan with appox. €10k balance

Can anyone please advise me on what I should do next after been rejected by both of our banks. I have some time off soon and wish to spend most of it trying to get this mortgage so any help would be greatly appeciated.

If our situation is bleak and you don't think we have a chance of getting a mortgage don't be afraid to say it because I am desperate to try and get this sorted if possible. Thanks
 
I think they were your two best bets, only other alternative is try EBS, if they turn you down then you may as well forget it for now and save some more. I also would be slow to take on a mortgage when you are not permanent even though permanent doesnt even mean much these days.
 
You probably don't want to hear this but perhaps you should consider putting off getting a mortgage for the moment. Your savings are negligible and even with the gift you are looking for the maximum mortgage that they are possibly going to give (and are far less inclined to give at the moment if anecdotal evidence is to be believed). Also the mortgage that you are looking for is more than 4 times your combined salary - not an outrageous multiple but probably around the limit that banks would be willing to consider at the moment. I am not saying you wouldn't be able to manage it but perhaps you should invest more time.
 
The government Home Choice scheme may be of some use to you?
 
Your GF will have to clear her Car Loan too before any mortgage is given. Does she have the ability to do that?
 
As a trainee accountant you are going to have serious difficutly getting a mortgage IMO. If I were you I would save as much as possible and wait to think about buying until you have a permanent job. I would be nervous about employment prospects for a newly qualified accountant in today's economy. Would you consider a rent to buy type agreement?
 
irishlinks said:
The government Home Choice scheme may be of some use to you?
Click to expand...

That scheme is dead in the water. I remembering reading that they had only received four applications several weeks after it was first made available. It's just an extension of the AHP, which will probably be binned at the next budget.

OP, as other have advised, wait until you qualify and gain a permanent position, save as much as you can (you've nothing worth considering at present) and clear all loans. Then you'll be in a far better position.
 
ShelsFan said:
Hi,

Myself and my girlfriend are currently attempting to secure a mortgage in order to buy our first home. The property I wish to buy is valued at €210k with a possible sale price of €200k-€205k. I am therefore looking for in the region of €184k to €193k given that I will be receiving a gift from a parent for the 8% of the value.

I originally applied to AIB who I have been with for 8 years and was declined as my current employment is not defined as permanent. We then tried BOI who told us the same. We would only be givin a mortgage based on her salary. The following are my and my partners details:

Me

Occupation: Trainee accountant
Employment: 3 1/2 year trainee contract ending in April 2011
Salary: 27,000 increasing to hopefully 30-32k in November
Monthly outgoings: €550 (rent), €80 (insurance)
Credit card: Yes with balance paid off each month, have never been charged interest
Savings: €2k
Other loans: No

Partner

Occupation: Office Staff (accounts)
Employment: Permanent
Salary: 27,000
Monthly outgoings: €550 (rent), €110 (insurance), €350 (car loan), €100 (Credit Card)
Credit card: Yes, current balance of €1k
Savings: No
Other loans: €15K car loan with appox. €10k balance

Can anyone please advise me on what I should do next after been rejected by both of our banks. I have some time off soon and wish to spend most of it trying to get this mortgage so any help would be greatly appeciated.

If our situation is bleak and you don't think we have a chance of getting a mortgage don't be afraid to say it because I am desperate to try and get this sorted if possible. Thanks
Click to expand...

Rent until 2011, the market is going nowhere so best to secure your personal circumstances first

Why are you desperate? There is an abundance of willing landlords with quality accomodation to lease
 
TheBigD said:
That scheme is dead in the water. I remembering reading that they had only received four applications several weeks after it was first made available. It's just an extension of the AHP, which will probably be binned at the next budget.

OP, as other have advised, wait until you qualify and gain a permanent position, save as much as you can (you've nothing worth considering at present) and clear all loans. Then you'll be in a far better position.
Click to expand...

[broken link removed]

33 people applied to the scheme, for an admin cost of €300,000. We might as well just have left €10,000 bundles outside the offer.
 
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