Mortgage Approval - work in construction

T

tomwal

Registered User
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Hello,

I'm looking for advice regarding getting mortgage approval in the future. I work in construction, have been in employment for the last 6 months with the same employer and am now permanent. However I was unemployed on and off previous to this for a couple of years.

Re. earnings,my P60 for last year or this year does not look good. I'm hoping to buy next year and have a large deposit of €250,000 from an inheritance and am currently saving €800 a month. However I am worried about whether the fact I'm in construction and my past unemployment will affect my application.

Any advice regarding a future mortgage application would be appreciated.
 
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If you have a deposit of €250k what are you hoping to borrow?

You must be planning to build/buy on millionaire's row!
 
PaddyBloggit said:
If you have a deposit of €250k what are you hoping to borrow?
You must be planning to build/buy on millionaire's row!
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That's a rather glib remark :rolleyes: OP could easily be looking to borrow E100K to buy a normal house, nowhere near "millionaires row".

@tomwal A good run of 6 months savings on top of rent would be the starting point. 6 month+ in same employment is also a big plus. Have you worked out the monthly payment on what you want to borrow vs what you are currently paying in rent and savings? This is basically what bank will assess - your ability to repay E1000 (or whatever) per month.
 
Ha, yeah I wish!Hoping to borrow €100-150.

Living in Dublin, not many 3 bedroom properties at 250 at the moment-in a years time may not be any at 350 either o_O
 
username123 said:
That's a rather glib remark :rolleyes: OP could easily be looking to borrow E100K to buy a normal house, nowhere near "millionaires row".

@tomwal A good run of 6 months savings on top of rent would be the starting point. 6 month+ in same employment is also a big plus. Have you worked out the monthly payment on what you want to borrow vs what you are currently paying in rent and savings? This is basically what bank will assess - your ability to repay E1000 (or whatever) per month.
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Thanks, yes will keep up the savings for sure. I'm concerned about what my p60 for this year will show if I apply next year - as I'll only have worked for 7 months, and they'll see that I've been unemployed. Should I wait til the year after and the p60 looks better? And are the banks even lending to people employed in construction, as I remember a few years ago they weren't?
 
Relax username123 ... 'twas meant in jest ... tongue in cheek I know .... but having €250k towards a deposit is a great positive to have.

Stick some figures into an online calculator and you'll get an idea what you'll be paying each month.

Save that plus extra and bank will look favourably on your application when the time comes.

Stay away from on*line gam*bling (AAM seems to be blocking this term) .... banks don't like seeing this kind of activity from a prospective borrower.

Try this calculator: http://www.mortgages.ie/go/first_time_buyers/mortgage_payments_calculator
 
tomwal said:
Thanks, yes will keep up the savings for sure. I'm concerned about what my p60 for this year will show if I apply next year - as I'll only have worked for 7 months, and they'll see that I've been unemployed. Should I wait til the year after and the p60 looks better? And are the banks even lending to people employed in construction, as I remember a few years ago they weren't?
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Banks usually look back about 6 months. They'll look at all your accounts - Credit Union etc. so make sure all are in order.

If you can demonstrate ability to pay and get a letter from your employer stating that you are permanent there should be no issue about the time when you were unemployed.

Should you wait until the year after? All depends on your plans. You could make preliminary enquiries and see what the requirements are.
 
PaddyBloggit said:
Banks usually look back about 6 months. They'll look at all your accounts - Credit Union etc. so make sure all are in order.

If you can demonstrate ability to pay and get a letter from your employer stating that you are permanent there should be no issue about the time when you were unemployed.

Should you wait until the year after? All depends on your plans. You could make preliminary enquiries and see what the requirements are.
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Thanks for the advice, I'll keep saving so and apply in a few months.
 
tomwal said:
Thanks for the advice, I'll keep saving so and apply in a few months.
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Make sure that your accounts are clean. For examply a dd to a betting company is a no no. Are you paying rent? You have a buffer there in that if you lose your job you can rent rooms. And no matter what happens with such a large deposit you are a good risk.
 
SBarrett said:
You will need 12 months continuous employment to make a mortgage application.


Steven
www.bluewaterfp.ie
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Strangely enough i was just speaking to EBS and they never mentioned this point. I'm in full time work about 4 months after graduating college.

They went through my particulars and said the only thing i needed to do is show savings for 6 months. I already have a deposit.

I work in Software though so maybe the construction industry is different.

just found this on EBS website

"Depending on the lender, you’ll need to provide proof that you are in a full-time position and no longer in the probation period. Further, you’ll need to provide payslips (approx. six months depending on the lender)."

What he asked me was if i was still in the probationary period and that was it.
 
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