Hi all,
Asking for friends that have recently discovered that the property they are renting is being placed on the market and so have decided to try and get on the housing ladder in their own right.
The issue is that only one of them has a permanent job, the other has been in contract work since last November and while is being told she will likely be made permanent..she is not right now. Does this rule them out immediately with both traditional and non-traditional lenders?
The married couple are not especially well paid but would have a strong savings ethic and record.
They have a lump sum of €50k plus 2 school aged kids with no childcare fees (husband works nights).
Income:
Him (permanent) €31k p.a. gross (Edit: he also had an extra €6k o/t in the past year but obviously this is not guaranted)
Her (temporary) €23k gross when annualised.
They have a consistant savings record and having being paying rent of €790 pm for a number of years.
They have approached AIB who will not entertain them at all at any level.
The couple would be looking at a fairly cheap apartment in the West of Ireland so its not so much the mortgage amount they would be worried about, more the fact that they have been rejected outright.
Is there anywhere they can go from here?
They have been given 3 months to vacate their current home and rent on a similar property would be up to double what they are currently paying, very much out of their reach. They are a very hard working couple and I really feel for them in this situation
Asking for friends that have recently discovered that the property they are renting is being placed on the market and so have decided to try and get on the housing ladder in their own right.
The issue is that only one of them has a permanent job, the other has been in contract work since last November and while is being told she will likely be made permanent..she is not right now. Does this rule them out immediately with both traditional and non-traditional lenders?
The married couple are not especially well paid but would have a strong savings ethic and record.
They have a lump sum of €50k plus 2 school aged kids with no childcare fees (husband works nights).
Income:
Him (permanent) €31k p.a. gross (Edit: he also had an extra €6k o/t in the past year but obviously this is not guaranted)
Her (temporary) €23k gross when annualised.
They have a consistant savings record and having being paying rent of €790 pm for a number of years.
They have approached AIB who will not entertain them at all at any level.
The couple would be looking at a fairly cheap apartment in the West of Ireland so its not so much the mortgage amount they would be worried about, more the fact that they have been rejected outright.
Is there anywhere they can go from here?
They have been given 3 months to vacate their current home and rent on a similar property would be up to double what they are currently paying, very much out of their reach. They are a very hard working couple and I really feel for them in this situation
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