Do banks take length of time in job into account when lending?

[thejuggler]

Does anyone know whether banks take factors other than earnings into account when deciding whether to give a mortgage.

For example I have been employed by the same firm (Consulting Engineers) for ten years. Does this stand in my favour when applying for mortgage approval? (even though its part of the construction sector).

Is it better to go directly to the banks or through a broker these days? Is the bank you currently have a mortgage with more likely to give you another? Just wondering which approach to take.

 

[Towger]

Yes, but after a couple of years it will not make much difference. They do look at the type of business and company, "Consulting Engineers" would now be considered high risk. For example I know someone who could not get a mortgage and after years of trying was told by the bank manager it was because he worked for the Irish Press, he moved job and got his mortgage. 10 years later the Irish Press eventually went bust.

 

[NorfBank]

One lender will not deal with anyone related to the construction industry, one requires you to be three years with the same employer, the others will look at your case on an individual basis.

Re broker or bank, I'm a bit biased but if you do a search there are loads of opinions on broker v direct. There are pros and cons to each.

On whether your own bank will give you a mortgage, nobody here can answer that question but if you think there is loyalty out there in the banking sector then you may be in for a shock.

www.moneybackmortgages.ie

 

[corkmike]

Hi,
I have just changing jobs. I have moved into a permanent full time job in the phara industry. I was of the understanding that I would only require a 6 month probationary period for this type of job and I would qualify for a mortgage. Am I correct?
Regards
Mike

 

[ontour]

I was of the understanding that I would only require a 6 month probationary period for this type of job and I would qualify for a mortgage.

There is no single factor that qualifies you for a mortgage. Lenders have different rules regarding the person and the property that they are willing to lend to.

Even where different lenders use the same factors about employment such as sector, size of firm, location, role and length of service they can all assign different weightings and rules.