Employment contract and mortgages

What sector do you work in? Your partner's teacher employment status is accepted within the leding sector but two "temporary" incomes might cause a problem unless your industry is accepted as similiar.

Sarah

www.rea.ie

(Getting back into work mode ahead of Monday, sorry, Tuesday morning!!)
 
I think you should be OK for up to €360,000 as a 100% mortgage as long as you can show a consistent work history over the last threee years. One question I know the lenders will ask though is why don't you have any savings with a monthly net income of €5000?

Sarah

www.rea.ie
 
Given that more base rate increases are expected you might want to opt for either a fixed rate and/or a longer term to ensure that the repayments stay within your buget. For example €360,000 on a 3 year fixed rate of 4.69% (currently - due to go up) will cost you €1613 a month net over 35 years, €1732 over 30 years. A tracker rate of 1.1% over the ECB base rate will be 4.1% after last week's increase will come in at €1609 net over 30 years or €1483 over 35 years.

Without knowing your circumstances I can't make any definative recommendations but I hope the above is of use to you.

Sarah

www.rea.ie
 
Thanks Sarah. That's been a great help.

A good point about maybe taking on a longer term, I'll look into that, although I presume that if my circumstances were to improve in future years, i could reassess the mortgage and shorten it if I wanted?
 
Yes, on any variable/tracker mortgage you can make over payments at any time without penalty to reduce either the monthly payments or the term.

Sarah

www.rea.ie
 
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