First Time Buyer (but in new job)

[Mindy]

Hello,

Just a quick question on applying for a mortage as a first time buyer.

I am in a new job since December '05. The job is a 12 month contract with the first 6 months a probationery period. The job is in the civil service and it is very likely to continue at the end of the year. (However this is likely to be another 12 month contract)

I returned to college as a mature student 2 years ago and last year only had part time work. (therefore my earning last year are not very impressive). Prior to returning to college I had quiet a good job in a private company.

I am just wondering how this will be viewed when I apply for mortgage.

Thanks

Mindy !!

 

[kaza]

Hi Mindy,
My brother was in a similar situation with his job when applying for his mortgage. He was only working for the company for 3 months and was on a 6 month probabtion period - before this he lived abroad for five years so had no job/credit history here in Ireland. He attained his mortgage with EBS - the condition was that he take out a 40 year mortgage so as his repayments would be lower. That was a year ago and his job is now permanent so he was recently able to reduce his mortgage term.
This might be an option for you also.
Regards,
Kaza