Mortgage advice for trainee solicitor

L

legallady

Registered User
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Hi there,
I was wondering if someone here can give me some advise. I am a trainee solicitor in Dublin. My pay is roughly 20k. I am looking for a mortgage to buy an apartment in Dublin as paying over huge ammounts in rent just kills me as its dead money. I have a lump sum of 20k that I could use to pay the mortgage payments for the first two years until I qualify (I will earn roughly 55k then first year after qualification) My parents would be willing to go as garantors, and they own a few properties. Can anyone tell me what I should be able to get as a mortgage. I have heard that banks do take in to account the fact that I am a trainee and will be earning significantly more in a short period of time.
thanks in advance!
 
Re: Mortgage advise for trainee solicitor

Depends on several factors:
your parents income
your qualification and job prospects (have you been offered a fulltime position yet?)
type and price of property you are purchasing.
existing loans?

Talk to a broker would be my advise
 
Re: Mortgage advise for trainee solicitor

well thats what the newly qualifieds in my firm got last year anyway....

my parents income is around 70k I guess
I have a car loan which will be paid off when i get my ssia in March
I havent been offered a fulltime job yet, but from my experience and hearing stories from my friends etc, there doesnt seem to be much of a problem coming across work once qualified.
I would be hoping to buy an apartment as close to the city centre as I can.
 
ulster as far as I know, will take your future earning capability into account and lend 100% to 'professionals'
 
I was in your shoes a few months ago. ESB will offer 100% mortgage to certain professionals. They will also take into account the fact that you are a trainee and your future income will be greater once you qualify. One or both of your parents will need to be a guarantor though.
 
Hi Legallady,
I'm also a trainee and I just completed on my apartment. The Banks were keen to give me money but they are slightly wary about using future income as the base for their calculations if there are exams between you and qualification (I was post-PPC2 but hadn't got results at the time of my application). They were also looking for confirmation that you have a job lined up for definite.

The best they could do/offer me was at the next step on the salary ladder (easier to do in the bigger firms where they have structured salary scales, difficult to do in a small practice). They also looked for Guarantor for the difference between what I would be approved for on my own and the price of the apartment with same to be reviewed post-qualification until I could "cover" the whole amount myself.

Hope that helps. Good luck!!
Hi52
 
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