If you have a deposit of €250k what are you hoping to borrow?
You must be planning to build/buy on millionaire's row!
That's a rather glib remarkOP could easily be looking to borrow E100K to buy a normal house, nowhere near "millionaires row".
@tomwal A good run of 6 months savings on top of rent would be the starting point. 6 month+ in same employment is also a big plus. Have you worked out the monthly payment on what you want to borrow vs what you are currently paying in rent and savings? This is basically what bank will assess - your ability to repay E1000 (or whatever) per month.
Thanks, yes will keep up the savings for sure. I'm concerned about what my p60 for this year will show if I apply next year - as I'll only have worked for 7 months, and they'll see that I've been unemployed. Should I wait til the year after and the p60 looks better? And are the banks even lending to people employed in construction, as I remember a few years ago they weren't?
Banks usually look back about 6 months. They'll look at all your accounts - Credit Union etc. so make sure all are in order.
If you can demonstrate ability to pay and get a letter from your employer stating that you are permanent there should be no issue about the time when you were unemployed.
Should you wait until the year after? All depends on your plans. You could make preliminary enquiries and see what the requirements are.
Thanks for the advice, I'll keep saving so and apply in a few months.
You will need 12 months continuous employment to make a mortgage application.
Steven
www.bluewaterfp.ie
You will need 12 months continuous employment to make a mortgage application.
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