Small mortgage as contractor

[Nilafhiosagam]

Hi, hoping I could get some info on whether a mortgage is even possible in my relatively unusual circumstances

We are fortunate enough to own an apartment with zero mortgage which was bought outright a number of years ago. Because of when it was bought, there is a CGT exemption in place and no CGT will be due on the sale of the property (Finance Act 2012). It is worth about 250k. In addition we have 50k in savings. We would be looking for approx 100 to 150k from the bank.

Neither me or my partner are on permanent contracts. She's been in her current job for over 6 months now. I have been in mine for a year and 3 months at this stage. We have a combined pre tax income of approx 70k.

What our our chances of obtaining a mortgage in the current circumstances?

 

[Brendan Burgess]

Are you saying that you are planning to sell the apartment. You will have €300k and want to borrow a further €150k to buy a house for €450k?

When you say you are contractors - are you self-employed or are you ordinary employees but just not in permanent jobs?

As your case is non-standard you should go to a mortgage broker who would present your case in the most favourable light.

Brendan

 

[Nilafhiosagam]

Hi Brendan

We are ordinary workers just not in permanent positions

We would be selling the property and borrowing 100-150k to buy a house 400 to 450k

 

[PGF2016]

We would be selling the property and borrowing 100-150k to buy a house 400 to 450k

Your loan to value is very good. You should be low risk for the mortgage provider (depending on your industry / profession) so your chances should be high.

 

[Nilafhiosagam]

Thanks for the feedback. I'm in pharma and she's in retail. She has a degree, I have a PhD so hopefully that will work in our favour