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The government Home Choice scheme may be of some use to you?
Hi,
Myself and my girlfriend are currently attempting to secure a mortgage in order to buy our first home. The property I wish to buy is valued at €210k with a possible sale price of €200k-€205k. I am therefore looking for in the region of €184k to €193k given that I will be receiving a gift from a parent for the 8% of the value.
I originally applied to AIB who I have been with for 8 years and was declined as my current employment is not defined as permanent. We then tried BOI who told us the same. We would only be givin a mortgage based on her salary. The following are my and my partners details:
Me
Occupation: Trainee accountant
Employment: 3 1/2 year trainee contract ending in April 2011
Salary: 27,000 increasing to hopefully 30-32k in November
Monthly outgoings: €550 (rent), €80 (insurance)
Credit card: Yes with balance paid off each month, have never been charged interest
Savings: €2k
Other loans: No
Partner
Occupation: Office Staff (accounts)
Employment: Permanent
Salary: 27,000
Monthly outgoings: €550 (rent), €110 (insurance), €350 (car loan), €100 (Credit Card)
Credit card: Yes, current balance of €1k
Savings: No
Other loans: €15K car loan with appox. €10k balance
Can anyone please advise me on what I should do next after been rejected by both of our banks. I have some time off soon and wish to spend most of it trying to get this mortgage so any help would be greatly appeciated.
If our situation is bleak and you don't think we have a chance of getting a mortgage don't be afraid to say it because I am desperate to try and get this sorted if possible. Thanks
That scheme is dead in the water. I remembering reading that they had only received four applications several weeks after it was first made available. It's just an extension of the AHP, which will probably be binned at the next budget.
OP, as other have advised, wait until you qualify and gain a permanent position, save as much as you can (you've nothing worth considering at present) and clear all loans. Then you'll be in a far better position.
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