pooch90 Registered User
#1

Hi guys,
As indicated by the title, I'm wondering should I even dream of getting a mortgage.

I'm a permanent teacher, annual salary of 50k. Hubby has been a mix of self employed and working for a company. He has recently handed in his notice though. The self employed wages are sketchy at best and quite low.

We've about 10k saved and my mam could possibly top this up by 20k+
I've found a house I love that is 235k.

We've been paying rent of 800 And saving 450 a month. I applied for mortgages 2 years ago before we started this saving and KBC advised we'd need to save 150 a month to show our ability to pay 950/month for stress testing.
Is there any point even trying now that hubby will be back self employed and on peanuts? I'd be well able to pay the mortgage on my wages.

Should I just forget about it?

judeboy101 Registered User
#2

pooch90 said:
Hi guys,
As indicated by the title, I'm wondering should I even dream of getting a mortgage.

I'm a permanent teacher, annual salary of 50k. Hubby has been a mix of self employed and working for a company. He has recently handed in his notice though. The self employed wages are sketchy at best and quite low.

We've about 10k saved and my mam could possibly top this up by 20k+
I've found a house I love that is 235k.

We've been paying rent of 800 And saving 450 a month. I applied for mortgages 2 years ago before we started this saving and KBC advised we'd need to save 150 a month to show our ability to pay 950/month for stress testing.
Is there any point even trying now that hubby will be back self employed and on peanuts? I'd be well able to pay the mortgage on my wages.

Should I just forget about it?


If you are permanent take career break, 2 yrs in Emirates you could buy for cash.

Cash_Q Registered User
#3

Go to a broker, we did so and got approval while both on temporary contracts. By the time we found a house we were luckily both made permanent but we had approval before that.

I'm a teacher on point 8, husband works in admin on about half my salary, would have had less outgoings and slightly more savings per month. If your Mam is going to give you that 20k, get it now, easier for the broker to approach lenders when you have the money in the bank than on a promise

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pooch90 Registered User
#4

Leaving the country isn't feasible for us unfortunately.
Yeah I'm going to approach my mam and get that cash handed over alright.
I'm on point 12 of the pay scale and possibly applying for deputy principal position. So that's an extra allowance.
So you think a broker would be best plan? Did you use Cornmarket? Was that recently you got approved?

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brownbinman Registered User
#5

broker was great for us. Wife is teacher and I was on probation with new job. He did all hard work and we got good deal

No harm going to one as they'll know what your chances are. I think you've very good chance to be honest

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zig Registered User
#6

pooch90 said:
Hi guys,
As indicated by the title, I'm wondering should I even dream of getting a mortgage.

I'm a permanent teacher, annual salary of 50k. Hubby has been a mix of self employed and working for a company. He has recently handed in his notice though. The self employed wages are sketchy at best and quite low.

We've about 10k saved and my mam could possibly top this up by 20k+
I've found a house I love that is 235k.

We've been paying rent of 800 And saving 450 a month. I applied for mortgages 2 years ago before we started this saving and KBC advised we'd need to save 150 a month to show our ability to pay 950/month for stress testing.
Is there any point even trying now that hubby will be back self employed and on peanuts? I'd be well able to pay the mortgage on my wages.

Should I just forget about it?



Im not sure why you're so negative about your outlook? Roughly what wages does your husband take?


Everything you've said seems to point to being able to afford a 235K house. Although I say that assuming your husband is taking something, even small, but perhaps he's literally not earning, Im not sure.

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pooch90 Registered User
#7

He's just about to go back to being self employed(after 2 years in a company) so no real figures to present to a bank, even an estimate. And I'm just wary that they will want a few years of accounts, which he doesn't have.

Tbh I'm more positive about it. He's not. So I'm hoping some advice from here could push him into trying so I can get my dream house 😆

zig Registered User
#8

Ah ok, I see what you what you mean.


Based on your salary and your savings + gift you should be able to get approx €205K by yourself.


Its a tricky one alright to be fair, I see where your husband is coming from, they would probably want to see something at least regarding your husbands potential income if you're looking for more than $205K.


You would probably get away with not having a few years accounts stuff if he could show contracts and other stuff from his potential self employment work.


But if he has literally nothing to show yet then Im afraid they may only be interested in your income alright.


Id definitely have a chat with a bank though because really its only 30K more they would be making a decision on.

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Mark1916 Registered User
#9

How about you go as the sole applicant? Leave him out of the equation when applying for the mortgage considering he's currently unemployed.
No harm in you having a conversation with a broker about this as I would say it's a case for them

smelly sock Registered User
#10

judeboy101 said:
If you are permanent take career break, 2 yrs in Emirates you could buy for cash.



Whats the salary in the emirates for the a teacher?

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pooch90 Registered User
#11

Mark1916 said:
How about you go as the sole applicant? Leave him out of the equation when applying for the mortgage considering he's currently unemployed.
No harm in you having a conversation with a broker about this as I would say it's a case for them

They won't let us as we're married . I asked KBC and Ulster bank before.

nox001 Registered User
#12

judeboy101 said:
If you are permanent take career break, 2 yrs in Emirates you could buy for cash.


No you couldn't. Teaching in UAE is not very well paid for the first few years anyway. I know a number of teachers over there and they are on around the same (or less) take home pay than an equivalent teacher here. They get a bit of a bonus alright if they wait long enough but it might help towards a deposit not anywhere near the sort of cash needed to buy.

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pooch90 Registered User
#13

Zig, thanks so much for your replies.
I think I'm just going to have to nag him into giving it a shot. If they say no then fair enough. But tbh I would think my mam might offer to top up the difference in what we'd need (within reason) If anyone would touch us.
Would you think a broker or straight to the banks?

hanaimai Registered User
#14

Banks generally look for 2 years self employed accounts I believe do it doesn't look likely they will take whatever small amount your husband earns into account. Unlikely you will qualify for an exemption either, as they are generally reserved for the 'best' cases.

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nox001 Registered User
#15

hanaimai said:
Unlikely you will qualify for an exemption either, as they are generally reserved for the 'best' cases.


A permanent teacher is a very safe bet for the bank though so I wouldn't rule out an exemption.

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