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Job Requirements for First Time Buyers

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  • 13-07-2008 3:16am
    #1
    alp
    Closed Accounts Posts: 2 ✭


    My husband and I are temporarily living in Australia for his job, an Irish company he has been with for 10 years. We have been saving to buy a place in Dublin at some point after we return. Upon our return, my husband will continue with his current employer, and I will be looking for a new job.

    Do banks have a standard requirement for the length of time one must be in a job before they can be approved for a mortgage? Obviously my husband's job won't be an issue, but if I start a new position how does that work? Would the banks take into account that my husband has been in his job for such a long period of time? I just want to get an idea of what to expect. I've been looking online for mortgage requirements, but haven't found anything relating to this.

    Thanks in advance.
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    #2
    jdivision
    Registered Users Posts: 4,260 ✭✭✭jdivision


    It used to be that you'd have to be in a job for six months but that may have changed with the collapse in housing prices


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    #3
    cance
    Registered Users Posts: 1,562 ✭✭✭cance


    its generally 6 months of wage slips and a letter from your employer stating that you are permanent full time.


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    #4
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,278 Mod ✭✭✭✭The_Conductor


    Its normally a letter stating that the job is a permanent job, and if the nature of the job means its on a payscale- what the max of the payscale is. A P60 showing your income in the previous year is also the norm.

    If you haven't got a P60 or other documentation- they may still be willing to offer you a loan, albeit at a higher margin- to reflect the greater risk to them.

    A large deposit that you have saved up is normally looked on very favourably when seeking a mortgage.......

    S.


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    #5
    seamus
    Registered Users Posts: 68,317 ✭✭✭✭seamus


    I got a mortgage at the end of last year. Needed 3 months payslips and a letter from my employer with the usual salary details, type of employment, etc etc.

    There's no specific requirement to have been in a job for a certain length of time - it's all about selling yourself to the bank. A good mortgage broker can help you paint your situation in the best possible light.


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