Job Requirements for First Time Buyers

alp

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.

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

cance

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

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.

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.