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First Time Buyer - Fixed Term Contractor

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  • 29-04-2009 7:21pm
    #1
    hdunne
    Registered Users Posts: 76 ✭✭


    Hi, I am 26 years old and have been working professionally for years but always a a fixed term contractor. My question is do you need to be a permanent employee ti get mortgage approval? would it be easier now that the banks need business? any help is appreciated!
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    #2
    dny123456
    Closed Accounts Posts: 431 ✭✭dny123456


    you need a few years audited accounts. i think it used to be 5 years, but i could be wrong.


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    #3
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,279 Mod ✭✭✭✭The_Conductor


    You do not need to be a permanent employee to get a mortgage (but it helps).
    The area you are working in will assist in getting a mortgage (certain sectors are far more resiliant than others).
    As per above- several years of certified accounts are the norm.
    It is not easier to get a mortgage in the current climate- if anything its gotten a lot more difficult.
    The norm is now 80% mortgages if in secure employment (i.e. civil servants, doctors etc) subject to a maximum of 5 times primary income + 1.5 times secondary. In no cases are bonuses or overtime allowable as reckonable income for mortgage purposes.

    Many people consider this harsh- but its actually a return to normal prudent lending practices.


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