Mortgage Question

m.j.w

Hi just have a question about getting a mortgage and was wondering if anyone could give us an answer. My girlfriend and I are looking to get a mortgage as soon as possible and we are looking at somewhere around 200k. We have a deposit saved up already but at the minute im working as a second year apprentice electrician and she is at college. She is finished this year and has a contract with one of the big four accounting firms starting in sepetember. I know there is no way we could get a mortgage on the strenght of my wages atm but could we get one once she starts working in september or does she have to have so much time worked before she becomes eligible. I have checked a mortgage calulator and on the strenght of both are wages we can get 208k and we would only need 186k. Atm we are renting an apartment for 650 a month which is actually more than the mortgage would cost so we wanna buy as soon as possible incase the prices start going up again.

bills

I presume so once you are both in permanent jobs & have enough income to repay.
You will need probably 8% deposit though.

Toots

I don't know, it depends on whether or not your girlfriend is on probation when she starts with the company. If she is, then she could be let go at any time, or when the probation finishes she might not be kept on. I'd imagine it would depend on what type of contract she is on. I know my OH was an apprentice when we took out our mortgage, but I was permanent in my job so we were alright. That was 4 years ago though.

baaaa

It's a bad idea.Prices will be going down for ages yet and they won't shoot up again,the tiger is extinct.
You should enjoy the wide selection of ever cheapening rental property and your life instead of ripping yourself off to be frank.
It will be a nitemare when you break up/lose your job/want to travel/get work elsewhere.
Wait a few years,there's no ladder anymore.

Priapus

m.j.w wrote: »

Hi just have a question about getting a mortgage and was wondering if anyone could give us an answer. My girlfriend and I are looking to get a mortgage as soon as possible and we are looking at somewhere around 200k. We have a deposit saved up already but at the minute im working as a second year apprentice electrician and she is at college. She is finished this year and has a contract with one of the big four accounting firms starting in sepetember. I know there is no way we could get a mortgage on the strenght of my wages atm but could we get one once she starts working in september or does she have to have so much time worked before she becomes eligible. I have checked a mortgage calulator and on the strenght of both are wages we can get 208k and we would only need 186k. Atm we are renting an apartment for 650 a month which is actually more than the mortgage would cost so we wanna buy as soon as possible incase the prices start going up again.

Hi MJW,

so I gather from the info you provided you are probably early 20s and your GF is about to start an accountancy training contract. First thing that comes to mind is....what's the rush? You should try and learn from the mistakes other people made over the last few years, which was to rush into the purchase of a house cause they thougth they were missing out. It is a huge committment and you guys are at the start of your careers.

To be honest, I think you would be lucky to be approved for a mortgage at the minute. On the face of it (without knowing anything about the company you work for) a second year apprentice would be viewed as risky. Two reasons really, industry in downturn + only partly qualified, if you got laid off you'd be screwed. Your GF's situation is also not great at the moment. If she is entering an accountancy role with a view to do the exams she will be sitting pretty in a few years provided she sticks with it and passes her exams. But the bank has no idea at the moment if she will. Something close to 50% of people who start training contract with accountancy firms drop out.

I could go on but TBH at the moment you are the type of profile of borrower the banks want to avoid IMO. Another couple of years would make all the difference to your application. As I said at the start, what's the rush. I would recommend saving more, waiting to see how your GF likes the training contract. Rush in in haste, regret at leisure.

m.j.w

Hi guys thanks for the help! Just looking to get a mortgage atm because ive been renting for the past 4 years and over that period ive paid 32k (650 a month) in rent which is a complete waste of money. We are together 5 years so I dont think we are rushing into it together and the my job is practically garanteed because im working in industrial work and what we produce is not sold to the irish market but I know what yous mean about how the bank will look at it. Just hoping the fact that we have a history of saving (the deposit) and that we have no debt at all we might get one. Just dont wanna keep throwing my money away renting and I dont think prices will go down much further.

Atlantic Dawn

m.j.w wrote: »

Hi guys thanks for the help! Just looking to get a mortgage atm because ive been renting for the past 4 years and over that period ive paid 32k (650 a month) in rent which is a complete waste of money.

It's actually not a waste of money, if you would have bought in the last couple of years you would now be in negative equity. You are currently in a good position where house prices are declining, you should hold off until the end of the year to make any purchasing decisions, when the market is flooded with repo'd homes the prices will collapse further.