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Mortgage approval requirements?

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  • 16-02-2010 6:41pm
    #1
    pabloh999
    Registered Users Posts: 516 ✭✭✭


    I am wondering what do i need to get a mortgage, i have been out of work for a year, but will start back soon.
    We have a sufficient deposit and have been living off my spouses wage for the past year, paying 1200euro rent every month.
    My wifes wage would not be enough to get a mortgage but combined it would be no problem.
    I am wondering how long do i have to be back at work before we would be approved?
    Thanks


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    #2
    testicle
    Closed Accounts Posts: 5,430 ✭✭✭testicle


    pabloh999 wrote: »
    I am wondering what do i need to get a mortgage, i have been out of work for a year, but will start back soon.
    We have a sufficient deposit and have been living off my spouses wage for the past year, paying 1200euro rent every month.
    My wifes wage would not be enough to get a mortgage but combined it would be no problem.
    I am wondering how long do i have to be back at work before we would be approved?
    Thanks

    Normally 2 years, you must be permanent and not in probation.


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    #3
    pabloh999
    Registered Users Posts: 516 ✭✭✭pabloh999


    Thanks for the response,
    also we were out of the country for a good few years and only returned 2008, and (when i get up and running) i will be self employed But will be making decent money
    Not looking good for a quick mortgage?


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    #4
    AARRRGH
    Closed Accounts Posts: 12,382 ✭✭✭✭AARRRGH


    Definitely not looking good! Being self-employed is generally not viewed too favourably.


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    #5
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,279 Mod ✭✭✭✭The_Conductor


    2 years P60s, or in the absence of P60s- 2 years of tax returns.
    As you would be self employed, almost irrespective of the nature of the work- the norm is now that you would only qualify for a lower LTV mortgage, with a weighting (higher interest charge). A norm for a couple where one party (or more) is self employed, would be 80-85%, with evidence of having saved 15% for the deposit, the other 5% could be from other sources.


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    #6
    pabloh999
    Registered Users Posts: 516 ✭✭✭pabloh999


    I rang a mortgage broker place this morning and they said possibly 3 years tax returns under my belt before they will consider it.. bring back the subprime:mad:


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    #7
    fontanalis
    Closed Accounts Posts: 3,619 ✭✭✭fontanalis


    pabloh999 wrote: »
    I rang a mortgage broker place this morning and they said possibly 3 years tax returns under my belt before they will consider it.. bring back the subprime:mad:

    WHA!


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    #8
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,279 Mod ✭✭✭✭The_Conductor


    fontanalis wrote: »
    WHA!

    I have to agree with you about the Subprime bit- while they were not the architects of the housing bubble in Ireland, they certainly were a considerable causal factor in other markets. Further- by my reckoning, despite their tiny share of the Irish market, they account for almost 2/3 of all repossession orders being granted at present.

    OP- the entire mortgage industry here is on life support- and the rules governing mortgage approvals have reverted to previous cautious practices, which is harsh on a lot of people after an era of easy credit.

    In the longrun- saving as large a depost as possible, and having a lower LTV ratio- is good news for any borrower- though its fully understandable why people feel hard done by.

    S.


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