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Mortgage Approval

  • 13-07-2013 4:44pm
    #1
    imalwayshappy
    Registered Users, Registered Users 2 Posts: 121 ✭✭


    Hi Guys,

    We got mortgage approval in January but never drew down the loan. I have since changed jobs and am on a 12 month contract but my wife if permanent.

    Does anyone know what are the odds of getting mortgage approval on a 12 month contract? I'm in the financial services and most positions are offered on a contract basis.

    We both have good savings history and a large deposit. I don't want to get credit scored and be refused because my position is not perm.

    Thanks


Comments

  • #2
    bmc3
    Registered Users, Registered Users 2 Posts: 1 ✭bmc3


    hi, I know that this is an old post but was just wondering how things worked out for you as I am in a similar situation now


  • #3
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    I don't think lenders would be happy to lend on a 1 year contract based on the fact that you will be looking for a mortgage over circa 25/35 year term. They will be looking for repayment capacity based on permanent employment.

    What would happen if your contract was not renewed after the one year, how would pay your mortgage?


  • #4
    jon1981
    Registered Users, Registered Users 2 Posts: 4,359 ✭✭✭jon1981


    if you're approved and all the paperwork is done the banks wont check again unless you're passed the expiry period of the loan offer. I wouldn't give the OP a hard time about it. Whether he takes a contract now or 5 yrs into the mortgage, the bank can't do anything about it then!


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