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Mortgage and permanent employment

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  • 08-09-2013 8:26am
    #1
    Worriedmind
    Banned (with Prison Access) Posts: 39 ✭


    Hi,

    Just looking for peoples experiences who may have been in a similar situation. My girlfriend was unemployed for a period and started a full time permanent childminding job in May. She's there 4 months now and at the start was subject to a 4 week probation period, which is now obviously complete.

    Although she's now permanent, will the bank still look for her to be in the job 6-12 months before giving us a mortgage?

    I'm the main earner and have been in my permanent job 9 years.

    Thanks


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    #2
    Marchbride
    Registered Users Posts: 188 ✭✭Marchbride


    Worriedmind wrote: »
    Hi,

    Just looking for peoples experiences who may have been in a similar situation. My girlfriend was unemployed for a period and started a full time permanent childminding job in May. She's there 4 months now and at the start was subject to a 4 week probation period, which is now obviously complete

    Although she's now permanent, will the bank still look for her to be in the job 6-12 months before giving us a mortgage?

    I'm the main earner and have been in my permanent job 9 years.

    Thanks


    I'm afraid so worried mind
    If you are applying together both earners need to be in permanent employment 12mths but you may be able to apply as a single applicant?


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


    You need to be in permanent employment with the same employer for 12 months to be considered for a mortgage. OP can you not apply for a mortgage in your name only?


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    #4
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    Some banks will accept 6 months in current role with probation period completed.


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    #5
    Trish56
    Registered Users Posts: 1,256 ✭✭✭Trish56


    killers1 wrote: »
    Some banks will accept 6 months in current role with probation period completed.

    That's interesting killers1, I thought they all now require 12 months. I know permanent tsb changed from 6 months to 12 months this year.


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    #6
    Worriedmind
    Banned (with Prison Access) Posts: 39 ✭Worriedmind


    Interesting. We spoke to TSB who said "it shouldn't be a problem". We have since received a letter and cert of approval in principle.

    I winder though will it become a much bigger problem for them when we formally apply next week?!

    Killers, who are the other banks who look for 6 months? Has anyone been successful while being permanent for just less than 6 months?


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    #7
    Trish56
    Registered Users Posts: 1,256 ✭✭✭Trish56


    Worriedmind wrote: »
    Interesting. We spoke to TSB who said "it shouldn't be a problem". We have since received a letter and cert of approval in principle.

    I winder though will it become a much bigger problem for them when we formally apply next week?!

    Killers, who are the other banks who look for 6 months? Has anyone been successful while being permanent for just less than 6 months?

    Worriedmind, I checked with permanent tsb this morning and they confirmed 12 months continuous employment. They also have a huge backlog of applications and are taking approx. 1 month to process and give a decision.


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    #8
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    ptsb's policy is that 6 months continuous employment is required as per their updated credit policy in June. They also have a tolerance to accept a shorter period if the overall profile of the application is strong. AIB & KBC will also consider applicants 6 months in a role with probation completed. With KBC you must either be 1 yr with current employer or 6 months & probation completed if you have been working for 2 full yrs without a break in between employments. ICS/BOI are the ones who are most strict on the 12 month rule but they will consider applications at approx. 10 mths..


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