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Getting Mortgage on house in Cork

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  • 22-05-2020 9:33am
    #1
    dilo1992
    Registered Users Posts: 9 ✭


    Hi,

    My husband and I live in Midlands and have 2 permanent jobs and good savings for deposit for a house.
    We have a chat with Bank on Mortgage next week.
    Do you guys think it's possible to get a mortgage with those 2 jobs in Midlands for a house in Cork ??
    I don't know what to say if she asks us "you're buying to live, how are you going to commute from Cork? nearly 3 hours? " ...

    Any advise is welcome ! :) thank you
    Tagged:


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    #2
    the beer revolu
    Registered Users Posts: 16,789 ✭✭✭✭the beer revolu


    Honestly, my advice is, don't seek important financial advice from random, unqualified strangers on the Internet.

    I'm not trying to be mean. It is genuine advice.

    See a mortgage broker, perhaps?


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    #3
    thequarefellow
    Registered Users Posts: 325 ✭✭thequarefellow


    dilo1992 wrote: »
    Hi,

    My husband and I live in Midlands and have 2 permanent jobs and good savings for deposit for a house.
    We have a chat with Bank on Mortgage next week.
    Do you guys think it's possible to get a mortgage with those 2 jobs in Midlands for a house in Cork ??
    I don't know what to say if she asks us "you're buying to live, how are you going to commute from Cork? nearly 3 hours? " ...

    Any advise is welcome ! :) thank you

    I think anyone would want to know the answer to this?...:o


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    #4
    namloc1980
    Registered Users Posts: 18,075 ✭✭✭✭namloc1980


    You've asked the obvious question the bank will ask you. Why are you buying in Cork if you work in the Midlands? There's no good answer to that unless you're buying it to rent it out?


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    #5
    punisher5112
    Registered Users Posts: 24,647 ✭✭✭✭punisher5112


    If you're planning on renting then it's a terrible idea to be honest and even more so now...

    Rates will drop as there won't be demand and many more will most likely be on hap as so many now won't have a job to go back to....

    You will be liable for tax on a rental, different mortgage altogether, LL insurance etc etc....

    Then be prepared for to cover the mortgage for at least a year before you can get non paying tenants out....

    The bank will definitely want to know this.


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    #6
    dilo1992
    Registered Users Posts: 9 ✭dilo1992


    Thank you, that helps a lot :) I think we will just have to get new jobs in Cork , move and then re-apply.

    Have a nice weekend all


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    #7
    dilo1992
    Registered Users Posts: 9 ✭dilo1992


    namloc1980 wrote: »
    You've asked the obvious question the bank will ask you. Why are you buying in Cork if you work in the Midlands? There's no good answer to that unless you're buying it to rent it out?

    I initially moved to Midlands cause that's where my husband is from, but I was raised in the city and that's where we decided to settle


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    #8
    namloc1980
    Registered Users Posts: 18,075 ✭✭✭✭namloc1980


    dilo1992 wrote: »
    I initially moved to Midlands cause that's where my husband is from, but I was raised in the city and that's where we decided to settle

    Ah I see. To be honest there's no hope of getting a mortgage in Cork until you have stable employment on Cork.


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    #9
    [Deleted User]
    Posts: 17,728 ✭✭✭✭ [Deleted User]


    If you can pay midlands housing cost and mortgage in Cork on current salaries, pass stress test etc etc it's likely a Cork property purchase could be mortgaged if ye earn enough and have a demonstrated history of saving enough etc etc.


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    #10
    Captainsatnav
    Registered Users Posts: 911 ✭✭✭Captainsatnav


    namloc1980 wrote: »
    Ah I see. To be honest there's no hope of getting a mortgage in Cork until you have stable employment on Cork.

    That's patently untrue. We currently live and work in Dublin and are bidding in Cork, mortgage approved by 3 banks. If you can remote work from home it doesn't matter where you buy a house. I won't be going back to the office after all of this either, maybe a day a week or so on the train, that's it. Better quality of life


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    #11
    namloc1980
    Registered Users Posts: 18,075 ✭✭✭✭namloc1980


    Captainsatnav wrote: »
    That's patently untrue. We currently live and work in Dublin and are bidding in Cork, mortgage approved by 3 banks. If you can remote work from home it doesn't matter where you buy a house. I won't be going back to the office after all of this either, maybe a day a week or so on the train, that's it. Better quality of life

    Long distance working from home isn't an option for everyone. Fair play it is for you but not for a large swathe of people.


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    #12
    pwurple
    Closed Accounts Posts: 12,449 ✭✭✭✭pwurple


    namloc1980 wrote: »
    Ah I see. To be honest there's no hope of getting a mortgage in Cork until you have stable employment on Cork.

    How can you make such a sweeping statement? I've never seen that as a condition on any mortgage application.


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    #13
    namloc1980
    Registered Users Posts: 18,075 ✭✭✭✭namloc1980


    pwurple wrote: »
    How can you make such a sweeping statement? I've never seen that as a condition on any mortgage application.

    I work in a financial institution - stable income and employment is pretty much a basic requirement for mortgage lending. Note sure what's so difficult to understand about that?? :confused:

    If you work 200km from where you plan to buy expect to be asked questions about that i.e. is it a BTL property purchase; do you plan moving there at some stage and if so what impact will that have on your income / employment. Any underwriter worth their salt will take it into consideration and expect reasonable answers.


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    #14
    [Deleted User]
    Posts: 17,728 ✭✭✭✭ [Deleted User]


    namloc1980 wrote: »
    Ah I see. To be honest there's no hope of getting a mortgage in Cork until you have stable employment on Cork.
    namloc1980 wrote: »
    I work in a financial institution - stable income and employment is pretty much a basic requirement for mortgage lending. Note sure what's so difficult to understand about that?? :confused:

    If you work 200km from where you plan to buy expect to be asked questions about that i.e. is it a BTL property purchase; do you plan moving there at some stage and if so what impact will that have on your income / employment. Any underwriter worth their salt will take it into consideration and expect reasonable answers.


    Taking into consideration is a tad different to the 'no hope'
    spiel you posted previously.


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