Resignation decision

atwal

Hi,

I own a house and the current mortgage of 200k is paid in half. I have plan to buy another house due to kids schooling. I am not sure at this point whether to put the current house on rent or sell.

The problem is my partner in the current Covid situation does not want to goto work, her employer has asked to resign if she does not joins. Her job needs her to be on the workplace. Due to issue with one of the family member's health, she is quite concerned to go to work and if she may bring the infection back to the family.
My annual salary is about 48k/annum and the pertner earns about 12k/annum.

Now my worry is if my wife resigns I may not get enough mortgage. Its very confusing, I cannot strongly advise her if she should resign. At one side its her concerning nature about health of family and another side has impact on mortgage application.

Let me know what you guys think if she should resign or not.

Thanks,
Atwal

road_high

Presumably then she has not left the house since March? No shops, no take aways, no visits to friends/family etc? I mean if she is that worried, all contact with the outside world would cease. Because following her logic through you can pick up the virus anywhere (not just workplaces).

o1s1n

I suppose look at it this way, your plan to get another mortgage isn't essential. You already have a house.

The health of her family is incredibly important, she's not going to get new family members if one of them dies due to this.

So as frustrating as it is for you and how it impacts your plans, health of family should be a higher concern.

On a side point, I don't really know the legalities of her boss just asking her to quit, might be worth talking to a solicitor about that?

XsApollo

What do you want to know?
If she resigns that you will not get a mortgage?
If you got the mortgage even is she resigned would that bother you?
You need to go to a bank and find out if you can get a mortgage On your salary alone.

48k x 3.5 plus your 20% deposit is what you are theoretically allowed to borrow.
They will take 2000 a month for yourself and the wife and 250 for any subsequent children.
Also your current mortgage payment on top of that and any other debt, childcare costs.
Then you are left with an idea of what you can afford to pay in the banks eyes.

If you plan to rent the current property that will come in as some form of income depending on the rent vs mortgage cost.

Go to a bank and discuss with them.
Is getting the mortgage the only reason she can’t leave her job?

atwal

Yeah, if she leaves here job, the mortgage I would receive on my own salary would be lesser and may not be enough in the area I am targeting.

Yeah she was not going out sue to covid concern. Was absolutely careful.

She has no plans to stay jobless (if she resigns) but she wants the current situation to settle down more and there is more sense of security. She thinks she will target a job which has no direct contact with no of people. At present she is in retail and also travel by public transport. She will try to target a job in office settings. She was trying for it but the job market was so quiet.

My worry is she resigns and even if she gets a new better job, for a new mortgage with her, we will have to wait for 1 year before she becomes permanent etc.The prices will be far from reach then.

Thanks.

atwal

Another factor is she was in receipt of covid 19 payment. If you read today's Irish times, looks like there will problem for Mortgage applications for such cases. Not sure if she goes to work or not mortgage will get affected a bit.

https://www.irishtimes.com/business/financial-services/aib-introduces-frightening-mortgage-rules-and-halts-lending-to-covid-payment-recipients-1.4290956

o1s1n

atwal wrote: »

we will have to wait for 1 year before she becomes permanent etc.The prices will be far from reach then.

Thanks.

On that note, it really is impossible to know what way house prices are going to go, they could just as well drop in price in that time period and you could get it cheaper.

OMM 0000

She should resign.

Rikand

I also think she should resign. Family first

JustAThought

if she resigns she will be putting herself out of a job and so will make herself ineligable for social welfare payments or unemployment payments. If her salary was just 12k it will hardly make any difference in any mortgage you will get but your broker/bank can advise you best - ask
them to calculate it provisionally on the lesser figure also.

As regards her legitimate fear of infection, death or infirmity for 12k its hardly worth the risk, surely.


I assume this thread is not a joke.

Strumms

road_high wrote: »

Presumably then she has not left the house since March? No shops, no take aways, no visits to friends/family etc? I mean if she is that worried, all contact with the outside world would cease. Because following her logic through you can pick up the virus anywhere (not just workplaces).

You can control your environment somewhat in shops, food premises, with friends / family.... in a workplace your employer still has the final say. They will be making decisions based on the wellbeing of customers and their bottom line with employees coming a distant third, to them you are replaceable... the wellbeing of customers and balance sheets will be priority.

When I go to buy some gym stuff tomorrow, if I hit elverys and there are too many people ? I’m off to grab a coke, checking back in 20.... my decision, my call..

An offer of an alternative work environment as a compromise might work.