Desperate for advice....


First time poster, am in a real conundrum. If anyone could advise it would be brilliant.

Myself and my Fiancee were due to apply for a mortgage in 6-9 weeks. Today, my Fiancee lost her job. This is naturally a tough time emotionally, but we have to figure out now what we can do for a mortgage.

With this in mind, I have a few questions. Any advice is welcome.

  1. If my Fiancee got 1-year contract work - I assume banks still don’t look on this too kindly and require a person to be in a permanent full time role to consider their income for the application?

  2. If my Fiancee got a steady part time job, once her probation period was up would the banks take 3.5 times her salary into account, or because it’s part time would they offer less?

  3. If we were to apply together now, would we meet any criteria? My salary is 35k, permanent full time. Take home pay per month = 2343. Usual lending criteria is that 2k must be left over per month for expenses for two adults. This leaves 343 per month for a small mortgage. However, online calculators (e.g. KBC) say that this doesn’t meet requirements for approval in principle. So, is it a non runner to apply jointly on my income?

  4. As we are not yet married, I believe I can still apply as a single applicant? In this scenario, what are the legalities if I purchase alone and my Fiancee moved in after a time? I understand that after a certain period of time the person who moved in acquires rights to the property. That is fine and outside of the scope of my question here - my question is that if I apply alone on the basis that I would be the only person living in the property, purchase the property and ask my Fiancee to move in after a couple months, do the banks consider it a fraud application as two people would now be living there, and seek legal recourse to recover the loaned funds? In short, am I allowed under law to buy and then invite someone to live with me rent free?

Please help advise if you can.

Thank you.

Sorry to hear that, really tough break for you and the other half.
I wouldn’t have much advice – but probably worth talking to a good mortgage broker I would have thought.

Hi Tough break and welcome to the pin.

I dont have any specific advice either other than talk to a mortgage broker who may be able to navigate you around this.

Life throws curve balls at you all the time and it doesn’t stop trust me on this. You just have to roll with the punches.

Let us know how you get on.

Edit: Amended: Posting while over the leagal limit for using the Internet

Make a single application on one income or wait until she is in stable work and then apply jointly.

She’s not a dependent so has no negative impact on the lending criteria regardless of whether she will live in the property with you.

Hi All,

Thank you very much for the advice, much appreciated.

@Terra Incognita I’m sorry to hear of your own difficulties, you’re all correct in that curve balls are thrown in life. It would actually be easier to deal with this one if we had a mortgage (my salary would cover it and bills etc for the few months til a new job was found).

Can anyone help with query 2) on the part time job.

I will also consider a mortgage broker as well.

Thanks very much.

It’s a very long time ago but I was this soldier. Luckily at the time the economy was coming out of recession. The OH got a PT job which they wouldn’t count for borrowing purposes (we were fine anyway on that score). They insisted an a parental gaurantee for 10% IIRC. Mortgages were maybe 20-25% of todays size I am guessing. I got this to be conditional on a proper job being found. Within the year the job was found and the gaurantee shredded. The only downside was that certain people put it about in family circles that we had received “help” from the parents, which we had of course but the implication was that it was dosh - but that is probably something others wouldn’t have to concern themselves with.

The previous list of woes was pretty grim.

What did you get for Christmas - dysentery?

Sorry to hear about this. Life throws hard things your way some times.

Are you planning to buy a ‘forever’ home together? Or just something to cover your needs for a few years?

Married life even with a child under three is feasible in an Irish apartment. Buying is much better value than renting for apartments outside Dublin.

Would it make sense to buy something modest for now, keep waiting and wait for job circumstances to improve, and then buy something big in a few years time?

Thanks much! The idea was to buy something in between - somewhere we could comfortably love for 10 years plus that could be manageable as a forever home if needs be.

Buying something modest (2 bed in d15 etc) would make sense, but it would be a good half year before I could do that under my name as a sole applicant. Then it can take months to finalize the sale upon which I’d be married and unable to draw down as married couples can only apply on a joint basis. So I’m left with potentially having to lose a bunch of deposits paid for the wedding so far and trying to get the money together for a wedding a year or two after.

Will banks notice? We started process on income x and with one child.

We drew down with income 0.95*x and a second child. The bank didn’t notice even when we turned up to sign documents with a newborn in tow.

They would, they require salary certs completed by each person’s employer. As my Fiancee has lost her employment, they wouldn’t have a form for her.

At this stage I can only really apply alone.

Sorry I was not clear. They may not notice that you get married.

Ah, I get you. Do we legally not have to provide that info though?

I have no idea. Worth checking with a broker.

Hi Mantissa, thanks very much. I guess so but would rather be upfront. If I can get a home alone before getting married it seems like the best option, unless my Fiancee gets a job far enough before that time to purchase a house with me. I guess it’s either try find something adequate in a few months when I have more savings, or push the wedding back.

Thanks very much Mantissa, much appreciated.

I’m going to concede that the rental market here will never be ‘normal’ (compared to our continental neighbours) so I might as well buy. I have a reasonable deposit, thankfully.

Could you Pinsters in the know advise if it would be better to apply to a bank (I’m with TSB) for a mortgage or use a mortgage broker? If the latter, who would you recommend?

Thanks Pin!

I recently approached a broker as I was looking for an ‘unconventional’ mortgage, in the end I just went straight to the bank. I found the MB was pushing me towards a vendor with less favorable rates. Seemed pointless. Found UB good to deal with, KBC, not so much, both were offering same rates for my LTV level.

If you are applying direct to banks, don’t necessarily just apply to your current one. Especially if your current one is PTSB, who don’t have very good rates in most cases. It’s worth looking at … ys.197714/ (though I think it’s slightly out of date on KBC’s latest changes). I found applying to banks fairly painless and never bothered with a broker, though in my case it was a very simple application (PAYE employee, no debt, property in Dublin, not looking for any exemptions).

Same as with any large cost item, check around and see from at least 3, ideally 5, providers what they can offer you with regard to rates, APRs, durations, etc.

Lay them out in a table and do the comparisons by weighing them up.