mortgage on social welfare????

Hi,

I am looking into getting a mortgage but seen as most of my banking and finances are outside of Ireland, nothing shows up on my ICB report, like i dont even exist.

So im exploring the option of getting the mortgage solely in my girlfriends name but she only works part time and receives a top up from the social welfare, would she still be eligable for a mortgage?

She earns about 150 euro a week and gets 120 euro from the social welfare, I was looking to put down 20% deposit but could put 30% if required to strengthen it.

Also will the social welfare ask questions as to where the deposit came from? and what paperwork do i need to protect myself in case of seperation?

Thanks

Mark

I don't think you need worry about the technicalities of this as her chances of getting a mortgage with part time work on that income are basically nil. Social welfare will not be taken into account as an income for mortgage purposes.

the property we are looking at is only 60K and i can put 18K, is this still not possible.

As im self employed in another country would it be possible for me to be some sort of guarantor.

I still think it is unlikely, she can try a few banks but the part time income is all that would be considered and 150 p.w. would not be considered sufficient to live on without paying any mortgage. In fact the more I type the more I think there is not a hope in hell, she would not even have got a mortgage on that money in the boom times. The very fact that she is receiving social shows she does not have sufficient income to live on. A guarantor outside the country if not much use to the banks I would think, how would they chase you for the money if they had too, that's the way the banks think.

marv5053 said:

I am looking into getting a mortgage but seen as most of my banking and finances are outside of Ireland

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Would it be possible for Marv to prove his financial standing and get a mortgage here? Surely bank statements / accounts etc can be taken into consideration, even if they are from another country? If he has 30% deposit and the mortgage would only be 40K or so - would the bank consider him?

Marv, if you are buying a house, are you moving to Ireland permanently? will you not need Irish banking facilities? maybe in 6 months or so, the banks would consider you?

stephnyc said:

Would it be possible for Marv to prove his financial standing and get a mortgage here? Surely bank statements / accounts etc can be taken into consideration, even if they are from another country? If he has 30% deposit and the mortgage would only be 40K or so - would the bank consider him?

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Banks in Ireland don't really want to lend at the moment. So any application where there's something unusual involved will be rejected. Your plan might have worked a few years ago, but not now.

For Marv's income to be taken into consideration, he'll need to be living and working here, with Irish accounts.