6 kids , earning €50k , refused mortgage

Jazz01

Frequent Poster
Messages
687
€50,000 is by no means a low income
It's on €50K Gross - but whether or not you agree with it, is neither here nor there (maybe a separate thread if it warrants further discussion ?). The OP looking for advice on securing a mortgage, anything else isn't adding to this thread.
 

michaelm

Frequent Poster
Messages
1,640
if you are in receipt of WFP it means (to the bank) that you are unable to sustain your family in your own right and that will seriously impede you.
I wouldn't worry about such. Ideally your numbers (budget & spending record) show that you don't rely on WFP and are able to save that and more.
Exactly, "low income families", €50,000 is by no means a low income
It's based on net pay. Thanks to tax individualisation a single income family can earn less than €45k before going on the top tax rate (for double income that's closer to €70k). WFP is in place to remove a welfare trap as otherwise those in receipt of same would fare as well if not better on welfare.
 
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Familyguysix

Registered User
Messages
10
Hi, guys thanks for all the advice.
Despite claiming FIS we would be comfortable on my salary alone regardless of no. Of children as we are quite prudent and have an older model people carrier hence no car finance or other loans. As stated our only loan is the mortgage.
We always planned to have a big family as we both come from big families, that said we always thought we would upscale to a big house long before now.
We will seek the advise of a few mortgage brokers.
Crazy to consider that back in the boom my bank tried to convince me to purchase another house as an investment !
 

RICH2808

New Member
Messages
2
I'm shocked by this, you earn €50k per year and you're entitled to an extra hand out from the State just because you decided to have six kids!
Don't blame people who take advantage of the system - blame the people who designed the system!

The OP is entitled to claim and they do.
 

Familyguysix

Registered User
Messages
10
Regarding working family benefit, I was entitled to it approx 4 years before I started claiming. Was only when a chap in the pub enquired was I getting FIS , I had no idea what it was and when I did make an application I was asked why I had not claimed previously.
They were shocked when I told them I had never heard of it
 

Nutso

Frequent Poster
Messages
498
Familyguysix, would it be at all possible to extend your current home? You can add up to 40m2 without planning and it might be a cheaper way to get the home you need without changing location.
 

Familyguysix

Registered User
Messages
10
This is one option we have budgeted for but would rather move to a bigger house rather than investing money which might not add the same value to the house, cost of extension!
 

Laughahalla

Frequent Poster
Messages
96
Why don't you just wait on a few years or stay put. The kids will be moving out one by one from any day now and the house will feel bigger as each one moves out.

No point having a house too big when they're all gone. It will be just the wife and yourself pottering around it.
 

Familyguysix

Registered User
Messages
10
Why don't you just wait on a few years or stay put. The kids will be moving out one by one from any day now and the house will feel bigger as each one moves out.

No point having a house too big when they're all gone. It will be just the wife and yourself pottering around it.
I think this is our most likely outcome
 
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