Central Bank LTI rule for a Carer's gross income

Discussion in 'Mortgages and buying and selling homes' started by Betelgeuse, Sep 14, 2017.

  1. Betelgeuse

    Betelgeuse Registered User


    My wife and I have a disabled child who requires full time care. I work full time outside of the home and my wife is our child's carer. As such, she receives Domiciliary Care Allowance and Carer's Allowance incomes.

    I had planned on applying to UB for a mortgage in Q4 2017, but am now worried that the Central Bank 3.5 times LTI rule won't consider our true gross annual income, and that this will greatly affect what we can borrow.

    I've reversed what we can comfortably afford as a stressed monthly mortgage payment into a loan amount and it greatly exceeds 3.5 times our combined incomes (when every form of income is considered).

    I'm now thinking that I might be best waiting until 2018, and seeing if the bank will treat us as an exception case with regard to the LTI rule.

    Would it be worth going to the bank now even for a chat to find out how they perceive our situation?

    Would a broker perhaps be better at presenting our application than we might be?

    Do we have any chance of having these incomes recognised by a bank at all?

    Apologies if I'm not painting a clear picture here, I can throw up figures if it would help.