Couple with only one permanent job

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Feria50

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Hi all,

Asking for friends that have recently discovered that the property they are renting is being placed on the market and so have decided to try and get on the housing ladder in their own right.

The issue is that only one of them has a permanent job, the other has been in contract work since last November and while is being told she will likely be made permanent..she is not right now. Does this rule them out immediately with both traditional and non-traditional lenders?

The married couple are not especially well paid but would have a strong savings ethic and record.

They have a lump sum of €50k plus 2 school aged kids with no childcare fees (husband works nights).

Income:

Him (permanent) €31k p.a. gross (Edit: he also had an extra €6k o/t in the past year but obviously this is not guaranted)

Her (temporary) €23k gross when annualised.

They have a consistant savings record and having being paying rent of €790 pm for a number of years.

They have approached AIB who will not entertain them at all at any level.

The couple would be looking at a fairly cheap apartment in the West of Ireland so its not so much the mortgage amount they would be worried about, more the fact that they have been rejected outright.

Is there anywhere they can go from here?

They have been given 3 months to vacate their current home and rent on a similar property would be up to double what they are currently paying, very much out of their reach. They are a very hard working couple and I really feel for them in this situation
 
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Feria50 said:
The couple would be looking at a fairly cheap apartment in the West of Ireland
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Please tell me they will be moving from where they are now and not expecting to be paying 1600 a month to rent same in the west ? It's all relative. If they can buy cheap out west they should be able to rent cheap out west but in the greater scheme of things it looks like the only mortgage they would get would be about 100k i.e. 3.5 times 30k. Add a deposit and they would need to get somewhere for 130k. Sounds undo able even for the west.
Slightly off topic. are they claiming all theri allowances ? Have they put their name down for housing ? Rental could be an option if they can get HAP and actually get someone to rent from. Might be easier out west.
 
How much of a loan will they require as with 50k savings I'd Imagine the LTV should be fine, I'd say contacting a broker would be the next step.
 
Its Galway City and they are currently in a 3 bed semi-d.

Believe it or not it is possible to buy 2 bed apartment on the east side of Galway city for c.€150k (obviously the neighberhood might not be for everyone).

It appears that when AIB are calculating NDI for a married couple with 2 children, they are excluding the wife's income entirely due to it not being permanent. Thye are both EU nationals resident here for 15 years plus. They are claiming all relevant allowances from a tax perspective, they have never dreamt of putting their names down for housing and would be reluctant to seek HAP. Despite their situation they are very proud and would never have considered themselves badly off in anyway. They are not extravagent spenders and live well within their means, hence the lump sum despite modest income levels
 
If they put them selves down on the social housing list and have 3 mortgages rejections, they can apply to the council for a county council mortgage, think its part of the re-building ireland programme
 
+1 to the mortgage broker. It made all the difference in my case.

Something that caught my eye: it's a family of 4 and they're looking for a 2 bed apartment. It could become crowded sooner rather than later.

Just wondering if they got the right notice for the time they've been renting? It may be worth double checking.
 
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