Get them to apply for a buy to let mortgage.
Get them to try the two pillar banks again. Try different branches if they're hitting a brick wall.
They'll need very good salaries (€100k+ each I think) & a minimum 30% deposit,
The house they look to buy must be rentable immediately*
The rent they can expect must cover the mortgage payment.
The rate they'll get will be 5%.
All items will be stress tested so they will need significant surplus net income at present.
I'm currently going through this process at the moment - 2 months into the process and yet to be approved. It is tortuous. Also, the mortgage officer said we were an exception to their rules.
*This puts an end to their plans for a doer upper which was our original plan. On a side note, some estate agents have told us that many houses needing work are not selling because the Banks won't lend for the purchase price and the costs of doing them up (houses needing material work €50k+). In those cases they'll only lend on the purchase price which means the house buyer has to fund improvements from equity rather than 80% debt / 20% equity. And apparently there's not many out with a large enough deposit (who also need a mortgage) to do this.