Mortgage Application Income Calculation Question

T

TC2015

Registered User
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I'll keep it simple.

Wife is working full time with same comany for 8 years. Has a good salary + bonus.

I am a public sector worker with 16 year services, but will have to retire on ill health grounds. No other option unfortunately and I love my job.

I am only 46. My illness is not life threatening, but is very debilitating.

Will AIB accept my income (pension + invalidity pension) as income for a mortgage switch from BOI??
 
I'm interested in your post and while I have no experience in the financial sector I did a quick Google search and one if the first hits I got was Ulster Bank. They have a list of approved payments that can be counted towards mortgage and both pension and invalidity pension are included. I guess all banks would have roughly the same conditions.
If you think about it they are both guaranteed payments for the long term, the only issue you may run into is the life insurance part depending on your condition.
Best of luck with your switch and retirement. I'd be grateful to hear how the application for early retirement went if you were willing to do a post on it as I'm in a similar situation to you.
 
Mam1996 said:
I'm interested in your post and while I have no experience in the financial sector I did a quick Google search and one if the first hits I got was Ulster Bank. They have a list of approved payments that can be counted towards mortgage and both pension and invalidity pension are included. I guess all banks would have roughly the same conditions.
If you think about it they are both guaranteed payments for the long term, the only issue you may run into is the life insurance part depending on your condition.
Best of luck with your switch and retirement. I'd be grateful to hear how the application for early retirement went if you were willing to do a post on it as I'm in a similar situation to you.
Click to expand...
Thanks for the reply. It probably will be this time next year before I apply for retirement. I have another 18 months of critical illness left. Our mortgage is due to come off fixed rate at the same time. I am disgusted that BOI don't offer their best rates to existing customers and wish to switch to AIB. We should be ok as regards 3.5 times income on my wifes salary alone, but we have two children so AIB might be strict. I am hopeful though as we have great credit records with AIB, personal loans, car loans, and have all our current accounts with AIB.

I sincerely wish you the best of health. Early retirement is not something I planned. I actually wanted to work until I'm 70 :)
 
If you are on full pay now or even half pay, it might make more sense to switch mortgage now? (I know you are on fixed rate but penalty might be low to switch- there's a thread on this. You should check this with your bank)
If you are on pension rate of pay obviously that doesn't apply.
 
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