Getting a mortgage with covid wage subsidy

M

Mikefromcork

Registered User
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hi all
I am looking to get a mortgage, my employer has the wage subsidy scheme. I called into aib today and they said I couldn’t get a mortgage if my employer is paying part of my wages with the scheme.
does anyone know any banks that are accepting clients that are on the scheme
Thanks for the help
Best wishes
Mike
 
It’s essentially ‘social welfare’ you are on. What is general area of work. How long do you think it will take things to return to normal?
 
Hi,
Banks aren't currently issuing mortgages to anyone on the wage subsidy, but you might be able to start the process and get approval subject to your wage going back to normal without the scheme. You'd currently need a payslip showing full salary payment from your employer.
There are a lot of people in your position. People didn't have a choice about their employer applying for the scheme. I'd expect the banks to move pretty quickly on policy changes once people start coming off the scheme, so no harm having everything else lined up and ready to go.
 
Any idea of how many payslips required when you come off Covid payment before banks will issue loan offer?
 
No reason that more than 1 payslip would be required. But don't be surprised if there's an additional declaration required to be signed by employer. I think AIB already have this.
 
We are looking to switch our mortgage currently and AIB have just told me they wouldn't look at us when my husband is on the wage subsidy scheme. He needs to be back to full pay before they consider us. Didnt state for how long but needs a payslip without it on it.

I assume its the same for all the banks.
 
related question - I want to do a joint application - I am still working and I am the main income earner - my wife is on the COVID payment. Around 50% of the deposit is in her bank account.
I want to make a joint application and the bank only taking into consideration my salary - but also her bank account for the deposit.

Is that possible? As AIB is making problems on that - I have a call scheduled with them tomorrow.
I do not see why it should not be to asses only me and her with zero.
 
Cathbarr said:
We are looking to switch our mortgage currently and AIB have just told me they wouldn't look at us when my husband is on the wage subsidy scheme. He needs to be back to full pay before they consider us. Didnt state for how long but needs a payslip without it on it.

I assume its the same for all the banks.
Click to expand...

PTSB have inserted a clause in the offers they are making for remortgaging stating you can't be on the wage subsidy....
 
anyone any idea how long after moving from wage subsidy that you may be considered? Would you have to show a number of months salary certs again? Thanks
 
We are currently going through switch mortgage with KBC and there is one salary showing covid subsidy. So far we've been told that it is not affecting our application. Received an approval in principle last week and a phonecall yesterday saying we should be able to draw down by the end of the month. I guess we'll see.
 
dubdub123 said:
anyone any idea how long after moving from wage subsidy that you may be considered? Would you have to show a number of months salary certs again? Thanks
Click to expand...
AIB stated to me they need just one payslip after covid payment ended.
 
Our local branch representative from AIB had gotten back to me since my conversation with the phone centre. They can take the portion of non covid wages into consideration now. You also only need one payslip showing full wages she said.
 
dubdub123 said:
anyone any idea how long after moving from wage subsidy that you may be considered? Would you have to show a number of months salary certs again? Thanks
Click to expand...
One normal payslip and a declaration from your employer that you are back as a full-time employee.
 
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