Housewife on Mortgage?

leburg

Hi I'm looking for some advice, Am in the process of saving for a mortgage still a few months away before we are ready.

I earn 55k plus guaranteed overtime as it's part of my role(oncall) which adds about 20+.
My partner works in the evenings and on Saturdays which unfortunately can't be counted as it's cash work.

The houses we are looking for my salary would cover the loan required but obviously my partner would rather have her name on the mortgage understandably so.

My question is can we apply as a couple, To have both names in Mortgage? My partner looks after our baby so isn't planning on going back to work for a while unless there is no other way.

Thanks in advance.

Wesser

Cash work!!???

bee06

If you're married she has to be on the mortgage.

laotg

The bank would be the best for advice on that I reckon.

4ensic15

The bank always want more people on the mortgage. More targets if it goes wrong!

LirW

bee06 wrote: »

If you're married she has to be on the mortgage.

This. You'd even have a hard time going for a single application if you're cohabitating and have a kid, but not being married.
Talk to a good broker, if there are kids involved, this can get a bit complex.

somesoldiers

Yes you must have wife on mortgage, though you will be assessed as a single income.

Back of a beer mat calcs coming up...Let's say your take home is 4,000 p.m the will take off the living cost of two adults and a child (1,000 * 2 + 250) leaves 1,750, they will minus the cost of any loans let's say you have a car loan + personal loans of 500. This will leave you with 1250 pm that you can afford to pay back on a mortgage in their eyes. They will do some stress testing on this, what will happen if rates go up etc so they will probably decid you are able to afford a mortgage or 1,000 pm.they will stretch this out over the term depending on your age and decide how much they are likely to give you.
This will then be assessed against what you are currently paying in rent and saving, if over the €1000 them you're good.

Obviously 1000 pm is not likely to be huge depending g where you live will determine what you can buy. Cavan 5 bed, Dublin shoe box flat.

But wife not having an income that you can include makes a big difference.if it is effecting your numbers is there any way to get her on the books?

Of course different banks will do things different, some will include children's allowance as income etc So best to go to a broker.i am just basing my numbers on me struggling to get a mortgage of 250k on an income of 80k with 2 "drains on income" 1 stay at home wife 1 kid

Good luck

jlm29

She's not his wife, according to the OP, she's his partner.

Lady is a tramp

Would ye not have a better shot at getting the mortgage if she were to declare her income?

The_Conductor

jlm29 wrote: »

She's not his wife, according to the OP, she's his partner.

They have a child together- even if they're not legally married, they would be considered to be a in a common law relationship, and the OP's partner would be afforded the selfsame rights a legally married couple would have (however, she would also have the same obligations- i.e. she would have to be listed on the mortgage, if she is to live in the property- if, on the other hand, its an investment property in which neither the OP nor their partner reside- she doesn't have to be on the mortgage).

In an Irish context- the fact that they are a family unit (complete with a baby)- is key- and would be treated as such by any lender.

Mrs OBumble

No reason why cash work cannot be counted - you are also paid in cash.

If the issue is that it's under the table, then she needs to woman up and pay her dues.

If its only casual work, then it won't count so the amount of mortgage you can get will depend on your salary alone.

Nothing to stop her name going on the mortgage as far as i can see.

leburg

Thanks for the replies, She wanted to go in the books but her boss does not want to put her on them. It may be time to look for a new job it's just the hrs suited us with the baby.

Currently we are paying €1200 a month rent on an apartment and that comes straight out of my bank by standing order. We have a small car loan of about 3k and very small debt on credit card(only €800 and I pay more then the minimum balance) this gets cleared every 2-3 months we just used it for this years holiday. Understand holidays are not the best way to save but we said this would be the last and after having the baby it was needed.

idealy we want to apply together but wanted some advice on options.

The_Conductor

Shes off the books- aka no PRSI and/or other contributions- its cheap for the employer- but she is working wholly in the black economy. Its 100% definitely not going to be counted towards a mortgage application- however, paid overtime or bonuses- normally don't count either. Talk to a broker and see what you can arrange.

Grolschevik

leburg wrote:

She wanted to go in the books but her boss does not want to put her on them.

She can register as a self-employed contractor with Revenue, and leave the employer's name out of it.

Requires annual tax returns, so less money in pocket if over a certain amount. Also the bank may require a couple of years audited accounts before considering her income for mortgage purposes.

The_Conductor

Grolschevik wrote: »

She can register as a self-employed contractor with Revenue, and leave the employer's name out of it.

Requires annual tax returns, so less money in pocket if over a certain amount. Also the bank may require a couple of years audited accounts before considering her income for mortgage purposes.

Would also involve PRSI, USC and other deductions- that she is doubtless not making at the moment..........

To be honest with you- I'd look for a job elsewhere- and promptly shop the employer to Revenue. Tax evasion costs everyone.

secondrowgal

The_Conductor wrote: »

They have a child together- even if they're not legally married, they would be considered to be a in a common law relationship, and the OP's partner would be afforded the selfsame rights a legally married couple would have (however, she would also have the same obligations- i.e. she would have to be listed on the mortgage, if she is to live in the property- if, on the other hand, its an investment property in which neither the OP nor their partner reside- she doesn't have to be on the mortgage).

In an Irish context- the fact that they are a family unit (complete with a baby)- is key- and would be treated as such by any lender.

I don't think that this is correct, Conductor? According to:

http://www.citizensinformation.ie/en/birth_family_relationships/cohabiting_couples/property_rights_and_unmarried_couples.html

"Cohabitants (cohabiting couples) do not possess the same legal rights and obligations as married couples or civil partnerships."

somesoldiers

jlm29 wrote: »

She's not his wife, according to the OP, she's his partner.

Oh thread title says "housewife" regardless is still 2 dependents given the situation explained in OP

LirW

secondrowgal wrote: »

I don't think that this is correct, Conductor? According to:

http://www.citizensinformation.ie/en/birth_family_relationships/cohabiting_couples/property_rights_and_unmarried_couples.html

"Cohabitants (cohabiting couples) do not possess the same legal rights and obligations as married couples or civil partnerships."

Recently been there. Throw a kid in the mix and it doesn't matter to the lending institute if you're married or not. We talked to a couple of brokers and the only chance to apply as a single applicant is when you completely cut ties, which would mean move out an pay maintenance.

secondrowgal

LirW wrote: »

Recently been there. Throw a kid in the mix and it doesn't matter to the lending institute if you're married or not. We talked to a couple of brokers and the only chance to apply as a single applicant is when you completely cut ties, which would mean move out an pay maintenance.

Thanks LirW.

I was referring to the statement that they had the same legal rights. Don't think that's correct.

The_Conductor

secondrowgal wrote: »

Thanks LirW.

I was referring to the statement that they had the same legal rights. Don't think that's correct.

I should have added- 'in the context of purchasing residential property' (though I thought it was obvious from my post- obviously not, mea culpa).

LirW

secondrowgal wrote: »

Thanks LirW.

I was referring to the statement that they had the same legal rights. Don't think that's correct.

Technically not but once there is a child around in a lot of cases you'll be treated like a married couple in reality.

leburg

If she was to go self employed we have been told Banks would not look at her wages for 2 years.
Ideally she would get a new job with hrs that suited us as if she was to get one and pay child care that would be deducted and we would be no better off.

Sorry just to clear up we are not married currently.

The_Conductor

Guys- thread cleaned up.
Please address the OP and their issue- no more conspiracy theories, illegal advice, veiled threats or suggestions of any manner of illegalities.
If you're posting- please be helpful to the OP- and comply with the charter governing posting in this forum.
Thankyou.

jlm29

The_Conductor wrote: »

They have a child together- even if they're not legally married, they would be considered to be a in a common law relationship, and the OP's partner would be afforded the selfsame rights a legally married couple would have (however, she would also have the same obligations- i.e. she would have to be listed on the mortgage, if she is to live in the property- if, on the other hand, its an investment property in which neither the OP nor their partner reside- she doesn't have to be on the mortgage).

In an Irish context- the fact that they are a family unit (complete with a baby)- is key- and would be treated as such by any lender.

Thanks for clarifying. I wasn't being pedantic, I didn't know if it would make a difference or not!

Gumbo

Better to have both on the mortgage.
Worse case is that something happens to either of you, insurance pays out and doesn't leave the other with the full payment.