Put on Wage Subsidy Scheme - Will this affect mortgage application?

Dubs1990

greengrass88 wrote: »

Anyone on the ewss have any further news re mortgage applications?

I'm going to be on the subsidy until it ends at the start of April, hoping we would be able to start talking to brokers before the end of this year so we can get things in order and then start looking at houses. Is it realistic to think we could drawdown in May 21 or an I being too optimistic?

Just to give you an update on where I am with my process. My wife is on EWSS , we are sale agreed on a property , underwritters have just asked for a letter from her employer stating her job security, and the position she holds in the company.

cubatahavana

Dubs1990 wrote: »

Just to give you an update on where I am with my process. My wife is on EWSS , we are sale agreed on a property , underwritters have just asked for a letter from her employer stating her job security, and the position she holds in the company.

This is good news, so they are really taking it case by case

Dubs1990

cubatahavana wrote: »

This is good news, so they are really taking it case by case

It looks that way , I should know by the end off the week if I get to loan offer. I will keep it updated here.

Aurelian

Dubs1990 wrote: »

It looks that way , I should know by the end off the week if I get to loan offer. I will keep it updated here.

Would you mind saying what lender that is with?

L1011

I'm looking to remortgage currently, got confirmation that my employer doesn't actually qualify for subsidy after having been on TWSS the entire time; so as well as the September payslip being "clean" from TWSS (by virtue of it not existing anymore); there's no EWSS there either nor likely to be in the future.

Will be interesting to see if it comes up; was waiting for at least one 'clean' payslip before applying. Mortgage to salary ratio is 1.2:1 so not a particularly high risk!

Janey100

Hi Everyone

After 5 months of being back and forth on the boards looking for hope ,mostly getting the opposite. We got our keys yesterday!!

Both myself and my partner were on the twss ,followed by the ewss . My broker told me to stay of the sites that he hates them and he has no worries but I refused to listen.

So what I'd say Is If your broker is confident it's because he knows how it works. He knows what "Case by Case" means and he knows what "strong application "means.

Stick to the professionals and not the keyboard warriors.

I'm off to furniture shop and best of luck to everyone!!

greengrass88

Janey100 wrote: »

Hi Everyone

After 5 months of being back and forth on the boards looking for hope ,mostly getting the opposite. We got our keys yesterday!!

Both myself and my partner were on the twss ,followed by the ewss . My broker told me to stay of the sites that he hates them and he has no worries but I refused to listen.

So what I'd say Is If your broker is confident it's because he knows how it works. He knows what "Case by Case" means and he knows what "strong application "means.

Stick to the professionals and not the keyboard warriors.

I'm off to furniture shop and best of luck to everyone!!

Brilliant news, congrats! Was one of you on the subsidy at drawdown? What bank did you get you mortgage with?

Janey100

greengrass88 wrote: »

Brilliant news, congrats! Was one of you on the subsidy at drawdown? What bank did you get you mortgage with?

We both are still on it, our drawdown happened to be the September payslip which didnt show it.

It was kbc.

greengrass88

Janey100 wrote: »

We both are still on it, our drawdown happened to be the September payslip which didnt show it.

It was kbc.

And they didnt ask for a letter from your employer to state you weren't on it?

Janey100

greengrass88 wrote: »

And they didnt ask for a letter from your employer to state you weren't on it?

Nope I had it ready to go too! I had everything ready to fight our corner but they just handled it all like it was a normal non covid life.

I look back and wish I had of had a few less sleepless nights but we are here now all that matters.

greengrass88

Janey100 wrote: »

Nope I had it ready to go too! I had everything ready to fight our corner but they just handled it all like it was a normal non covid life.

I look back and wish I had of had a few less sleepless nights but we are here now all that matters.

That's great for you. I'm on the ewss (my partner isnt), so maybe there is some hope

cubatahavana

Got loan offer from KBC. No mention of any letters from employer. Only latest payslip required for drawdown

greengrass88

cubatahavana wrote: »

Got loan offer from KBC. No mention of any letters from employer. Only latest payslip required for drawdown

Where/are you on the subsidy?

cubatahavana

greengrass88 wrote: »

Where/are you on the subsidy?

I was, then it was stopped to help with the loan offer, but they did not ask for a letter to check about the new subsidy (which I'm not sure if my boss is availing of, but I suppose he is)

Dav010

cubatahavana wrote: »

I was, then it was stopped to help with the loan offer, but they did not ask for a letter to check about the new subsidy (which I'm not sure if my boss is availing of, but I suppose he is)

When you say “it was stopped to help with the loan offer” does that mean you voluntarily took a lower wage to get the loan?

cubatahavana

Dav010 wrote: »

When you say “it was stopped to help with the loan offer” does that mean you voluntarily took a lower wage to get the loan?

No, My employer took me off it

Dav010

cubatahavana wrote: »

No, My employer took me off it

That is incredible. It must have cost your employer hundreds/thousands of € if they are giving up the wage subsidy they are entitled to help you get a loan.

greengrass88

cubatahavana wrote: »

No, My employer took me off it

I thought that individuals could not be put on or taken off the new ewss? Its paid directly to companies in receipt of it. Perhaps I'm mistaken

Dubs1990

greengrass88 wrote: »

I thought that individuals could not be put on or taken off the new ewss? Its paid directly to companies in receipt of it. Perhaps I'm mistaken

No you can't be taken of the ewss

permanent tsb asked my wife's job was there reliance of covid subsidy she's montessori so automatically gets the ewss , my wife's job said they are not relying on ewss for paying staff ( business is not down 30% ) actually busier with an extra class this year.

cubatahavana

greengrass88 wrote: »

I thought that individuals could not be put on or taken off the new ewss? Its paid directly to companies in receipt of it. Perhaps I'm mistaken

It was the old one, not the new ewss

Dav010

cubatahavana wrote: »

It was the old one, not the new ewss

How could your employer stop TWSS just for you? If your employer was claiming it, it would be applied based on the wages of all employees on payroll submitted to revenue. If they could stop it just for you, it would have cost them up to €410 per week extra to pay you, just so you could get a loan? I hope you appreciate how incredibly generous your employer is.

greengrass88

Looks like wage subsidies could be extended until end 2021 for certain sectors. Whilst this will helpful for businesses and help with job security, it might be bad news for those of us unable to get mortgage approval

Newhomebuyer

Is there a way wherein the banks can find out if the employer is awaiting of EWSS

greengrass88

Newhomebuyer wrote: »

Is there a way wherein the banks can find out if the employer is awaiting of EWSS

They can ask for letters of confirmation from the employer

brisan

greengrass88 wrote: »

They can ask for letters of confirmation from the employer

And if the employer knowingly gives false information they can be charged with fraud, or something similar

https://www.boards.ie/vbulletin/showthread.php?p=114620580

greengrass88

brisan wrote: »

And if the employer knowingly gives false information they can be charged with fraud, or something similar

https://www.boards.ie/vbulletin/showthread.php?p=114620580

Cant fathom an employer doing that but reading that it has obviously happened 😱

Very deflated with the extension of the subsidy today...been trying to buy for over 2 years already and it looks like itll be another 18 months now

cubatahavana

greengrass88 wrote: »

Cant fathom an employer doing that but reading that it has obviously happened 😱

Very deflated with the extension of the subsidy today...been trying to buy for over 2 years already and it looks like itll be another 18 months now

So, the help to FTB is not good?

greengrass88

cubatahavana wrote: »

So, the help to FTB is not good?

No, since I'm unable to get a mortgage I can't avail of HTB either

LaineyF

Hello

I am just wondering if there is anyone that might be able to offer advice. We have just applied for a mortgage as our landlord is selling the house that we are renting and we told him that we would love to buy it. But now my employer is on the Wage Subsidy Scheme. I have been told by a Mortgage Broker that I will find it very difficult to get Mortgage Approval because of this. I worked all thought the lockdown, I have had no loss of earnings as a result of covid, and neither has my husband. My employers provided a letter to the bank for me explaining that I am a key employee and in the event of another lockdown I would be still be employed. Now that yesterday's budget announced that they are extending the WSS until the end of next year, have I any chance???
We have the deposit, the stamp duty etc.
Any help would be appreciated.
Lainey

Graham

Mod Note

Threads merged. LaineyF, lots for you to read above...