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Banks refusing mortgages when employer is on EWSS

  • 09-04-2021 02:25PM
    #1
    PCros
    Registered Users, Registered Users 2 Posts: 2,093 ✭✭✭


    So I was in the process of switching my mortgage to another bank and they refused due to my employer being on the Employment Wage Subsidy Scheme.

    I have no debt, no loans, decent amount of savings and both our monthly take home pay could cover the mortgage 5 times over

    I guess this is the way of things for a few months but its a bit annoying.


Comments

  • #2
    DarraghR
    Registered Users, Registered Users 2 Posts: 509 ✭✭✭DarraghR


    Horrible situation for anyone buying. We are fully approved but my fiancees company but we can't do anything. Deposit paid and all documents received. Nightmare


  • #3
    The J Stands for Jay
    Registered Users, Registered Users 2 Posts: 5,909 ✭✭✭The J Stands for Jay


    PCros wrote: »
    .
    both our monthly take home pay could cover the mortgage 5 times over

    I guess this is the way of things for a few months but its a bit annoying.

    If your employer requires government assistance to pay you, then the bank would be right to worry about your continuing income


  • #4
    DarraghR
    Registered Users, Registered Users 2 Posts: 509 ✭✭✭DarraghR


    Some of the biggest and most profitable company's are on the scheme and could do without but they choose to stay on it anyway.

    I get it benefits more than it doesn't but its quite harsh for people trying to get a house.


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