Is it fair to blame the Banks & Government if you cant get mortgage approval?

ELM327

ELM327 wrote: »

Please point me to any capital city where someone on minimum wage or a zero hour contract could purchase a property?

According to the poster if they could buy a house alone anyone can, which would include people on minimum wage or a zero hour contract, so you might want to take your question to them.

Also don't know where in the country someone on minimum wage or a zero hour contract would be able to buy a property, can you?

SnuggyBear

DubInMeath wrote: »

According to the poster if they could buy a house alone anyone can, which would include people on minimum wage or a zero hour contract, so you might want to take your question to them.

Also don't know where in the country someone on minimum wage or a zero hour contract would be able to buy a house/apartment, can you?

They could in certain parts of the country if they had a full time job and saved. I'm not including somome with a part time job.

SnuggyBear

SnuggyBear wrote: »

They could in certain parts of the country

Really a ready to walk into property, any examples and banks who will provide mortgages to people on minimum wage or zero hour contracts?

SnuggyBear

DubInMeath wrote: »

Really a ready to walk into property, any examples and banks who will provide mortgages to people on minimum wage or zero hour contracts?

You are glossing over the saving part and in taking about a full time job.

SnuggyBear

SnuggyBear wrote: »

You are glossing over the saving part and in taking about a full time job.

But according to yourself anyone can buy a house if you did.
Also minimum wage doesn't mean part time.

irelandpride

SnuggyBear wrote: »

You are glossing over the saving part and in taking about a full time job.

Wow take home pay is 1740 and living in the back arse of no-where. Arnt you great.

Everyone should move to the back arse of no-where and work basically minimum wage like you.

Even on a salary of 65K with a take home wage of 3700 a month people can't get a mortgage.

SnuggyBear

SnuggyBear wrote: »

I bought the house 3 years ago. Nice job playing the victim though.

Am I missing something? Cos i've been skimming, if im honest, and haven't fully read the thread, but are you suggesting that you make 24k gross per year, and bought a house using just a 3.5x mortgage and some savings that you built up on your own, 3 years ago?


Are you based in Leitrim or another such low-cost-property area, though? Or did you receive a "gift" from someone at all.

tom1ie

tom1ie wrote: »

Real problem is we don’t have an affordable rental sector with long term rental contracts like every other developed country.
Not everyone has to or can own a home.

Not only that, our apartments generally aren't designed as a long term option.

SnuggyBear

[Deleted User] wrote: »

Am I missing something? Cos i've been skimming, if im honest, and haven't fully read the thread, but are you suggesting that you make 24k gross per year, and bought a house using just a 3.5x mortgage and some savings that you built up on your own, 3 years ago?


Are you based in Leitrim or another such low-cost-property area, though? Or did you receive a "gift" from someone at all.

Ye you have it right. I saved all my life and put it with the 3.5 mortgage and I bought a house.

ELM327

DubInMeath wrote: »

According to the poster if they could buy a house alone anyone can, which would include people on minimum wage or a zero hour contract, so you might want to take your question to them.

Also don't know where in the country someone on minimum wage or a zero hour contract would be able to buy a property, can you?

Many moons ago I worked on min wage for €6 odd per hour. Now since I progressed, minimum wage has been upped to nearly €11.


€11 * 40hrs * 50 weeks (allowing 2 weeks unpaid leave) is 22,000.
€22,000 * 3.5 is 77,000.


Here's some houses ready to move in to that they could buy, just on the first 2 pages of daft search.


https://www.daft.ie/for-sale/semi-detached-house-45-sancta-maria-swinford-co-mayo/3220917


https://www.daft.ie/for-sale/terraced-house-blue-bell-cottage-dungarvan-co-kilkenny/3201879


https://www.daft.ie/for-sale/detached-house-10-brandon-park-st-johnston-co-donegal/3204377


They arent going to be able to buy a 6 bed in Dalkey, but our combined earnings are comfortably in the 6 figures as a couple and we can't either!


Minimum wage is not a career that would usually lead to someone being able to purchase a house. Generally at that level you would be eligible for social housing, for mortgage initiatives part funded by the state etc. Pobably best looking at HTB and finding a partner - 2 incomes make it a lot easier than one, but it can be done!

SnuggyBear

irelandpride wrote: »

Wow take home pay is 1740 and living in the back arse of no-where. Arnt you great.

Everyone should move to the back arse of no-where and work basically minimum wage like you.

Even on a salary of 65K with a take home wage of 3700 a month people can't get a mortgage.

Enjoy your high salary and extortionate rents

Geuze

Padre_Pio wrote: »

This is the problem.

Has there been a single government policy that reduced the list price of a house?
There's plenty of grants and tax schemes to reclaim money (if you meet the means test) but property prices are going up and up and nothing is being done about it.

Yes.

Why does the State make the same mistake over and over, by adding to demand?

FTB grants
Help-to-Buy
planned shared equity scheme


They never seem to want to boost supply.

Antares35

SnuggyBear wrote: »

Your parents wouldn't let you go back home for a couple of years? I don't know anyone who's parents wouldn't. In fact I know some people who never left the house in the first place.

I still had to save 80% of my wages. You think that's easy?

I'm living at home now, and I pay rent to my parents. My partner and I are in a position to buy in the next few months. It has nothing to do with being "let" do anything. I just wouldn't leech off my pensioner parents and then boast about it as some kind of achievement.

tom1ie

[Deleted User] wrote: »

Not only that, our apartments generally aren't designed as a long term option.

Yes and no. Some are some aren’t.
Own door apartments with access to gardens etc are fine for long term renting.
Problem is rents are too high due to HAP keeping rents high, lots of apartments are shoe boxes, and people all want to own their own property to have stability.
Long term rents would provide this.

SnuggyBear

Antares35 wrote: »

I'm living at home now, and I pay rent to my parents. My partner and I are in a position to buy in the next few months. It has nothing to do with being "let" do anything. I just wouldn't leech off my pensioner parents and then boast about it as some kind of achievement.

You moved home to buy a house and your having a go at me for doing it?

This whole thread has proved the ops point. Plenty of salty people having a go at me for saving and buying a house in a location I could afford.
Taking the piss out of my salary and for moving back home to save more money. I feel no shame for moving back home and no one should if that's what it takes.

Whatever, people can carry on complaining they can't buy a house when they won't do whatever is needed to buy a house.

Tork

Where are you living, SnuggyBear? You don't have to give an exact location.

SnuggyBear

Tork wrote: »

Where are you living, SnuggyBear? You don't have to give an exact location.

I'll just say its a smallish town. Average Irish town. An hour from Dublin.

irelandpride

SnuggyBear wrote: »

You moved home to buy a house and your having a go at me for doing it?

This whole thread has proved the ops point. Plenty of salty people having a go at me for saving and buying a house in a location I could afford.
Taking the piss out of my salary and for moving back home to save more money. I feel no shame for moving back home and no one should if that's what it takes.

Whatever, people can carry on complaining they can't buy a house when they won't do whatever is needed to buy a house.

Not everyone want's to live off minimum wage.

Should everyone do that now? I take it your single as well with no kids as 24,000 wouldn't be enough to support a family.

SnuggyBear

irelandpride wrote: »

Not everyone want's to live off minimum wage.

Should everyone do that now? I take it your single as well with no kids as 24,000 wouldn't be enough to support a family.

I never said I was on minimum wage. I was on 24k. I'm on 30k now if you must know. My point was that if you really want to buy a house you can if you save hard enough. I'm done explaining myself now to be honest. I'll be asked for my eircode next.

Geuze

Geuze wrote: »

Yes.

Why does the State make the same mistake over and over, by adding to demand?

FTB grants
Help-to-Buy
planned shared equity scheme


They never seem to want to boost supply.

It could be ideology. It could be corruption. Not sure.

There’s always someone on a thread on expensive housing in Irish cities who has bought a house in the backends of Leitrim or somewhere and that anecdote proves that housing is available to all. Also it’s generally years ago as if the concept of continually rising prices were beyond them.

eviltwin

SnuggyBear wrote: »

I'm just saying what I did. Obviously you can't do that if you have no parents. Most parents would be happy to help their children get ahead in life. I also saved while I was renting. I moved back home to get me over the finish line.

Well aren’t you lucky? Be grateful for the privilege and the advantage it gave you and don’t run down people who have had to do it alone.

Antares35

SnuggyBear wrote: »

You moved home to buy a house and your having a go at me for doing it?

This whole thread has proved the ops point. Plenty of salty people having a go at me for saving and buying a house in a location I could afford.
Taking the piss out of my salary and for moving back home to save more money. I feel no shame for moving back home and no one should if that's what it takes.

Whatever, people can carry on complaining they can't buy a house when they won't do whatever is needed to buy a house.

Where did I say I moved home to buy a house? Did you miss the part where I said I pay rent? I've also rented privately over the last decade and helped my parents out with their mortgage repayments, while paying for college fees so that I could upskill and essentially double my wages over the last two years. I didn't have to move home to do any of that.

I'm not having a go at you, but you're the one behaving as if leeching rent free off your parents is some kind of achievement, and judging others who cannot or will not do the same.

SnuggyBear

Antares35 wrote: »

Where did I say I moved home to buy a house? Did you miss the part where I said I pay rent? I've also rented privately over the last decade and helped my parents out with their mortgage repayments, while paying for college fees so that I could upskill and essentially double my wages over the last two years. I didn't have to move home to do any of that.

I'm not having a go at you, but you're the one behaving as if leeching rent free off your parents is some kind of achievement, and judging others who cannot or will not do the same.

Where did I say I didn't pay rent. I paid my way. I also paid rent for years away from home. Buying my house is an achievement, I'm proud of it.

Also I'm pretty sure I remember you saying you moved back home so you could buy a house on a different thread. Maybe a different poster.

handlemaster

Padre_Pio wrote: »

This is the problem.

Has there been a single government policy that reduced the list price of a house?
There's plenty of grants and tax schemes to reclaim money (if you meet the means test) but property prices are going up and up and nothing is being done about it.



A victim of the housing crisis?

Each generation says the same. This is nothing new. When you get to a certain age and want to buy its like the real world opens your eyes. People have and always will need to work and save to buy a home. Salaries are not the sames as the eighties. Interest rates. Car prices etc.

Antares35

SnuggyBear wrote: »

Where did I say I didn't pay rent.

Maybe the part where you said you earned 24k and saved 80percent of it.

By all means be proud of buying a house - it isn't an easy thing to do, which I believe is the focal point of the thread. But maybe stop sh*tting on others who didn't make the same choices you did.

Diemos

Antares35 wrote: »

Maybe the part where you said you earned 24k and saved 80percent of it.

By all means be proud of buying a house - it isn't an easy thing to do, which I believe is the focal point of the thread. But maybe stop sh*tting on others who didn't make the same choices you did.

I could be wrong, but he may not be sh!tting on them because they didn't make the same decisions that he made, but because they didn't make those sacrifices, they can't get on his level and piss and moan about the 'unfairness' of it all.

mohawk

SnuggyBear wrote: »

I never said I was on minimum wage. I was on 24k. I'm on 30k now if you must know. My point was that if you really want to buy a house you can if you save hard enough. I'm done explaining myself now to be honest. I'll be asked for my eircode next.

Look fair play to you. Some people have jobs that means a small town isn’t going to provide employment. A big commute costs money. Many people just can’t move back in with parents. Most people who do move home still pay rent to their parents.
You obviously take great pride in saving 80% of your wages. However, you don’t take into account that that it impossible for most people to save that proportion of their income because they are paying rent, groceries, bins, gas/electricity, broadband, transportation, phone. You also need to replace clothes and underwear periodically. Then of course there is the stuff like the doctor or the dentist. If you need a car to commute you could get a hefty mechanics bill.

I have only mentioned the necessities above. No mention of hobbies or the odd get together with friends. I can easily see why so many are struggling to afford a home. You were in a really privileged position when you were living at home compared to many others.

Donald Trump

SnuggyBear wrote: »

OK grand, enjoy renting for the rest of your life.

Why would I ever be renting? I don't even have a mortgage that I have to worry about losing my house if I don't pay it off. No debts at all or risk of any form of repossession. I'm also not the one giving the poor mouth about earning 24k a year. Good luck with your repayments over the next 25-30 years!

SnuggyBear

mohawk wrote: »

Look fair play to you. Some people have jobs that means a small town isn’t going to provide employment. A big commute costs money. Many people just can’t move back in with parents. Most people who do move home still pay rent to their parents.
You obviously take great pride in saving 80% of your wages. However, you don’t take into account that that it impossible for most people to save that proportion of their income because they are paying rent, groceries, bins, gas/electricity, broadband, transportation, phone. You also need to replace clothes and underwear periodically. Then of course there is the stuff like the doctor or the dentist. If you need a car to commute you could get a hefty mechanics bill.

I have only mentioned the necessities above. No mention of hobbies or the odd get together with friends. I can easily see why so many are struggling to afford a home. You were in a really privileged position when you were living at home compared to many others.

You just missed the part where I said I was renting and saving for years. I moved back home for 2 years to get over the line. I own a car and have all the life expenses you listed.I even had to take out 3k on a credit card to pay the solicitor fees.