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

gmannix1000

Hi All,

Employer has notified they have gotten the COVID-19 wage subsidy scheme last month.

My wages haven't changed but was hoping to apply for a mortgage in the next 3 months and was wondering if this would affect my mortgage application/amount in any way?... if anyone knows?

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Gemma_22

ianm1990 wrote: »

Now try it , please take what you read on this with a pinch of salt , for all I know my mortgage advisor got it wrong . Even with what I was told we are up the wall with worry as we are so invested into the property.

Yes we are trying to be positive but its so hard with all the set backs haha we have come so far at this stage its horrible to think it would all be wasted and like yourself really invested in this property. Fingers crossed it will work out

ianm1990

Gemma_22 wrote: »

Oh ok, the stage we are at is trying to get loan offer. So that looks like my letter saying I'm secure wont even work. We are both working full time too. Very frustrating

Now try it , please take what you read on this with a pinch of salt , for all I know my mortgage advisor got it wrong . Even with what I was told we are up the wall with worry as we are so invested into the property.

Gemma_22

ianm1990 wrote: »

This is just to give you an update where I am at with permanent tsb , I am at loan offer stage , contracts signed every document up to underwritters to draw down on Wednesday.

So regarding the EWSS my partner is on it aswell her manager stated on a letter even though they are receiving the EWSS its not directly going to my wife's wages ( there in the childcare sector) , we gave all those letters documents payslips etc up nearly 3 weeks ago ,

10 days ago we received our loan offer to go to drawdown. All our letters payslips passed at that stage

We then received a call on Thursday from our mortgage advisor that they have changed a policy that anybody who is now going from AIP to loan offer simple will be told no if they can not produce a letter from there employer that the COMPANY is not in receipt of covid , not just the person applying.

She is telling us this as worst case scenario incase they change the policy regarding people all ready holding loan approval. She also said that as we are both still working during this lock down , it's still looking good.

Oh ok, the stage we are at is trying to get loan offer. So that looks like my letter saying I'm secure wont even work. We are both working full time too. Very frustrating

ianm1990

Gemma_22 wrote: »

Hi,

Has anyone had any joy drawing down a mortgage while your employer is in receipt of the EWSS?

PTSB are requesting a letter from the employer stating they are not in receipt of it, but they are. Hoping a letter stating my employment is secure etc will be enough to get by. My partners job has not been effected and I am still working full time with no loss of salary. I assumed having a covid free payslip would be enough but no.

This is just to give you an update where I am at with permanent tsb , I am at loan offer stage , contracts signed every document up to underwritters to draw down on Wednesday.

So regarding the EWSS my partner is on it aswell her manager stated on a letter even though they are receiving the EWSS its not directly going to my wife's wages ( there in the childcare sector) , we gave all those letters documents payslips etc up nearly 3 weeks ago ,

10 days ago we received our loan offer to go to drawdown. All our letters payslips passed at that stage

We then received a call on Thursday from our mortgage advisor that they have changed a policy that anybody who is now going from AIP to loan offer simple will be told no if they can not produce a letter from there employer that the COMPANY is not in receipt of covid , not just the person applying.

She is telling us this as worst case scenario incase they change the policy regarding people all ready holding loan approval. She also said that as we are both still working during this lock down , it's still looking good.

Dolbhad

Gemma_22 wrote: »

Hi,

Has anyone had any joy drawing down a mortgage while your employer is in receipt of the EWSS?

PTSB are requesting a letter from the employer stating they are not in receipt of it, but they are. Hoping a letter stating my employment is secure etc will be enough to get by. My partners job has not been effected and I am still working full time with no loss of salary. I assumed having a covid free payslip would be enough but no.

The banks are aware that under the EWSS it doesn’t show up on payslips. My understanding was the government arranged it this way to get around the issues during lockdown 1.0 where banks wouldn’t let people drawdown on the wage subsidy scheme.

Banks have gotten around this buy asking employers for a letter. I expect, like earlier in the year, the banks may not let you drawdown unless your off the payment.

Graham

Mod Note

Threads Merged

Gemma_22

Hi,

Has anyone had any joy drawing down a mortgage while your employer is in receipt of the EWSS?

PTSB are requesting a letter from the employer stating they are not in receipt of it, but they are. Hoping a letter stating my employment is secure etc will be enough to get by. My partners job has not been effected and I am still working full time with no loss of salary. I assumed having a covid free payslip would be enough but no.

greengrass88

Aurelian wrote: »

I've been through a lot of horse trading with banks on this lately, it seems if your company is on the subsidy it is extremely hard to get a drawdown. Supposedly BOI have added a section to the salary cert form to say whether or not they are receiving supports.

I think this will only change if the banks start to need to do business with people and look on a detailed case by case basis.

I guess until we know more about the supposed new subsidy and what form it will take it's all guess work.

Aurelian

I've been through a lot of horse trading with banks on this lately, it seems if your company is on the subsidy it is extremely hard to get a drawdown. Supposedly BOI have added a section to the salary cert form to say whether or not they are receiving supports.

I think this will only change if the banks start to need to do business with people and look on a detailed case by case basis.

Graham

Mod Note

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

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

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

cubatahavana

greengrass88 wrote: »

Cant fathom an employer doing that but reading that it has obviously happened ðŸ˜±

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

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 ðŸ˜±

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

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

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

Newhomebuyer

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

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

[Deleted User]

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.

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

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.

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

[Deleted User]

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.

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

[Deleted User]

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

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)

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

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

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

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.