cubatahavana wrote: » Solicitor received drawdown today from KBC. They asked for letter from employer at AIP stage. After that all was good. Didn’t ask for anything extra at drawdown
klose wrote: » What exactly is the letter they ask for at AIP stage? We have sent in all updated documentation to AIB as we are in the process of buying our house and still have not been asked for a letter, it took ages to get our original AIP so I assume we have been well audited.
TaDa wrote: » You had to provide a letter just to get the loan offer? I had only heard of a letter being needed at Draw down.
myke247 wrote: » We have been refused twice by one bank and still in process with another .. We are FTB with full HTB and great savings - not looking for huge loan amount and we have been refused for our sectors we work in... One of us on ewss and full wage and the other not. Asked if one in Ewss moved to another sector job and not on Ewss... Told check back in 6 months... Its pretty bleak out there just now... ��
Sonny LoSpecchio wrote: » My partner and I have our deposit sorted, our side pot filling up nicely my parter works on a fixed term contract witch wasn't a problem at first when we spoke to our broker, I work in construction and have been back in work since May, My partner not long after me she's in childcare, We've brezzed through everything until now, her company is claiming the wage subsidy and our broker is now saying the banks won't deal with us till she either leaves the job or the subsidy comes to an end, Really stuck between a rock and a hard place, we can go mortgage approved but can't draw down! Very frustrating, Anybody in similar situation?
greengrass88 wrote: » Seems to be happening a lot of people, anyone on subsidy will not get drawdown. Subsidy is being extended until end 2021 which makes matters worse unless the banks change their policies I dont see much changing
klose wrote: » Surely banks will take into consideration the areas of work people are in when on the ewss? I don't think they'd look to fondly on a bespoke business with a couple employees shut down because of restrictions compared to the likes of penneys? Ones likely to have issues in the future compared to others being safe when all this blows over?
greengrass88 wrote: » It doesnt seem to make a difference...once on the ewss it seems to be a no from all the banks (at least in my experience). I am in a secure job, employer has seen downturn due to covid yes, but the company will bounce back. My partner is a civil servant....this doesnt make a difference to the banks unfortunately.
TaDa wrote: » So you were given a resounding no? You receive the subsidy but your partner does not? I’d have thought that might stand to you if at least one is not in receipt while the person in receipt is in a sector that is hit but not to the same extent as some other sectors. I get the whole picture to why they are being cautious but this is potentially going to last another 6-12 months. Should I just leave my job in a well established company that receives EWSS as they have had a couple of recent good years in the hope I join a company that is not in receipt?
spiralout wrote: » Has the subsidy been officially extended? I thought it was to end in march?
TaDa wrote: » End of March and then 3 months off which is what some people have been quoted. If this is the case at least 6 months to drawdown But to answer your question, not extended from what I have read. When I said 6-12 I assumed the worst, which is wrong of me
greengrass88 wrote: » In the budget they said the subsidy would be extended to end of 2021
spiralout wrote: » Thanks. I thought I heard it was to be extended too but all the information I can find says it will end in march.
FinglasFollain wrote: » Banks constantly changing their minds on this. We were told in October AIB would consider progression to draw down on a case by case basis. We feel we’ve a very strong case (childcare and the fact 80% of our income is unsubsidised). Now they’ve decided to change the rules and are telling us drawdown won’t be considered until the subsidy is gone. Which given the government noises about extending it, doesn’t sound good. Looks like we’ll be locked out of home buying for at least another year, to add to the previous 6 months. It’s so disheartening.
brisan wrote: » While I agree it’s disheartening and in your case possibly unfair it’s just the bank being ultra cautious There was a case in the Sunday indo a couple of weeks ago where a mortgage was refused based purely on the sector ( aviation ) the applicant worked in He was not on a subsidy It was a mover mortgage and he already had a mortgage with the bank for six years with an impeccable repayment record They still refused based solely on where he worked
FinglasFollain wrote: » Whilst I agree with banks being cautious, surely the need for a blanket ban is outrageous. We have proved we can comfortably repay the mortgage with just one wage, more than the accepted 1.3 times stress test. We have letters to prove the company don’t need the subsidy but they’re taking it anyway. We’re looking for a 60% mortgage. Small risk compared to a 90% mortgage with a 4.5 times exemption but seems they can be thrown out. And then there’s the childcare thing. They’ve been classed as an essential service in governments eyes. They won’t be closing, laying staff off etc. They are getting the subsidy purely as a stimulus. But again, banks don’t care. Blanket no.
greengrass88 wrote: » It's so rubbish isnt it in your case especially. Have you approached any brokers or more than one bank?
FinglasFollain wrote: » Whatever about banks potentially considering, brokers hear the word subsidy and say goodbye. They’ve been of absolute no help, none have said they could proceed. We’re approaching all the banks basically in the hope they will assess on a case by case basis.
C575 wrote: » Try ICS. We went with them and fine for AIP with wage subsidy. They said they'd proceed to loan offer if you have a letter to confirm once the wage subsidy ends, you're pay will not be impacted. Will let you draw down once you have a payslip to show you're not on it, but considering the EWSS doesn't show - I assume they will ask for a letter to confirm this. We went through LFS (broker) in dunboyne and no issues with wage subsidy.
C575 wrote: » "Case by Case" like everyone else. They're potentially making a change to the EWSS for Jan. To get the EWSS, company needs to be down 30% Jan-Jun 2021 compared to Jan-Jun 2019. That may mean some will come off.
greengrass88 wrote: » What exactly is the criteria for it at the moment? Do they need to be down 30% for 2020 to be on it now?
