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Supports for single people looking for a mortgage?

  • 04-05-2022 7:51pm
    Registered Users Posts: 304 ✭✭

    House prices and mortgages frequently come up in conversation in the staff canteen, particularly amongst the younger teachers (30 or so) who are looking to buy. One complaint I keep hearing is how disgraceful the lack of "support" for single people is.

    When did this become a thing? What "support" do single people feel they should get exactly?

    I asked one of my single colleagues what "support" she thinks she should get and her answer was just rambling & complaining. The answer was mostly a combination of

    1. The bank should make an exception for singles an loan more money
    2. The government should provide a deposit subsidy for singles
    3. If i can pay rent every month an exception should be made
    4. Different application process for single people

    How exactly do people think this nonsense would work? Single supports would obviously be open to abuse and not to mention how unfair it would to married couples.

    Its interesting to note that a lot of these single people all seem to have the latest smart phones, expensive car loans and seemingly taking holidays and trips at every opportunity now that restrictions have wound down. But not terribly interested in saving.



  • Posts: 1,010 ✭✭✭ [Deleted User]

    The first steps to making mortgages affordable is to remove the "supports" culture, as any supports just get added onto the purchase price of the house and into the pocket of the developer/estate agent. Supports including housing charities and councils buying up houses in private estates make normal home unaffordable for people who actually contribute

    I hope you sold your single colleagues some magic beans, a secure high return investment, that can go towards purchasing a house

  • Registered Users Posts: 7,781 ✭✭✭YellowLead

    Supports sounds ridiculous - but I do feel that you should be allowed to borrow more than 3.5 times your income. As long as you can prove you have been saving or paying rent.

  • Registered Users Posts: 25,147 ✭✭✭✭Strumms

    With what’s happening I doubt the government want to encourage single Irish people to jump on the property ladder let alone help them.

  • Registered Users Posts: 621 ✭✭✭Sonic the Shaghog

    I will say one thing I have seen myself is a lot of the ones moaning all have the top tier iphone and paying circa €60 a month, are nearly in new Nikes every 2nd month and spending the guts of 100 every week or 2 on clothes, car on the guts of 100 PCP a week and then expect a summer holiday plus numerous city breaks in the year

    I'm only 33 and can't get over the amount of ones my age that have fallen back into Celtic tiger habits despite seeing what trouble it eventually brings

    Even couples that have managed to get a house are maxing out credit cards for trips to Dubai etc and then 2 months later off skiing it beggars belief

  • Registered Users Posts: 4,859 ✭✭✭Deeec

    They should be reminded that they probably won't always be single.

    I also have friends like this who spent money on travelling the world, designer clothes, expensive cars etc and moan about how they can't afford a house. The truth is they have become accustomed to the finer things in life and can't save. It's their own fault that they can't afford a house but they can't actually see that. The truth is if they cut back their lifestyle, saved and lowered their location expectations they could afford a property.

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  • Registered Users Posts: 2,817 ✭✭✭Northernlily

    Currently saving for a mortgage and I've just decided to kind of give up rather than stress over it. By kind of giving up I'm mean not stressing over the mortgage savings account.

    It's gone into the phase where too many investors see Ireland as a dead cert. People won't be able to compete with that.

    15% year on year increase soon to be 20%

  • Registered Users Posts: 304 ✭✭JizzBeans

    Definitely true, if a bank gets one look at some these peoples statements, then no amount of support will help!

  • Registered Users Posts: 621 ✭✭✭Sonic the Shaghog

    However I will add I do know there are a lot of cases of people on decent wage that would be able to afford a mortgage compared to rent or the area their from for example Dublin is gone crazy just talking on some of what I've seen

  • Registered Users Posts: 13,579 ✭✭✭✭Dial Hard

    I suspect they were mostly just venting, tbh. It is incredibly frustrating even just renting as a single person and it's become almost impossible to compete with couples in the market for one-beds.

  • Registered Users Posts: 304 ✭✭JizzBeans

    Any suggestion to reconsider location seems to cause shock & offense. Crazy sense of entitlement around location.

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  • Registered Users Posts: 1,341 ✭✭✭miezekatze

    I've had this conversation with colleagues too over the years. It must be tough for single people to try and buy their own place in all fairness, but some people are seriously deluded. One guy felt he should be able to buy a house (not apartment) in the part of Dublin where he grew up, he's from there after all and his parents bought a house there on one income 40+ years ago. I'm not sure how he would expect that to be even remotely possible, realistically he wouldn't be able to buy a house there with a partner on a similar income either. When my husband and I bought our house, we realised we had to make a lot of compromises and save for a good while to be able to afford it, some people just seem to expect to have everything handed to them.

  • Registered Users Posts: 4,859 ✭✭✭Deeec

    No problems having a phone but does it need to be the latest in technology. Alot of the 20 and 30 something's that I know have 3 hols per year + several weekend breaks. They are wasting so much money that could be used to save for a house. Would 1 holiday per year not be enough?

  • Registered Users Posts: 25,147 ✭✭✭✭Strumms

    For years the ‘ we have kids’ brigade use the fact that they have procreated as a means or want to get every preferential treatment and consideration going

  • Registered Users Posts: 2,817 ✭✭✭Northernlily

    90k a year here, which isn't even enough.

    34, have a 2008 car, live in Dublin cc renting, zero finance outstanding, pay as go phone, no family to rely on to help me with accomodation to save. No travel

    My jobs here, my relationship is here, paying 2k a month in rent it's **** tough to get the few bob together and when I'm losing a huge amount of it on tax I get **** all from even tougher. I out earn the missus 4/1. Her job is here aswell.

    Its the rent trap that's the killer and recent electricity hikes even worse.

    There's a smell of stop eating avocado and toast off this thread. What is lost on people is, people should be able to live their lives aswell. New mobile phones lol, would you ever **** off with that crap.

    Ireland is absolutely fucked from a housing perspective, fucked. It's gone far worse in the past year so people need to empathize with the challenges of today.

  • Registered Users Posts: 4,859 ✭✭✭Deeec

    You sound like your doing your best. The only thing I would say to you is do you really need to rent in the city centre. You would get a better deal renting in Louth, Meath, Kildare etc rather than Dublin city centre. You would have more left to put into savings for a deposit.

  • Registered Users Posts: 3,660 ✭✭✭Buddy Bubs

    That's 4660 a month take home for you and your missus should be taking home most of her salary too so you've defo got over 6k a month. Take your 2k rent and a very generous 1k for essentials like bills, groceries, car running costs and you still have 3k to spend and save. You're spending it on something if not saving.

    And with a deposit of 10% you'll get a mortgage of 385k putting you well into the 400s for a house price

    Don't come on here saying 110k isn't enough, because it is, and at 34 you didn't just start earning 90k all of a sudden you would have earned well for years.

  • Registered Users Posts: 2,817 ✭✭✭Northernlily

    I don't but my missus does. (Govt Dept, don't know why she bothers it's pure shite) She needs to be in work every day where I just need to be in one day.

    I take your point, it's something to further look at although I have found availability of quality accomodation at a reasonable price is very poor in a lot of places.

  • Registered Users Posts: 621 ✭✭✭Sonic the Shaghog

    That's what I was thinking too. Like 90k is €1,099 a week and he says his OH is on about 1/4 that so we'll say €22,5k which €388 a week. That's €5,948 a month between them and €3,948 after rent

    Combined income by 3.5 is €393,750! Ok maybe won't get a place in D4 and no offense to you NL but Jesus Christ!

    The only thing I can think of is they might be plowing a lot into pensions or be paying for a lot of medication or something.

    Edit: lily you should look into the exceptions to the 3.5 rule where they'll lend 4.5 times, usually for people on min 50k I'd say youd have a good chance

    Post edited by Sonic the Shaghog on

  • Posts: 0 [Deleted User]

    How exactly do people think this nonsense would work? Single supports would obviously be open to abuse and not to mention how unfair it would to married couples.

    Unfair to married couples? Why? Two income streams vs one. Oh sure, the married couple might have children, but often that's not the case. Anyway, there are a wide range of supports/benefits to being married in Ireland..

    They should be reminded that they probably won't always be single

    And you should be reminded that many will... There's heaps of people out there who never get married. I seriously doubt I ever will.

    As for your example, it doesn't relate to the difference in how single people are treated in society compared to those who are married. A married couple behaving as you described would be able to return to Ireland, and receive those benefits/supports for being married, regardless of how they behaved previously.. whereas a single person wouldn't.

    Still.. I do agree, in part, that people need to lower their expectations, and stop thinking that they should be able to get their forever home with their first purchase. Invest, purchase something worth renovating, resell.. rinse and repeat under you have the reserves needed to get the house you really want.. but your expectations should match what you can afford.

    All the same, though, is that society places greater importance on married people over those who are single. It is what it is.. and not going to change.

  • Registered Users Posts: 23,246 ✭✭✭✭Dyr

    You're competing against investment funds and government backed charities, you can forget about it. You're essentially bidding against the taxpayer for a house

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  • Registered Users Posts: 19,275 ✭✭✭✭Donald Trump

    Maybe put a bit more effort into your dating game and get a better missus who can pay her way 😉

  • Registered Users Posts: 4,177 ✭✭✭Fandymo

    A ban/punative taxes on REITs would be a support.

    A massive housebuilding campaign would be a support.

    Government backed long term rental schemes would be a support, perhaps with some tax breaks for the landlord the longer the rental.

    An easier eviction policy would be a support.

    Higher taxes on those who rent out over 10 houses would be a support.

    All of the above would be a support for everyone in the housing market. Single, married, looking to buy, looking to rent, everyone.

  • Registered Users Posts: 980 ✭✭✭Fred Cryton

    Banning REITS would just stop new development. Do you think no new homes would help the market?? Because the banks cannot lend anymore at scale for new home development. Where else is the money coming from.

    However a tax break on rental income for smaller landlords would definitely help to increase supply. But not populist measure so likely won't happen.

  • Registered Users Posts: 8,240 ✭✭✭Esse85

    Do many people borrow more than 3.5 times their salary?

    Seems an enormous noose to be putting around your neck.

  • Registered Users Posts: 1,153 ✭✭✭DataDude

    “However a tax break on rental income for smaller landlords would definitely help to increase supply” -

    Irelands construction sector is already approaching/at peak capacity. Offering preferential tax treatment to non owner-occupiers would do nothing but drive up prices further to the point that net yields returned to the equilibrium of current levels with no benefit to anyone but existing landlords.

    Nothing could be more disastrous for people looking to buy home than even more demand from non-owner occupiers given the already significant dominance on the demands side from REITs, charities, small landlords, local authorities etc.

  • Posts: 0 [Deleted User]

    There's a limit on number that they'll give them to. Think you'd need to be making 80k or more to granted it as a single person.

  • Registered Users Posts: 13,927 ✭✭✭✭Potential-Monke

    There's about the same amount of supports for a single person looking for a mortgage as there are supports for a single person looking for help with their mortgage. None. Zero. Zilch. Get in a relationship, doesn't have to be a good one but has to be a relationship. Then you'll have supports, before and after. As a single person in Ireland, you are to shut up, pay your taxes, get literally nothing back, and be happy.

  • Posts: 0 [Deleted User]

    Ireland is incredibly focused on relationships and marriage. Single people don't get no love. Makes me sad. Kinda.

    Oh, and your partner needs to be in Ireland. If she's in a foreign country, you're single in the eyes of the State.

  • Registered Users Posts: 25,147 ✭✭✭✭Strumms

    It’s true, the single person is literally an afterthought….

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  • Registered Users Posts: 4,859 ✭✭✭Deeec

    But suppose the government do issue a range of supports to help single people buy and 30 year old Jane avails of these supports and buys a home. She meets the criteria because she is not married or cohabiting. What she failed to reveal though is that she is actually in a relationship for the last 5 years and as soon as the sale goes through her partner moves in with her.

    Any supports for single people would be open to fraud. It just wouldn't be fair to couples.

    Of course it is hard for single people but not every person who is single will remain single for the rest of their life. We could then have situations where both partners avail of the single supports and effectively get a big leg up the property ladder that isn't available to couples.

    I do feel for people who are likely never to be in a long term relationship though but how do you prove that you will always be single.