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

12357

Comments

  • #202
    [Deleted User]
    Posts: 24,714 ✭ [Deleted User]


    cubatahavana wrote: »
    I think being on probation is pretty risky for a bank now, more than any subsidy

    Never got the big deal with probation, it’s a total formality I’m 99.9% of cases.


  • #203
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    cubatahavana wrote: »
    I think being on probation is pretty risky for a bank now, more than any subsidy

    Depends entirely on the employer- but if things are tough at all, the usual rule of thumb is last in, first out. All cards are off the table.


  • #204
    ted1
    Registered Users, Registered Users 2 Posts: 23,653 ✭✭✭✭ted1


    GalwayyGirl wrote: »
    I recently applied to Permanent TSB and they require a letter from the employer to confirm that they are not availing of the subsidy. They will not permit drawdown without this.

    Don’t PTSB have some of the highest rates ? Why not a bank with a lower rate ?


  • #205
    Renjit
    Registered Users Posts: 949 ✭✭✭Renjit


    greengrass88 wrote: »
    Seems to be the way in most cases but I have heard of people drawing down on probation

    You can talk to the employer about probation clause. As long as salary certificate doesn't have probation checkbox checked you should be fine.

    My wife changed job and had probation clause removed from the contract. We applied for mortgage after 3 weeks in her new job.


  • #206
    Renjit
    Registered Users Posts: 949 ✭✭✭Renjit


    Londyn Hallowed Duet wrote: »
    Never got the big deal with probation, it’s a total formality I’m 99.9% of cases.

    It's easier to terminate employees on probation.


  • #207
    Dublin1210
    Registered Users Posts: 2 ✭Dublin1210


    Finally moved into our first (& final) house after been sale agreed since late January. We were able to drawdown from AIB with my partner being on the wage subsidy scheme. The bank requested our latest payslip & a letter from my partner’s employer (Childcare) stating she’ll return to full wages when the scheme ends.

    Thought i’d give some hope to people who are looking to drawdown, while availing of the scheme through no fault of there own. Seems AIB are backing brave, best of luck everyone.


  • #208
    cubatahavana
    Registered Users, Registered Users 2 Posts: 991 ✭✭✭cubatahavana


    Dublin1210 wrote: »
    Finally moved into our first (& final) house after been sale agreed since late January. We were able to drawdown from AIB with my partner being on the wage subsidy scheme. The bank requested our latest payslip & a letter from my partner’s employer (Childcare) stating she’ll return to full wages when the scheme ends.

    Thought i’d give some hope to people who are looking to drawdown, while availing of the scheme through no fault of there own. Seems AIB are backing brave, best of luck everyone.

    Congrats!


  • #209
    Dubs1990
    Users Awaiting Email Confirmation Posts: 227 ✭✭Dubs1990


    Dublin1210 wrote: »
    Finally moved into our first (& final) house after been sale agreed since late January. We were able to drawdown from AIB with my partner being on the wage subsidy scheme. The bank requested our latest payslip & a letter from my partner’s employer (Childcare) stating she’ll return to full wages when the scheme ends.

    Thought i’d give some hope to people who are looking to drawdown, while availing of the scheme through no fault of there own. Seems AIB are backing brave, best of luck everyone.

    Super news ! Enjoy !


  • #210
    Sonrisa
    Registered Users, Registered Users 2 Posts: 134 ✭✭Sonrisa


    Dublin1210 wrote: »
    Finally moved into our first (& final) house after been sale agreed since late January. We were able to drawdown from AIB with my partner being on the wage subsidy scheme. The bank requested our latest payslip & a letter from my partner’s employer (Childcare) stating she’ll return to full wages when the scheme ends.

    Thought i’d give some hope to people who are looking to drawdown, while availing of the scheme through no fault of there own. Seems AIB are backing brave, best of luck everyone.

    so nice to hear some good news- congrats!


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  • #211
    greengrass88
    Registered Users Posts: 87 ✭✭greengrass88


    Anyone on the ewss have any further news re mortgage applications? :)

    I'm going to be on the subsidy until it ends at the start of April, hoping we would be able to start talking to brokers before the end of this year so we can get things in order and then start looking at houses. Is it realistic to think we could drawdown in May 21 or an I being too optimistic?


  • #212
    Dubs1990
    Users Awaiting Email Confirmation Posts: 227 ✭✭Dubs1990


    greengrass88 wrote: »
    Anyone on the ewss have any further news re mortgage applications? :)

    I'm going to be on the subsidy until it ends at the start of April, hoping we would be able to start talking to brokers before the end of this year so we can get things in order and then start looking at houses. Is it realistic to think we could drawdown in May 21 or an I being too optimistic?

    Just to give you an update on where I am with my process. My wife is on EWSS , we are sale agreed on a property , underwritters have just asked for a letter from her employer stating her job security, and the position she holds in the company.


  • #213
    cubatahavana
    Registered Users, Registered Users 2 Posts: 991 ✭✭✭cubatahavana


    Dubs1990 wrote: »
    Just to give you an update on where I am with my process. My wife is on EWSS , we are sale agreed on a property , underwritters have just asked for a letter from her employer stating her job security, and the position she holds in the company.

    This is good news, so they are really taking it case by case


  • #214
    Dubs1990
    Users Awaiting Email Confirmation Posts: 227 ✭✭Dubs1990


    cubatahavana wrote: »
    This is good news, so they are really taking it case by case

    It looks that way , I should know by the end off the week if I get to loan offer. I will keep it updated here.


  • #215
    Aurelian
    Registered Users, Registered Users 2 Posts: 199 ✭✭Aurelian


    Dubs1990 wrote: »
    It looks that way , I should know by the end off the week if I get to loan offer. I will keep it updated here.

    Would you mind saying what lender that is with?


  • #216
    L1011
    Registered Users, Registered Users 2 Posts: 69,545 ✭✭✭✭L1011


    I'm looking to remortgage currently, got confirmation that my employer doesn't actually qualify for subsidy after having been on TWSS the entire time; so as well as the September payslip being "clean" from TWSS (by virtue of it not existing anymore); there's no EWSS there either nor likely to be in the future.

    Will be interesting to see if it comes up; was waiting for at least one 'clean' payslip before applying. Mortgage to salary ratio is 1.2:1 so not a particularly high risk!


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  • #217
    Janey100
    Registered Users Posts: 7 ✭Janey100


    Hi Everyone

    After 5 months of being back and forth on the boards looking for hope ,mostly getting the opposite. We got our keys yesterday!!

    Both myself and my partner were on the twss ,followed by the ewss . My broker told me to stay of the sites that he hates them and he has no worries but I refused to listen.

    So what I'd say Is If your broker is confident it's because he knows how it works. He knows what "Case by Case" means and he knows what "strong application "means.

    Stick to the professionals and not the keyboard warriors.

    I'm off to furniture shop and best of luck to everyone!!


  • #218
    greengrass88
    Registered Users Posts: 87 ✭✭greengrass88


    Janey100 wrote: »
    Hi Everyone

    After 5 months of being back and forth on the boards looking for hope ,mostly getting the opposite. We got our keys yesterday!!

    Both myself and my partner were on the twss ,followed by the ewss . My broker told me to stay of the sites that he hates them and he has no worries but I refused to listen.

    So what I'd say Is If your broker is confident it's because he knows how it works. He knows what "Case by Case" means and he knows what "strong application "means.

    Stick to the professionals and not the keyboard warriors.

    I'm off to furniture shop and best of luck to everyone!!

    Brilliant news, congrats! Was one of you on the subsidy at drawdown? What bank did you get you mortgage with?


  • #219
    Janey100
    Registered Users Posts: 7 ✭Janey100


    greengrass88 wrote: »
    Brilliant news, congrats! Was one of you on the subsidy at drawdown? What bank did you get you mortgage with?

    We both are still on it, our drawdown happened to be the September payslip which didnt show it.

    It was kbc.


  • #220
    greengrass88
    Registered Users Posts: 87 ✭✭greengrass88


    Janey100 wrote: »
    We both are still on it, our drawdown happened to be the September payslip which didnt show it.

    It was kbc.

    And they didnt ask for a letter from your employer to state you weren't on it?


  • #221
    Janey100
    Registered Users Posts: 7 ✭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.


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  • #222
    greengrass88
    Registered Users Posts: 87 ✭✭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 :)


  • #223
    cubatahavana
    Registered Users, Registered Users 2 Posts: 991 ✭✭✭cubatahavana


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


  • #224
    greengrass88
    Registered Users Posts: 87 ✭✭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?


  • #225
    cubatahavana
    Registered Users, Registered Users 2 Posts: 991 ✭✭✭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)


  • #226
    [Deleted User]
    Posts: 0 ✭ [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?


  • #227
    cubatahavana
    Registered Users, Registered Users 2 Posts: 991 ✭✭✭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


  • #228
    [Deleted User]
    Posts: 0 ✭ [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.


  • #229
    greengrass88
    Registered Users Posts: 87 ✭✭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


  • #230
    Dubs1990
    Users Awaiting Email Confirmation Posts: 227 ✭✭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.


  • #231
    cubatahavana
    Registered Users, Registered Users 2 Posts: 991 ✭✭✭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


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  • #232
    [Deleted User]
    Posts: 0 ✭ [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.


  • #233
    greengrass88
    Registered Users Posts: 87 ✭✭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 :(


  • #234
    Newhomebuyer
    Registered Users Posts: 66 ✭✭Newhomebuyer


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


  • #235
    greengrass88
    Registered Users Posts: 87 ✭✭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


  • #236
    brisan
    Registered Users, Registered Users 2 Posts: 2,242 ✭✭✭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


  • #237
    greengrass88
    Registered Users Posts: 87 ✭✭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 😱

    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 :(


  • #238
    cubatahavana
    Registered Users, Registered Users 2 Posts: 991 ✭✭✭cubatahavana


    greengrass88 wrote: »
    Cant fathom an employer doing that but reading that it has obviously happened 😱

    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?


  • #239
    greengrass88
    Registered Users Posts: 87 ✭✭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


  • #240
    LaineyF
    Registered Users Posts: 1 ✭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


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  • #241
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    Mod Note

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


  • #242
    Aurelian
    Registered Users, Registered Users 2 Posts: 199 ✭✭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.


  • #243
    greengrass88
    Registered Users Posts: 87 ✭✭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.


  • #244
    Gemma_22
    Registered Users Posts: 35 ✭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.


  • #245
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    Mod Note

    Threads Merged


  • #246
    Dolbhad
    Registered Users, Registered Users 2 Posts: 782 ✭✭✭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.


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  • #247
    ianm1990
    Registered Users Posts: 39 ✭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.


  • #248
    Gemma_22
    Registered Users Posts: 35 ✭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


  • #249
    ianm1990
    Registered Users Posts: 39 ✭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.


  • #250
    Gemma_22
    Registered Users Posts: 35 ✭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


  • #251
    greengrass88
    Registered Users Posts: 87 ✭✭greengrass88


    Gemma_22 wrote: »
    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

    I've been looking into this issue a lot but still seems to be bad news for most people on EWSS. I could of put up with waiting until april 2021 to buy a house - the ewss was due to end april 2021 - but then they announced in the budget that the subsidies would continue until end 2021. Totally devastated at this thought! :(

    Someone in this thread mentioned they had some luck with AIB - aib told me no due to me being on subsidy, but maybe read back through the thread and give aib a go...might work out for you!


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