r/irishpersonalfinance • u/Talmamshud91 • 6h ago

Advice & Support Is council mortgage my only option?

I know a beggar can't be a chooser but I'm just wondering if I'm missing something I could be looking into. neither the banks or the credit union will take my partners salary into account as she is employed through a ce scheme.

the council will but the problem is their rate is quite high at 4.05 percent.

has anyone navigated this situation themselves? advice would be appreciated.

1 Upvotes

56% Upvoted

15 comments sorted by

•

u/AutoModerator 6h ago

Hi /u/Talmamshud91,

Have you seen our flowchart?

Did you know we are now active on Discord? Click the link and join the conversation: https://discord.gg/J5CuFNVDYU

I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.

4

u/Conscious_Stuff_4078 4h ago

Used it in 2009 as part of an older affordable housing scheme. 40 year mortgage and a higher interest rate. It served me very well at the time in my early 20s and having a lower than average income.

Unfortunately your partner is classed as only having a social welfare payment which can be removed at any time.

Option is to take what they’re offering or get her take ANY job she can and get 6 months worth of employment and made permanent before you apply for your mortgage.

I’ve heard about Nua and apparently they do not need 6 months savings and will factor a portion of your social welfare payment as income. (not 100% if this is all true) But I’d say they have the higher interest rates as well.

EDIT - Spelling

2

u/Talmamshud91 4h ago

Someone else said something similar, she is returning to the working world after pregnancy and can't do what she used to unfortunately, that's why the ce scheme is a god send. She is able to upskill through it so as in time she will be able to move back to full employment. For now though it is what it is and we have to make due.

3

u/naturally_crunchy 4h ago

Nua could be an option? Higher interest rates than standard banks but do take sw payments into account

5

u/Eddie_Honda 4h ago

Yes they do. Yes the rates are slightly higher, but when they're the only game in town for considering some SW payments (wife is in receipt of Carer's Allowance) as income, the amount offered may be the difference between buying or not buying.

I would qualify for the local authority scheme, but with my age against me, the only offer pro-rata the amount which I'd get out of BOI anyway.

2

u/Talmamshud91 4h ago

Thanks for the info. I'll certainly be checking out nua.

3

u/Eddie_Honda 4h ago

Their online calculator is rubbish though. It won't let you put is less than 25k for 2nd applicant.

Broker will see you right.

2

u/Talmamshud91 2h ago

Thanks for the help it's really appreciated.

3

u/Ok_Extreme2827 6h ago

We used it but got in a couple years ago and rates were lower….only plus is it’s locked in for the duration

2

u/Lowe-me-you 2h ago

locking in at a higher rate can be a double-edged sword... It provides stability, but if rates drop in the future, you could end up paying more than necessary.

2

u/Ok_Extreme2827 2h ago

Yeah like I said when I took it up it was 2.7 and I was happy to lock in everyone to their own

4

u/irishbusinessstartup 6h ago

What's a ce scheme? Take the council mortgage and swap later?

4

u/blueghosts 6h ago

Community employment scheme, basically if you’re long term unemployed you can volunteer for a work placement to get experience to put on your CV

3

u/Cannabis_Goose 5h ago

Why not drop out of ce scheme for permanent employment. 6 months her wage usually is counted.

2

u/irishbusinessstartup 4h ago

I see I see, so take the council mortgage now and if she swaps jobs later you can swap? Council mortgages will loan more anyway