For never was there a story of more woe, than that of a mortgage

Smiley012

I just wanted to reach out and see if anyone else is struggling massively with trying to get a mortgage.

We have 40k saved up, I earn 70k a year, I can get a mortgage of 238k in theory. However, my partner is on a stamp four visa (we're married) and has a fulltime job yet they won't consider her wage. Have been saving religiously, no outlandish spending, no Paddy Power accounts.

My partner earns approx 25k a year, yet banks and brokers have advised me that they will loan us LESS than 3.5times my salary because she's considered a dependent. Even though she's working, and even though they won't consider her wage, they'll consider her a dependent.

I have a mark on my ICB from 2012 years ago, over 50 late payment for the GSD while I was in Australia.

KBC - declined - for the above reasons.
Ulster Bank - won't take our application (I assume for the above reasons - they considered it a risk)
BoI - awaiting outcome (keep your fingers crossed)

Does anyone have any advice? At this rate, I'll probably be better off getting a place outright.

Alkers

Have you tried a broker given a non-standard situation?

Also, you may as well try all of the lenders:
Haven, AIB, KBC, BOI, Ulsterbank, EBS and PTSB.

Mrs OBumble

Your wife is a dependent. And since you're married, you do not have an option to get a mortgage without her. Can she become naturalised?

jlm29

I thought marks on the icb only lasted 5 years?

Mellowbird

Why is she a dependent, is it not a full-time job?

sami2015

Smiley012 wrote: »

However, my partner is on a stamp four visa (we're married) and has a fulltime job yet they won't consider her wage.

Hi Smiley012...
I am 100% sure that KBC will give a mortgage to a couple where the spouse is on a Stamp 4 visa... there is no need to be "naturalised" or to get citizenship etc. Assuming that the job is permanent and any probation etc is completed.

As mentioned talk to a broker that you trust and review your ICB and see if that can be sorted/expunged.... to me that would be a potentially bigger risk than a Stamp4.

Regards,
S

Mellowbird

From my experience only KBC did not accept my Stamp 4, everyone else did - EBS, AIB, BOI, Ulster Bank. I eventually went with EBS. That was in 2013, not sure if it is different now.

Smiley012

sami2015 wrote: »

Hi Smiley012...
I am 100% sure that KBC will give a mortgage to a couple where the spouse is on a Stamp 4 visa... there is no need to be "naturalised" or to get citizenship etc. Assuming that the job is permanent and any probation etc is completed.

As mentioned talk to a broker that you trust and review your ICB and see if that can be sorted/expunged.... to me that would be a potentially bigger risk than a Stamp4.

Regards,
S

So I was told specifically that her stamp 4 Visa was one of the reasons they declined us, despite the fact they won't even consider her a contributer to the mortgage. Doesn't this seem strange?!

Smiley012

Mellowbird wrote: »

Why is she a dependent, is it not a full-time job?

It's a full time job. They consider her a dependent for the following reasons:

1. She's on a Stamp 4
2. They don't consider her salary in anyway, because she's on a Stamp 4, it's like she's not working at all.

I assume it's because she can leave the country at any time, or get booted out. Painful.

Smiley012

Mrs OBumble wrote: »

Your wife is a dependent. And since you're married, you do not have an option to get a mortgage without her. Can she become naturalised?

That's absolutely my issue Mrs OBumble! If they took my application as a single person, I would get the full amount.

Unfortunately to get "naturalised" as an Irish Citizen, you have to be here a certain length of time, decipher this from the citizensinformation website:

"Have had a period of 365 days* (1 year) continuous reckonable residence in the State immediately before the date of your application for naturalisation and, during the 8 years preceding that, have had a total reckonable residence in the State amounting to 1,460 days* (4 years). Altogether you must have 5 years (5 x 365 days*) reckonable residence out of the last 9 years - see ‘calculating reckonable residence’ below..."

She's only been here a year

PhoenixParker

She needs to have lived in Ireland for at least five of the last 9 years, and the last year of that must have been one of those years.

However I believe these are the rules that apply to you which are less stringent:
http://www.citizensinformation.ie/en/moving_country/irish_citizenship/becoming_an_irish_citizen_through_marriage.html

If she's only been here 1 year, that may be as much of your problem as the part 4 visa. When I lived in the UK the banks would give me virtually no access to credit until I'd been there 3 years. No overdrafts, very limited credit cards etc. The fourth year I was there they were throwing credit at me. It was all about building up a credit score and presence over a period of time.

Similarly when myself and my husband (Swedish national) were applying for a mortgage here, they were very concerned about how long he'd been in the country. It was over 10 years so not a problem for us.

tea and coffee

My sister and her husband got a mortgage of about what you are talking about with BOI. He is stamp 4, earning about what you earn and she earns about €15k a year.

Oh. I see she has only been here a year-that might be the issue. BIL has been here a good few years, first studying and then working- not sure exactly how long, but probably 5- 7 years

Monife

Smiley012 wrote: »

It's a full time job. They consider her a dependent for the following reasons:

1. She's on a Stamp 4
2. They don't consider her salary in anyway, because she's on a Stamp 4, it's like she's not working at all.

I assume it's because she can leave the country at any time, or get booted out. Painful.

That's got to be discrimination or something. Sure the same could be said for citizens in relation to leaving the country at any time.

Mrs OBumble

Monife wrote: »

That's got to be discrimination or something. Sure the same could be said for citizens in relation to leaving the country at any time.

There are some operational policies applied by the Irish government, and likely banks to, which do indeed discriminate on the basis of nationality.

Note that race is one of The Big Nine Discriminatory No-nos, but nationality isn't. Lawyers can argue all day about whether they're different.

SarahMollie

Monife wrote: »

That's got to be discrimination or something. Sure the same could be said for citizens in relation to leaving the country at any time.

No, because no one has a right to access to credit. Can you imagine if Banks were obliged to lend to everyone just to treat all equally???

Banks have to be allowed to view certain things as risk factors. Only being here 1 year is one. Not having a permanent job is another.

Such is life.

robp

SarahMollie wrote: »

Monife wrote: »

That's got to be discrimination or something. Sure the same could be said for citizens in relation to leaving the country at any time.

No, because no one has a right to access to credit. Can you imagine if Banks were obliged to lend to everyone just to treat all equally???

Banks have to be allowed to view certain things as risk factors. Only being here 1 year is one. Not having a permanent job is another.

Such is life.

But why wouldn't the bank not just look at her credit score of her country of origin?

Smiley012

robp wrote: »

But why wouldn't the bank not just look at her credit score of her country of origin?

Actually, they have. We have both of our credit scores (completely clear) from all the countries we have lived in and worked in the last few years.

From speaking to different financial advisors, I'm understanding that they're just hesitant to give money to people who have even slightly complex cases.

I'm just more p!$$ed that I can't get as much money having a working partner, as I could by myself!