Does a disability payment count as income?

worlds goodest teecher

My wife and I would like to buy a home. We live in the North West and we both work part time. Our joint income is around €45k per year. My question is of the income is approximately €9k of a long term disability payment called Partial Capacity. This is not a means tested payment. What I would like to know is are any of lending institutions willing to consider this as a source of income?

phormium

It will all depend on the policy of the lender. Some do take long term payments into account. Maybe try a mortgage broker if you don't want to have to try all the banks yourself, they might know which ones take it or not.

MiddleOne

When I was getting a mortgage with Ulster Bank they would not count the Domiciliary Care Allowance I get for my child. That's not means tested either. However, that might be because it's for the child rather than myself.

worlds goodest teecher

phormium wrote: »

It will all depend on the policy of the lender. Some do take long term payments into account. Maybe try a mortgage broker if you don't want to have to try all the banks yourself, they might know which ones take it or not.

Would you have any idea which ones might consider it? Pm details if you prefer.

phormium

I'm out of the industry a while I'm afraid but know from someone else who recently got a mortgage that UB take Carers Benefit into account and they also seem to take childrens allowance which I thought was not taken by any lender as additional income!

worlds goodest teecher

phormium wrote: »

I'm out of the industry a while I'm afraid but know from someone else who recently got a mortgage that UB take Carers Benefit into account and they also seem to take childrens allowance which I thought was not taken by any lender as additional income!

Will look into the UB. We have a joint account with them that we use for bills and household expenses. We go into the overdraft facility each month but never reach the limit. Would you have any idea of deposit percentage required for self builds?

worlds goodest teecher

worlds goodest teecher wrote: »

My wife and I would like to buy a home. We live in the North West and we both work part time. Our joint income is around €45k per year. My question is of the income is approximately €9k of a long term disability payment called Partial Capacity. This is not a means tested payment. What I would like to know is are any of lending institutions willing to consider this as a source of income?

We went to BoI and had a preapplication meeting. We gave them details of our income and with regard to Partial Capacity their response was “If it is an allowance/benefit it is not allowed to use for supporting debt“.

Trish56

permanent tsb will take it in. You need to get a printout from the Dept. for the last 12 months and a letter to state it is guaranteed. I am also aware that Ulster usually take such payments into consideration.

On the self build - do you own or get a gift of the site ?. You need to take into consideration when getting plans drawn up that the lender will use €85 min for construction costs plus 10% for cost overruns. Example 1600 sq.ft @€;85 = 136k plus 10% €149,600. You also need to take into consideration that if your gross income is 45k that under Central Bank Regulations you can only borrow 3.5 times gross income = €157,500.

Hope the above helps.

worlds goodest teecher

Trish56 wrote: »

permanent tsb will take it in. You need to get a printout from the Dept. for the last 12 months and a letter to state it is guaranteed. I am also aware that Ulster usually take such payments into consideration.

On the self build - do you own or get a gift of the site ?. You need to take into consideration when getting plans drawn up that the lender will use €85 min for construction costs plus 10% for cost overruns. Example 1600 sq.ft @€;85 = 136k plus 10% €149,600. You also need to take into consideration that if your gross income is 45k that under Central Bank Regulations you can only borrow 3.5 times gross income = €157,500.

Hope the above helps.

We had been looking to self build but we had a preplanning meeting with the co co who advised us that because of its location if they didn’t refuse permission, transport infrastructure Ireland certainly would. So now we are looking for a bungalow.

Spoke with social welfare today and they told me that they do not give guarantee letters put told me to direct the bank to welfare.ie where the bank could see that Partial Capacity under Invalidity Pension (my situation) is not means tested and is paid up to retirement age. Not I also work part time (but not as a teacher).