If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)

Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Mortgage

concreteslab2 · 2019-01-18 21:13:30

I know someone who is on Disability Allowance of 10.000 Euro per year. He is thinking about building a house on a site he owns with savings and a mortgage of 40,000 Euro. How are financial institutions and the Department of Employment Affairs and Social Protection likely to react to such a scenario?

18-01-2019 10:13pm

#1

concreteslab2

Registered Users Posts: 8 ✭

Join Date: January 2019

Posts: 2

I know someone who is on Disability Allowance of 10.000 Euro per year. He is thinking about building a house on a site he owns with savings and a mortgage of 40,000 Euro. How are financial institutions and the Department of Employment Affairs and Social Protection likely to react to such a scenario?

0

Comments

#2 18-01-2019 10:19pm

blindside88

Registered Users, Registered Users 2 Posts: 1,968 ✭✭✭

Join Date: January 2012

Posts: 1874

I can’t imagine any financial institution giving a mortgage to someone in this position. They must have very substantial savings to only
Need €40k. You’re looking at a minimum of €100 per square foot for builders finish at the minute

0
#3 21-01-2019 11:23am

Trish56

Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭

Join Date: November 2012

Posts: 1244

You won't get a mortgage if the only income is 10k. Also lenders will need detailed costings from a qualified Architect/Engineer and the minimum they will accept per sq. ft. is €85 for rural areas and €100 per sq.ft. in Dublin.

0