Getting a Mortgage while on the HAP

gibgodsman

Hi guys,


Just wondering if anyone knows if its possible to start the process of getting a mortgage while still on the HAP scheme? I have been saving like crazy to get off the Hap by buying my own home but I cannot find out if I can be on the HAP while applying for a mortgage


Has anyone had any experience of this?


Thanks in advance

Sonrisa

gibgodsman wrote: »

Hi guys,


Just wondering if anyone knows if its possible to start the process of getting a mortgage while still on the HAP scheme? I have been saving like crazy to get off the Hap by buying my own home but I cannot find out if I can be on the HAP while applying for a mortgage


Has anyone had any experience of this?


Thanks in advance

Interesting! I don't see any reason why not, chat to a broker I guess? I mean what you can borrow will be based on your income and if your income currently allows you to access HAP I don't see any reason why that should stop you.

the_syco

To be on HAP, doesn't your income have to be below a certain level?

TBH, multiply your current earnings by three, and see if you'd be able to afford anywhere.

jimmycrackcorm

The mortgage criteria is very simple. 3.5 times income, deposit and a demonstrated ability to save enough money monthly that you can afford mortgage payments if rates are stressed.

So the question is if you can have those without HAP as an income source.

Emma2019

If your income is low enough to get HAP, you should look at Rebuilding Ireland rather than normal banks. They can give up to 5 times salary as opposed to 3.5 (or 4.5 with exemption but I doubt you'd get one on the HAP)

gibgodsman

Im on 25,000 on the HAP and my other half is on 24500 and doesn't live with me but will be getting a mortgage together.

We have 30k combined for a deposit so far, started saving Jan 2020, me 17k, her 13k.