Supports for single people looking for a mortgage?

https://www.boards.ie/discussion/comment/119054943#Comment_119054943

A single person losing their income has a greater chance of getting a new job, and restoring that income (as they're not tied down, and are more flexible to relocation or working longer hours or more days to compensate)... as opposed to a couple having two children, who will continue to be an ever increasing drain on incomes as the grow up. Babies are costly, but teenagers are ten/twenty times greater a cost.

This isn't about number-crunching. This is about a traditional attitude that favoured married people over single people, but as society developed, a shift was made to include couples as being the same as those married.

The same attitude is here on this thread with posters flipflopping between couples and couples with children depending on the point they want to make, even though, both situations are very different...

HerrKuehn

https://www.boards.ie/discussion/comment/119055033#Comment_119055033

Single people are subject to the same rules as married couples in terms of maximum borrowing, 3.5x. They have the same exemptions available too. The amount that someone can actually borrow, as assessed by the bank, will depend on income AND outgoings. This is where the cost of children are taken into account. So, a single person with an income of 50k would be able to borrow more than a couple with 50k income between them.

Unahereiam

https://www.boards.ie/discussion/2058244486/supports-for-single-people-looking-for-a-mortgage

You should really get off your angry high-horse and stop the sweeping statements that can apply to any cohort. The point your “younger” colleagues are trying to make, perhaps badly, is that the only people with a likelihood of getting a mortgage these days are couples, with 2 salaries * 3.5 times. So basically if you’re single (for whatever reason) you’ve a slim chance of owning a home versus a couple and should relationship status determine your ability to own a home. But guess what, the issue isn’t single people or couples or supports for different groups which shouldn't be needed, it’s that government policy has completely and utterly failed our citizens. 

Padre_Pio

I believe that more one and two bed apartments are needed to give people a first rung on the property ladder.

There's no reason for a single person to need a 3 or 4 bed semi-d, but that's the vast majority of housing built today.

gipi

One of the issues with one bed apartments is that some banks won't lend 90% for them, max 80% (see EBS FAQs on the link below - I suspect they're not alone in this rule)

That's why there are so few being built.

https://www.ebs.ie/mortgages/first-time-buyer#

Moonbeam

It is possible to buy on your own if you have a relatively good income and if you really want it , take on a 2nd job for a year or two to boost income if needed.

It might not be in your first choice of location , it might not be huge but the biggest issue I see is saving for a deposit while paying crazy rents .

slay55

Im a single parent , work full time on a modest salary

I bought a 2 bed apartment in 2019- I saved for my deposit and didn’t go on holidays and did not spend on needless things for that duration

I went though rebuild Ireland mortgage scheme