04/08/2016
CAN YOU GET A MORTGAGE?
We got this email from Fiona, who is fed up with hearing about plans for housing - when she and her partner are both in permanent, full time jobs, but can't get a mortgage.
"Hi Deirdre, Hope you are well.
I read in the paper today that there is finally a plan for the construction sector to get involved with Minister Simon Coveney’s plan for housing as well as a Help to Buy scheme - they are saying this “will connect supply and demand in a sustainable way over the next two years.”
I have one question. Why is it that it has taken so long for anybody to put forward this action plan? I am fully aware that it takes the government many years to put anything into motion in this country, Therefore, the estimate of two years to me, is quite frankly just laughable.
Myself and my partner are both 27 years of age and both have two good, permanent- full time jobs. We had been renting for four and a half years. I say "Had been" because six months ago we had to move out and move back to our parents house with our four year old little girl. When we first rented that 2 bed roomed apartment it was €650 a month. It wasn't great, but we made it our own. We had no choice to stay there in order to be able to pay for full time childcare for our daughter, pay bills, try to live like a normal family would and save the little bit that we could. Fast forward four years and the rent had increased to €1000 with a notice to increase to €1200. We were thankfully given the opportunity to move back to our parents homes, rotating between the two every week. It was either that or stay in the two bed, small, mold ridden apartment while we saved as much as we could each month. We count ourselves as lucky because we have had the opportunity to be able to save for the past six months and still we will not be even looked at for a mortgage for the probably even another year. We have two options. To move back into a rented property and probably blow a bit of our savings in doing so or luckily my parents have given us the option of building a modular home out of their back garden.
We count ourselves as the lucky ones. In three to five years time, please god, we will have enough money to get a mortgage. It is an absolute disgrace that it has taken this long for anybody to put together an action plan. With families ending up homeless or in the height of dept each and every week in Ireland trying to pay enormous rents and then try to save for the deposit of these homes. that might not be built until 2020 or further. And if so, because of the demand they will probably be smaller than the average or rushed. I would love to know what your listeners think of this?"
Do you know someone in this situation? [email protected]
