Podcasts

Being On The Wage Subsidy Scheme May Affect Your Chances of Getting A Mortgage

As of this week, around 529,000 people are receiving the wage subsidy scheme which sees the government paying a proportion of the wages earned. However, over the weekend, a young couple spoke to The Journal.ie and revealed that they have had their mortgage approval withdrawn by the bank because one of them is availing of the scheme. This morning on Dermot & Dave, the lads were joined by mortgage expert, Martina Hennessy from doddl.ie who revealed that yes, being on the scheme may hamper a customers chances at getting approved for a mortgage. The temporary wage subsidy scheme was introduced by the Government, along with the €305 pandemic unemployment payment welfare scheme, as part of a raft of emergency measures at the beginning of the pandemic to help preserve jobs and incomes. The wage subsidy scheme helps companies pay the wages of workers, with the State generally covering up to 70% of the salary of affected employees earning below €76,000. Hit play on the podcast above to hear who how the scheme could impact your mortgage application. see more