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We’re looking to buy a place in (because renting here is nigh on impossible these days) so I approached a mortgage broker and they just got back to me with this gem:

“Bank of Ireland will not consider your mortgage application because you run a not-for-profit.”

How bloody lovely.

Congratulations on creating a system that rewards the worst of the worst and fucks over those striving to work for the common good. I, for one, won’t be shedding a tear should it burn to the ground.

@aral wtf, this is f...... nuts. Hopefully there are better Banks... 🤞

@globcoco @aral It's at least partially an overreaction to the real estate boom and bust. Things used to be way too "here, have money", and they've overcorrected.

The amount you can borrow is up to 4 times gross income for first-time-buyers and 3.5 times gross income for other buyers.

e.g, a first-time buyer couple with a combined income of €100,000 can borrow up to €400,000.

A second and subsequent buyer with the same income can borrow up €350,000.

centralbank.ie/consumer-hub/ex

Central Bank of IrelandWhat are the Central Bank Mortgage Measures?Our mortgage measures are designed to ensure that banks are other lenders lend money sensibly. Find out more.

@BenAveling @globcoco Yeah, but in this case, it’s not about that. It’s because we run a not for profit. Otherwise, we’re on PAYE and we check all the boxes.

@aral If this is the ONLY reason, this is crap mate (excuse my French). I really don't get this.

I'm gonna ask a very stupid question (which might show my ignorance here... I'm sorry in advance):
Does it mean that non-profit can't have assets? (I told you)

@BenAveling

Aral Balkan

@globcoco @BenAveling It can have assets but it cannot make a profit. So we don’t have ownership/shares and we cannot take dividends. Any money not spent on costs (including salaries) stays in the organisation.

@aral

Got it.

Hence the refusal for the bank becoz they can't have access to the profit...

So with the suggested idea of building societies, could that resolved your issue?
But how to do that and keep being aligned with your values (keeping it small)?

@BenAveling