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Council mortgage

  • 21-06-2016 10:23pm
    #1
    Wexy86
    Registered Users, Registered Users 2 Posts: 439 ✭✭


    Hi

    Just looking for some advice about the county council mortgages. We tick all the requirements bar having rejection from 2 banks. Reason for cc mortgage is to get on the property ladder quicker - we rent and save buy will take another 18 months to get the deposit whereas with the CC we only need 3% so good to go.

    My query is to confirm if not having deposit is enough for rejection from banks? Also should the CC mortgage fall through would there be any long term issues/repercussions for having being declined twice?

    Thanks
    Wexy


Comments

  • #2
    phormium
    Registered Users, Registered Users 2 Posts: 3,395 ✭✭✭phormium


    Yes the bank will refuse if you don't have sufficient deposit. No real repercussions from being declined as those declines won't even go as far as doing a credit check. Years ago this was a very common request in banks, not sure if the staff will be as familiar with it these days. Usually all they would do was type up a letter saying that for example in your case you do not qualify for the loan requested due to not having sufficient deposit etc.


  • #3
    Wexy86
    Registered Users, Registered Users 2 Posts: 439 ✭✭Wexy86


    Thanks Phormium

    What's the best way to get the refusal letters in your opinion. Meet with the banks directly/broker and play dumb re:deposit amount or engage with a broker and state my intention.

    Thanks


  • #4
    phormium
    Registered Users, Registered Users 2 Posts: 3,395 ✭✭✭phormium


    I'd imagine just go direct to two banks and ask for mortgage appointment, once they punch in the numbers it will be clear you won't get it, getting it in writing might be the hard bit.

    If you go to a broker you probably won't get anywhere as the broker isn't even going to put in applications if you can't fund the deposit so technically no refusal from a bank and it's kinda mean to make them do work for nothing as they work on commission for drawn down mortgages.

    You should be able to be honest with the bank and tell them you don't have the deposit and want to get the council mortgage, but it will all depend on who you are dealing with and the bank policy on this.

    I wrote many of these letter for people, I knew they just needed the refusal but I needed a reason to refuse so in your case it's lack of deposit. It's straightforward enough in theory, just a matter of finding bank staff familiar with the request.


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