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Mayo county council mortgage

  • 13-07-2017 10:13pm
    #1
    Slough34
    Registered Users, Registered Users 2 Posts: 5 ✭


    Has anyone applied for a local authority mortgage in the Mayo area? How long are you waiting and are they helpful at all? I know you need a letter of refusal from a bank and a building society.

    Any information greatly appreciated!


Comments

  • #2
    Junadl
    Registered Users, Registered Users 2 Posts: 128 ✭✭Junadl


    Hi I am going to apply for Galway council mortgage. How are you getting on in the process??


  • #3
    Slough34
    Registered Users, Registered Users 2 Posts: 5 ✭Slough34


    Junadl wrote: »
    Hi I am going to apply for Galway council mortgage. How are you getting on in the process??

    Hi Junadl
    I rang my local county council a few months back and she practically laughed at me. She asked for all my information. In the end they would lend us less then the bank!
    I'd hold out to be honest and keep saving a deposit. If David McWilliams predictions are true there is going to be a crash. He had a programme on last Thursday evening David McWilliams Ireland on TV3. You'll get it on TV3 player.
    House prices are out of control.
    Sit tight!


  • #4
    [Deleted User]
    Posts: 14,344 ✭✭✭✭ [Deleted User]


    Just keep in mind house prices don't necessarily reflect the cost of buying a council house (assuming that's what you're doing).


    When buying a council home, what is also taken into account is the cost to replace/rebuild the house should anything happen it. If the market value is less than this, then this is the figure the Council will work from.


    (based on my experience with Louth County Council).


  • #5
    Junadl
    Registered Users, Registered Users 2 Posts: 128 ✭✭Junadl


    Oh I'm wrong. I'm applying for the House Purchase Loan, it's a mortgage from the council but you can buy a house on the open market, not a council house. Sorry!


  • #6
    Slough34
    Registered Users, Registered Users 2 Posts: 5 ✭Slough34


    Junadl wrote: »
    Oh I'm wrong. I'm applying for the House Purchase Loan, it's a mortgage from the council but you can buy a house on the open market, not a council house. Sorry!

    Just apply. Make the call they will tell you there and then. Wages were an issue with us. Both self employed! You can only borrow 3.5 times your wages combined.
    Rent €600 p/m save €400 p/m...we weren't refused just offered an amount that wasn't suitable!
    Let us know how you get on ðŸ˜


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