Government Funds Local Authority Housing Scheme

bri007

Ah your grand thanks for the reply.

Yeah it's the one year work that's holding us back right now unfortunately.

Just anxious to get a mortgage and only possible option would be through this scheme. Problem is we are getting increments this year and then we will be over the joint 75k max income level!

Lolle06 wrote: »

I am sorry, perhaps I misunderstood, or I phrased it wrong: the joint applicant need to show employment for the last 12 month previous to application.
I understood that you can’t show that yet - or was the question about the permanent bit? Sorry for the confusion!

Coinsguy

raheny red wrote: »

Applied to Dub Coco and Fingal with online calculators.

And it was accepted? Or have you only applied?

bri007

Anyone know with the rebuild Ireland scheme, if you can put more of a deposit up, so over the minimum 10%.

So for example say they will give us maximum loan of €250,000, so we can realistically buy a house valued at €275,000. So we need €25,000 of a deposit, but could we put another say €15,000 along with it and be able to buy a house for €290,000 instead of the 275,000?

I asked on the online chat but they wouldn’t give me an answer!

Thanks

metricspaces

If you are looking to buy a property for say 250k and the online calculator for this scheme says you are entitled to 150k, what are the possible outcomes if you apply for the max 150k and state you are buying a property for 250k?

Will they respond (a) yes\no for 150k or (b) yes\no for 150k, or offer a lower amount?

Has anyone any actual experience of requesting a certain amount and being offered less? If anyone has experienced this, did you request the maximum allowed by the calculator? Did you specify a house price on the form?

Mario787

bri007 wrote: »

Anyone know with the rebuild Ireland scheme, if you can put more of a deposit up, so over the minimum 10%.

So for example say they will give us maximum loan of €250,000, so we can realistically buy a house valued at €275,000. So we need €25,000 of a deposit, but could we put another say €15,000 along with it and be able to buy a house for €290,000 instead of the 275,000?

I asked on the online chat but they wouldn’t give me an answer!

Thanks

I don't see why not but don't quote me on that. I always read it as 10% or more of the deposit, just like a bank.

Darkglasses

bri007 wrote: »

Anyone know with the rebuild Ireland scheme, if you can put more of a deposit up, so over the minimum 10%.

So for example say they will give us maximum loan of €250,000, so we can realistically buy a house valued at €275,000. So we need €25,000 of a deposit, but could we put another say €15,000 along with it and be able to buy a house for €290,000 instead of the 275,000?

I asked on the online chat but they wouldn’t give me an answer!

Thanks

Yes there's no problem with that, just so long as it doesn't go over the maximum purchase price for your county.

raheny red

Coinsguy wrote: »

And it was accepted? Or have you only applied?

Just applied but both agents were fine with them.

Coinsguy

raheny red wrote: »

Just applied but both agents were fine with them.

Which ones did you use out of interest? Maybe some are more highly regarded or something.

raheny red

Coinsguy wrote: »

Which ones did you use out of interest? Maybe some are more highly regarded or something.

AIB, EBS, and KBC.

What council did you go with? Were you rejected because you used online calcs?

triple nipple

Out of interest, what's stopping someone from cancelling the mandatory MPI and getting a more reasonable one elsewhere?

surrender monkey

You can't stop the mpi as it's literally rolled into the monthly payment with any council mortgage.

metricspaces

Anyone who has been successful in this process. Did you put down a property price on the form?

SNNUS

metricspaces wrote: »

Anyone who has been successful in this process. Did you put down a property price on the form?

No need to, just put TBA

metricspaces

SNNUS wrote: »

No need to, just put TBA

Yes, I have read that people have left out the property price. Nonetheless, is there anyone here who got approved and did put the property price down on the form? Did you ask for the max loan as per calculator on website? Were you offered the amount you asked for or lower?

bri007

Just met with DCC about applying for the rebuilding ireland mortgage.

They told me we wouldn't meet the criteria based on our current salaries, because we got an increment this year, we are €1k over the €75k max limit!

We met it last year but they said they look at current salaries as well. So frustrating, banks won't look at us either.

Pelvis

bri007 wrote: »

Just met with DCC about applying for the rebuilding ireland mortgage.

They told me we wouldn't meet the criteria based on our current salaries, because we got an increment this year, we are €1k over the €75k max limit!

We met it last year but they said they look at current salaries as well. So frustrating, banks won't look at us either.

Why won't banks look at you?

stryker mcqueen

bri007 wrote:

We met it last year but they said they look at current salaries as well. So frustrating, banks won't look at us either.

bri007 wrote:

They told me we wouldn't meet the criteria based on our current salaries, because we got an increment this year, we are €1k over the €75k max limit!

bri007 wrote:

Just met with DCC about applying for the rebuilding ireland mortgage.

Surely your employer can "help" when completing your salary cert? It's 1k!!! Take a pay cut even

Or do I just work for someone dodgy??!!

bri007

I am not in permanent employment, I am in continuous approaching a year but banks want 2 years minimum because I went back to college and haven't worked before 2017 due to being studying. I have been working since last august, any the sector I am in has plenty of work.

My girlfriend has been working continuously and has been made permanent, but has a 12 month probation period.

So basically this rebuild ireland scheme was out only hope, until a few years now!

Pelvis wrote: »

Why won't banks look at you?

bri007

My employer would no problem out a lower salary down if I ask, but would the current 4 payslips not show more of an income that's on the salary cert

stryker mcqueen wrote: »

Surely your employer can "help" when completing your salary cert? It's 1k!!! Take a pay cut even

Or do I just work for someone dodgy??!!

SNNUS

bri007 wrote: »

My employer would no problem out a lower salary down if I ask, but would the current 4 payslips not show more of an income that's on the salary cert

Yep there is no way around it.

rachieqtpie

metricspaces wrote: »

Yes, I have read that people have left out the property price. Nonetheless, is there anyone here who got approved and did put the property price down on the form? Did you ask for the max loan as per calculator on website? Were you offered the amount you asked for or lower?

We put up to maximum of 288,00 and they offered us 270. We didn’t need it all but have to take mpi into consideration. It’s an extra €120 per month

metricspaces

rachieqtpie wrote: »

We put up to maximum of 288,00 and they offered us 270. We didn’t need it all but have to take mpi into consideration. It’s an extra €120 per month

Thanks. And did you put the price of the property on your form?

Could they see from your bank statements that you had sufficient funds to cover purchase price with them giving you 270?

rachieqtpie

metricspaces wrote: »

Thanks. And did you put the price of the property on your form?

Could they see from your bank statements that you had sufficient funds to cover purchase price with them giving you 270?

No we didn’t put price on form as we hadn’t got property when applying for loan. When they offered us loan they asked for details of property to make loan offer letter. On that the mortgage is price of property minus 10% deposit

We didn’t have a purchase price per se as we weren’t property specific

metricspaces

Thanks. I'm just curious if you put down the price of the property and request the max mortgage they allow based on calculator would they still come back with a lower amount if they don't want to give you full amount. Especially if the numbers show you need the max mortgage to fund the property.

E.g.
House price = 250k
Savings = 50k
Max mortgage = 200k

If they won't approve you for 200k would they offer less, e.g. 180k, even though they see you don't have funds to bridge the 20k gap?

Ailbag

metricspaces wrote: »

Thanks. I'm just curious if you put down the price of the property and request the max mortgage they allow based on calculator would they still come back with a lower amount if they don't want to give you full amount. Especially if the numbers show you need the max mortgage to fund the property.

E.g.
House price = 250k
Savings = 50k
Max mortgage = 200k

If they won't approve you for 200k would they offer less, e.g. 180k, even though they see you don't have funds to bridge the 20k gap?

They will only give you what you already have 10% of...

metricspaces

I was in Fingal CoCo this week and they are saying 10-12 weeks to get a reply!
Has anyone applied recently in Fingal and gotten a reply back? How many weeks were you waiting?

voodosheeb

metricspaces wrote: »

I was in Fingal CoCo this week and they are saying 10-12 weeks to get a reply!
Has anyone applied recently in Fingal and gotten a reply back? How many weeks were you waiting?

I've gone through a different CC and its been 9 weeks so far, Id say the time frame would be the same for every county/district as they all send it to the same place. I cant imagine they would priorities one county over another

metricspaces

voodosheeb wrote: »

I've gone through a different CC and its been 9 weeks so far, Id say the time frame would be the same for every county/district as they all send it to the same place. I cant imagine they would priorities one county over another

Thanks! I guess they must have a limited number of people working on processing the applications. The underwriting department that the applications are being sent off to, I assume this is not a government department? Is it an Irish bank?

Darkglasses

metricspaces wrote: »

Thanks! I guess they must have a limited number of people working on processing the applications. The underwriting department that the applications are being sent off to, I assume this is not a government department? Is it an Irish bank?

It's the Housing Agency, which is a government agency.

To the best of my knowledge, all decisions go through the following process - applications are first checked for eligibility by the County Councils, then send to the HA who return a recommendation to the County Councils, then the final decision is made by the credit committee of the County Council.

robbo25

Hi, has anyone that was approved drawn down the loan yet? We just got approved and just wondering how the next stage will be. Starting our house hunt tomorrow :-)