Local Authority Loan for House WORTH IT?

tugii20

Hi all

I have 2 refusals from banks for mortgage application, is LAL worth applying for if I'm earning on a part-time basis and annual income of 14000?

14grand time 4 makes borrowing of 56grand,

if they approve 56grand then what can you buy really?SHED?

I don't know IS IT WORTH THIS LOCAL AUTHORITY LOAN STUFF

endacl

It doesn’t matter who approves your loan if your basic income is so low. You won’t be buying a house in Ireland.

tugii20

https://www.boards.ie/discussion/comment/121274354#Comment_121274354

but these scheme should be helping low income family,

I don't see any point

Jim2007

https://www.boards.ie/discussion/comment/121274583#Comment_121274583

The point is that nobody is going to lend you money if you don't have the ability to pay it back. And rightly so, because that will ultimately lead to you being unable to pay down the loan, loosing any property you might have bought and leaving in serious financial difficulty - that would not be helpful for anyone.

tugii20

https://www.boards.ie/discussion/comment/121274608#Comment_121274608

rule is exactly same as private bank provider, so I don't see any benefit of this local authority loan - it is just too attractive name