Government Funds Local Authority Housing Scheme

ad1234 · 18-04-2018 10:09pm

foodiewarrior wrote: »

"We have assessed your application. Unfortunately under our current credit policy, we are unable to offer you a loan due to the following reasons:
-Declined net income ratio outside policy
-Unsatisfactory savings record
-Repayment capacity Not demonstrated"

:eek:

-Unsatisfactory savings record
-Repayment capacity Not demonstrated

:eek: Am I missing something here? How did I not show that?

Declined net income ratio outside policy - Can someone explain to me what this is?

it's enough to say i'm shattered

what council did you apply to if you don't mind me asking?

AngryLips · 18-04-2018 10:15pm

Hi there.

can anybody give me some advice to get the 2 denied letters without take the whole mortgage process, what is the easy way or the easier bank on entity to get it????

Cheers.

foodiewarrior · 18-04-2018 10:39pm

South Dublin CC

You'll have to go through the whole process mate. It's the best for you. You will need to prepare the same papers for the CC, so it's an exercise.

maxymo · 21-04-2018 9:58am

triple nipple wrote: »

Has anyone heard back yet?

Was told that my application was with the credit commite and I would hear next week.

I am almost in my 6 weeks and still haven't heard anything yet. How long in your case and how did you get to know your applications was at that stage? Thanks

SNNUS · 21-04-2018 11:35am

maxymo wrote: »

I am almost in my 6 weeks and still haven't heard anything yet. How long in your case and how did you get to know your applications was at that stage? Thanks

Email or call the county council for an update.

raheny red · 22-04-2018 7:22pm

I'm just looking over the check list for this today. What the hell is this? 'Signed Customer Declarations' and how do I go about getting it done?

http://rebuildingirelandhomeloan.ie/uploads/files/pdf/Rebuilding%20Ireland%20Home%20Loan%20Application%20Form%20-%20January%202018.pdf

The boarder · 22-04-2018 7:36pm

raheny red wrote: »

I'm just looking over the check list for this today. What the hell is this? 'Signed Customer Declarations' and how do I go about getting it done?

http://rebuildingirelandhomeloan.ie/uploads/files/pdf/Rebuilding%20Ireland%20Home%20Loan%20Application%20Form%20-%20January%202018.pdf

Its page 10 on the application signed.

triple nipple · 22-04-2018 7:46pm

maxymo wrote:

I am almost in my 6 weeks and still haven't heard anything yet. How long in your case and how did you get to know your applications was at that stage? Thanks

I just sent a mail to enquire and that was what I was told. About 5 weeks I think.

SNNUS · 22-04-2018 7:48pm

Don't forget the Mortgage protection insurance which looks like around 10.5% of the monthly repayment.

raheny red · 23-04-2018 9:30am

The boarder wrote: »

Its page 10 on the application signed.

D'oh

- I should have looked through the full form so!!

trudy2222 · 24-04-2018 7:38pm

Myself and my partner are applying together. We are both living in Dublin, I’m Fingal County Council and he lives in Dublin City Council.

Can we only apply to the main applicants council? In our case my partner is the main applicant so can we only apply to Dublin City Council?

Many thanks!

maxymo · 24-04-2018 8:23pm

trudy2222 wrote: »

Myself and my partner are applying together. We are both living in Dublin, I’m Fingal County Council and he lives in Dublin City Council.

Can we only apply to the main applicants council? In our case my partner is the main applicant so can we only apply to Dublin City Council?

Many thanks!

You can apply wherever you want to buy the property regardless where you or your partner living.

The boarder · 25-04-2018 10:10am

How are you guys getting revenue to fill in the hpl1 form? I rang revenue about the hpl1 firm and they hadnt a clue what the form is or where to send/ bring the form to be filled in.

Thanks,

stryker mcqueen · 25-04-2018 10:58am

The boarder wrote: »

How are you guys getting revenue to fill in the hpl1 form? I rang revenue about the hpl1 firm and they hadnt a clue what the form is or where to send/ bring the form to be filled in.

Thanks,

I just sent them with a cover note and stamped addressed envelope to my local revenue commissioners office, they sent them back in about 3 days stamped and signed

heeeelpme · 25-04-2018 3:29pm

Hi, currently in the process of gathering all the documents needed for this loan. Curious as to how people have gotten on? Came across a few declines on here and still unknowns.. anybody been lucky enough to have been approved? Nail biting stuff because the eligibility to apply is straight forward but everything that come after is seems to be a lot more complex than expected.. even after talking to there helpline ..

SNNUS · 25-04-2018 3:35pm

heeeelpme wrote: »

Hi, currently in the process of gathering all the documents needed for this loan. Curious as to how people have gotten on? Came across a few declines on here and still unknowns.. anybody been lucky enough to have been approved? Nail biting stuff because the eligibility to apply is straight forward but everything that come after is seems to be a lot more complex than expected.. even after talking to there helpline ..

Make sure all your paperwork is in order, good credit history for last 5 years. You need good savings to cover deposit and to cover legal costs etc..

heeeelpme · 25-04-2018 3:40pm

SNNUS wrote: »

Make sure all your paperwork is in order, good credit history for last 5 years. You need good savings to cover deposit and to cover legal costs etc..

Thanks. So far I think I’m ticking all those boxes .. have the deposit and legal costs sorted .. hoping everything goes well. Another question for people.. Went to hand it all in today, but the woman said she didn’t have time to go through it today but that I’d have to book an appointment and call back. I wasn’t aware that an appointment was necessary, is this the norm? Also she said I know there is a calculator online but we will go by mine and see what we can give you. That made me nervous lol.

SNNUS · 25-04-2018 3:47pm

heeeelpme wrote: »

Thanks. So far I think I’m ticking all those boxes .. have the deposit and legal costs sorted .. hoping everything goes well. Another question for people.. Went to hand it all in today, but the woman said she didn’t have time to go through it today but that I’d have to book an appointment and call back. I wasn’t aware that an appointment was necessary, is this the norm? Also she said I know there is a calculator online but we will go by mine and see what we can give you. That made me nervous lol.

I made an appointment and they went through it quickly enough..

The calculators might take the mortgage protection insurance into account and may be less than the online one.

voodosheeb · 25-04-2018 3:53pm

heeeelpme wrote: »

Thanks. So far I think I’m ticking all those boxes .. have the deposit and legal costs sorted .. hoping everything goes well. Another question for people.. Went to hand it all in today, but the woman said she didn’t have time to go through it today but that I’d have to book an appointment and call back. I wasn’t aware that an appointment was necessary, is this the norm? Also she said I know there is a calculator online but we will go by mine and see what we can give you. That made me nervous lol.

I emailed for an appointment, when I got there was told I needed a letter from a parent to say they were giving a gift to help with the deposit. when I emailed to make a new appointment I had to wait a week as the person was on AL

we'll have enough for the deposit but haven't been saving for the past 12 months although what we save now is more than the mortgage repayments will be, does anyone think theirs a chance we'd get it?

Darkglasses · 25-04-2018 8:18pm

voodosheeb wrote: »

we'll have enough for the deposit but haven't been saving for the past 12 months although what we save now is more than the mortgage repayments will be, does anyone think theirs a chance we'd get it?

I'd say it's unlikely - it's a requirement to have a regular savings pattern for 12 months. If an applicant fails to meet one of the criteria without very significant mitigating circumstances, it's refused. Would be a safer bet to apply once you have a savings record of 12 months.

Darkglasses · 25-04-2018 8:25pm

ad1234 wrote: »

would anyone know how they stress test you?

In Rebuilding Ireland, Stress Testing is part of the assessment for variable rate loans. In other words, the current variable rate is 2.3%. For assessing how much of a mortgage can advanced, they stress-test the interest rate at 4.3%.

SNNUS wrote: »

I think if it is rejected from the housing agency then it does not go to credit committee and a letter is issued detailing reasons why.

If it goes to credit committee it has passed underwriters stage.

Not necessarily the case - at least in some County Councils, all decisions go before the credit committees. And also, Credit Committees do have the power to overturn refusals from the underwriters. Varies from CoCo to CoCo.

SNNUS · 25-04-2018 8:47pm

Darkglasses wrote: »

In Rebuilding Ireland, Stress Testing is part of the assessment for variable rate loans. In other words, the current variable rate is 2.3%. For assessing how much of a mortgage can advanced, they stress-test the interest rate at 4.3

Not necessarily the case - at least in some County Councils, all decisions go before the credit committees. And also, Credit Committees do have the power to overturn refusals from the underwriters. Varies from CoCo to CoCo.

With fixed rates so low it would be foolish to go variable, there is no stress testing on fixed rates. Your max repayment is calculated at no more than 35% of your after tax monthly income.

In general the credit committee stage is positive.

Darkglasses · 25-04-2018 9:12pm

SNNUS wrote: »

With fixed rates so low it would be foolish to go variable, there is no stress testing on fixed rates. Your max repayment is calculated at no more than 35% of your after tax monthly income.

In general the credit committee stage is positive.

It depends on the specifics of your situation - if you're applying for a very low mortgage amount (for example a Local Authority Tenant Purchase or buying from a family member), it may be wise to go variable so that you can make early capital repayments.

I wouldn't necessarily take it to mean anything at all - in the CoCo's i'm aware of, all decisions positive or negative go to the credit committee. The Housing Agency issue recommendations to the County Councils to make the final decision. For some County Councils this is simply a rubber-stamping process, and not at all for others.

heeeelpme · 26-04-2018 9:51am

voodosheeb wrote: »

I emailed for an appointment, when I got there was told I needed a letter from a parent to say they were giving a gift to help with the deposit. when I emailed to make a new appointment I had to wait a week as the person was on AL

we'll have enough for the deposit but haven't been saving for the past 12 months although what we save now is more than the mortgage repayments will be, does anyone think theirs a chance we'd get it?

Oh yeah, good point. Not really sure on mortgage protection as far as how much it’s cost?

Darkglasses · 26-04-2018 2:24pm

Your mortgage protection premium is 0.555% of your capital outstanding, divided by 12 for each month.

In general, I would recommend contacting staff at the County Councils rather than the national helpline. More likely to get an answer from someone with experience of dealing with applications and mortgages.

SNNUS · 26-04-2018 2:35pm

Darkglasses wrote: »

Your mortgage protection premium is 0.555% of your capital outstanding, divided by 12 for each month.

In general, I would recommend contacting staff at the County Councils rather than the national helpline. More likely to get an answer from someone with experience of dealing with applications and mortgages.

Very expensive MPI

rachieqtpie · 26-04-2018 11:52pm

Hi has Anyone got to the approval stage? We are two weeks into waiting now if you get approved Do you have to use their surveyor or can you use your own? Also about mortgage protection, is it legal for them to force you to take their protection, I find this a bit odd that they can dictate this?
Thanks

Darkglasses · 27-04-2018 8:06am

rachieqtpie wrote: »

Hi has Anyone got to the approval stage? We are two weeks into waiting now if you get approved Do you have to use their surveyor or can you use your own? Also about mortgage protection, is it legal for them to force you to take their protection, I find this a bit odd that they can dictate this?
Thanks

You have to find your own surveyor and valuer.

Bundling/contingent selling is generally not legal in mortgages, however local authorities are exempt from that element of consumer law.

SNNUS · 27-04-2018 8:46am

rachieqtpie wrote: »

Hi has Anyone got to the approval stage? We are two weeks into waiting now if you get approved Do you have to use their surveyor or can you use your own? Also about mortgage protection, is it legal for them to force you to take their protection, I find this a bit odd that they can dictate this?
Thanks

So add another 10% onto the monthly repayments which is a hefty amount.

Waiting on full loan details after being approved.

Peanut99 · 27-04-2018 9:27am

SNNUS did you get approved? That’s fantastic news, congrats! Was it 11 weeks you were waiting? My application is only submitted 4 weeks so I possibly have a long way to go yet. The wait is such a killer!

Government Funds Local Authority Housing Scheme

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