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11-04-2018, 22:49   #16
Bargain_Hound
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Originally Posted by Yellowson88 View Post
Do you mind me asking what they declined you on? Mine was based on the fact my p60 was higher for 2017 with extra hours worked to get deposit up despite not being guaranteed! I’m a working single parent but can’t get a mortgage but yet earn too much for social housing! It’s a mad world we are living in and completely defeats the purpose, reality is if I gave up my job I’d get a house!!!
Well this might give you a giggle.

My P60 for 2017 was well below the threshold for a single applicant, but I received a small increase in salary tipping my salary certificate just over that threshold several weeks before applying.

The RI website/application conditions stated the thresholds were based on previous years P60 (2017), in which case I felt eligble to submit an application. It appears that this condition applied to neither of us. Close to 40k deposit, squeaky clean ICB, no loans/outgoings.

Last edited by Bargain_Hound; 11-04-2018 at 22:55.
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11-04-2018, 23:09   #17
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Originally Posted by SNNUS View Post
Not that I have heard but I applied on my own..
Have you got any word back on your application? How long ago did you apply?
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11-04-2018, 23:12   #18
dynasoar
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Got approved by 2 different Co.Co. for the full amount possible, our combined income is below the limit and we have a bit over 40k in savings. Took 6 weeks to get an answer from both (didn't apply at the same time).

If I may offer our experience:
- You can apply to multiple Co.Co. but each will be a separate full application (you may be able to convince the first council you apply to, to photocopy your stuff so you can keep the originals and use them again )
- As SNNUS said above, you don't need a property picked out, just mark it as TBA.
- We are both permanent full time employees.
- You must have evidence of regular savings, we have a savings account with a standing order on the current account to transfer x amount of money every month to it.
- If you get approved for the full amount, your monthly payment will be €1354, which includes the mandatory mortgage insurance that we have to buy from the council too - they like to see that you are able to pay this and have enough left to live on (we got it covered by rent+regular savings).
- They want to see if you have the money for the house deposit (max value of the house you can buy under this scheme is 320k so you should have 32k right there), and the additional costs like stamp duty, legal fees etc.
- Take the checklist on the form very seriously because both councils representatives went through it with us, piece by piece.
- This bit "Tenants in private rented accommodation must have a clear rent account for 6 months prior to applying, and be able to show a rent book or proof of payment" - we pay rent by standing order and it was sufficient to highlight the rent payments on the bank statement for this proof of payment.

HTH
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11-04-2018, 23:20   #19
TripleSSS
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Originally Posted by dynasoar View Post
Got approved by 2 different Co.Co. for the full amount possible, our combined income is below the limit and we have a bit over 40k in savings. Took 6 weeks to get an answer from both (didn't apply at the same time).

If I may offer our experience:
- You can apply to multiple Co.Co. but each will be a separate full application (you may be able to convince the first council you apply to, to photocopy your stuff so you can keep the originals and use them again )
- As SNNUS said above, you don't need a property picked out, just mark it as TBA.
- We are both permanent full time employees.
- You must have evidence of regular savings, we have a savings account with a standing order on the current account to transfer x amount of money every month to it.
- If you get approved for the full amount, your monthly payment will be €1354, which includes the mandatory mortgage insurance that we have to buy from the council too - they like to see that you are able to pay this and have enough left to live on (we got it covered by rent+regular savings).
- They want to see if you have the money for the house deposit (max value of the house you can buy under this scheme is 320k so you should have 32k right there), and the additional costs like stamp duty, legal fees etc.
- Take the checklist on the form very seriously because both councils representatives went through it with us, piece by piece.
- This bit "Tenants in private rented accommodation must have a clear rent account for 6 months prior to applying, and be able to show a rent book or proof of payment" - we pay rent by standing order and it was sufficient to highlight the rent payments on the bank statement for this proof of payment.

HTH
Thanks for the info. What did you use as evidence of insufficient offers of finance from two banks?
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11-04-2018, 23:23   #20
dynasoar
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Originally Posted by sweeney2014 View Post
Thanks for the info. What did you use as evidence of insufficient offers of finance from two banks?
We went into 2 banks that we want to talk mortgages, they both did their calculations as they do, and made us a mortgage offer in writing. The amounts both offered were not enough to buy anything. We submitted these two letters.

EDIT: whatever you do, do not tell the bank that you're looking at the council scheme and need the letter for that! You want a mortgage from them. We've heard stories of people being given the run around instead of a letter because of this.

Last edited by dynasoar; 11-04-2018 at 23:27.
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11-04-2018, 23:28   #21
SNNUS
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Have you got any word back on your application? How long ago did you apply?
Almost 10 weeks, no word yet but supposed to be with credit committee in next few days.
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11-04-2018, 23:29   #22
SNNUS
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Originally Posted by dynasoar View Post
Got approved by 2 different Co.Co. for the full amount possible, our combined income is below the limit and we have a bit over 40k in savings. Took 6 weeks to get an answer from both (didn't apply at the same time).

If I may offer our experience:
- You can apply to multiple Co.Co. but each will be a separate full application (you may be able to convince the first council you apply to, to photocopy your stuff so you can keep the originals and use them again )
- As SNNUS said above, you don't need a property picked out, just mark it as TBA.
- We are both permanent full time employees.
- You must have evidence of regular savings, we have a savings account with a standing order on the current account to transfer x amount of money every month to it.
- If you get approved for the full amount, your monthly payment will be €1354, which includes the mandatory mortgage insurance that we have to buy from the council too - they like to see that you are able to pay this and have enough left to live on (we got it covered by rent+regular savings).
- They want to see if you have the money for the house deposit (max value of the house you can buy under this scheme is 320k so you should have 32k right there), and the additional costs like stamp duty, legal fees etc.
- Take the checklist on the form very seriously because both councils representatives went through it with us, piece by piece.
- This bit "Tenants in private rented accommodation must have a clear rent account for 6 months prior to applying, and be able to show a rent book or proof of payment" - we pay rent by standing order and it was sufficient to highlight the rent payments on the bank statement for this proof of payment.

HTH
Congrats, that Mortgage protection is about €250 a month ? Seems very expensive
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11-04-2018, 23:32   #23
TripleSSS
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Originally Posted by SNNUS View Post
Almost 10 weeks, no word yet but supposed to be with credit committee in next few days.
Will you keep us posted on how you get on? Thanks for the info, only looking into this myself now on a single income.
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11-04-2018, 23:35   #24
dynasoar
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Originally Posted by SNNUS View Post
Congrats, that Mortgage protection is about €250 a month ? Seems very expensive
No. The fix 2% option has €1221 for mortgage repayment and €133 for MPI, for 300 months.
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11-04-2018, 23:39   #25
SNNUS
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No. The fix 2% option has €1221 for mortgage repayment and €133 for MPI, for 300 months.
Thanks for the info, pity you cannot source your own MPI as it would come in at around €150 for the whole year..
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17-04-2018, 11:24   #26
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Quote:
Originally Posted by Yellowson88 View Post
Do you mind me asking what they declined you on? Mine was based on the fact my p60 was higher for 2017 with extra hours worked to get deposit up despite not being guaranteed! I’m a working single parent but can’t get a mortgage but yet earn too much for social housing! It’s a mad world we are living in and completely defeats the purpose, reality is if I gave up my job I’d get a house!!!
I'm in the exact same position as you!

Quote:
Originally Posted by dynasoar View Post
No. The fix 2% option has €1221 for mortgage repayment and €133 for MPI, for 300 months.
It's 133 per month for mortgage protection?!
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17-04-2018, 22:05   #27
dynasoar
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Originally Posted by Evd-Burner View Post
It's 133 per month for mortgage protection?!
Correct. I only have guesses as to why. Maybe because they are not a regular bank but a council? Or they try to recover some of the money they lose on the low interest...?
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17-04-2018, 22:47   #28
SNNUS
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Correct. I only have guesses as to why. Maybe because they are not a regular bank but a council? Or they try to recover some of the money they lose on the low interest...?
It's the only downside to the loan.. Should be able to source MPI separately.
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17-04-2018, 23:35   #29
quadrifoglio verde
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Originally Posted by dynasoar View Post
No. The fix 2% option has €1221 for mortgage repayment and €133 for MPI, for 300 months.
133 a month for MPI? And its mandatory to take it out with the council.
Yet any normal council mortgage you're allowed shop around for your insurance.
Sounds bonkers.
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18-04-2018, 08:33   #30
Evd-Burner
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Originally Posted by quadrifoglio verde View Post
133 a month for MPI? And its mandatory to take it out with the council.
Yet any normal council mortgage you're allowed shop around for your insurance.
Sounds bonkers.
So basically it completely destroys any savings that are possible due to the reduced interest rates?

Makes absolutely no sense whatsoever!
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