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Government Funds Local Authority Housing Scheme

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Comments

  • #182
    ted1
    Registered Users Posts: 23,240 ✭✭✭✭ted1


    Crunchymomma wrote: »
    Will they take into consideration childcare costs or just loans/maintenance?

    We will qualify for a regular mortgage but would get much more from this scheme as we have 2 children in full time childcare
    You realise banks take about 500 off your monthly repayment capacity per child.


  • #183
    Crunchymomma
    Registered Users Posts: 1,178 ✭✭✭Crunchymomma


    ted1 wrote: »
    You realise banks take about 500 off your monthly repayment capacity per child.

    I do. We have already been working with a broker. I think it was 250 per child And then childcare dealt with separately with any loans/ maintenance (we have neither). We have good credit ratings and solid jobs so we will get a bank mortgage but obviously that amount is lower than I would like due to having 2 kids already. We could make it work absolutely but will be nice to throw in an application for this once my probation is up and see if we can get a slightly higher amount


  • #184
    quadrifoglio verde
    Registered Users Posts: 3,670 ✭✭✭quadrifoglio verde


    From reading the application form, you need to provide details of the property to be mortgaged.
    However no estate agent will accept an offer and go sale agreed without sufficient finance offer in place already.


  • #185
    Cuddlesworth
    Registered Users Posts: 13,980 ✭✭✭✭Cuddlesworth


    quadrifoglio verde wrote: »
    From reading the application form, you need to provide details of the property to be mortgaged.
    However no estate agent will accept an offer and go sale agreed without sufficient finance offer in place already.

    Does the wording say you need a property to apply, or you need a property for a loan?


  • #186
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,278 Mod ✭✭✭✭The_Conductor


    quadrifoglio verde wrote: »
    From reading the application form, you need to provide details of the property to be mortgaged.
    However no estate agent will accept an offer and go sale agreed without sufficient finance offer in place already.

    Yes- it is a bit of a cart before the horse situation........
    Why would any seller entertain a prospective buyer who is as likely to fall out of the process as to complete it.......
    I.e. a cashbuyer might have a 10% discount, a regular buyer with private mortgage approval a 5% discount- and someone who wants to take part in this scheme will pay top dollar...........

    Its half baked in its current format- the underlying presumption is that the LA mortage approved purchasers are buyers of last resort and sellers are happy to jump through their hoops- when the facts on the ground- particularly the lack of supply- mean a seller has many other categories of prospective buyers who are far easier to deal with?


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  • #187
    quadrifoglio verde
    Registered Users Posts: 3,670 ✭✭✭quadrifoglio verde


    Cuddlesworth wrote: »
    Does the wording say you need a property to apply, or you need a property for a loan?

    Yep it requires details if the property to be mortgaged, if a new build it's stage if construction, and contact details for the valuer and solicitor


  • #188
    Darkglasses
    Moderators, Computer Games Moderators, Sports Moderators Posts: 14,526 Mod ✭✭✭✭Darkglasses


    In practice you can leave that section of the application form blank, the underwriters at the Housing Agency do not require that information.


  • #189
    Idbatterim
    Registered Users Posts: 17,840 ✭✭✭✭Idbatterim


    MayoSalmon wrote: »
    There is no shortage of credit hence the queues for new builds and multiple offers on houses.

    Scheme is completely unnecessary and a pure political stroke

    makes it look like they are doing something, drives up prices, could be argued, helps some buyers...


  • #190
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,278 Mod ✭✭✭✭The_Conductor


    Idbatterim wrote: »
    makes it look like they are doing something, drives up prices, could be argued, helps some buyers...

    Just because you're doing something- doesn't mean its something worthwhile- or indeed, beneficial for the sector. Sending more credit into an overheated market- that is starved of supply- has only one possible outcome- hikes in prices. This suits the builders and developers down to the ground- but ultimately is of no use whatsoever to anyone else- and indeed- it probably pushes new purchasers into property tax brackets they'd not otherwise be in- aka it has a long term cost associated with it- wholly aside from the inflated purchase price.

    We need sustainable supply in the market- not stroke politics.

    Unfortunately the electorate are fickle- and will most probably reward these shenanigans.


  • #191
    bush
    Closed Accounts Posts: 2,878 ✭✭✭bush


    Has anyone here applied for this yet? Im planning to but im wondering if you can go in and talk to someone like you do in a bank or can you only apply by sending in the form?
    The application form has some parts I would not be able to fill out yet. They want details of the house you plan on buying and solicitors name etc. I cant really go looking at houses seriously until I know how much I can get.


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  • #192
    Junadl
    Registered Users Posts: 128 ✭✭Junadl


    bush wrote: »
    Has anyone here applied for this yet? Im planning to but im wondering if you can go in and talk to someone like you do in a bank or can you only apply by sending in the form?
    The application form has some parts I would not be able to fill out yet. They want details of the house you plan on buying and solicitors name etc. I cant really go looking at houses seriously until I know how much I can get.

    You write "To be decided" on that part. I was told by lady in the department.


  • #193
    bush
    Closed Accounts Posts: 2,878 ✭✭✭bush


    Junadl wrote: »
    You write "To be decided" on that part. I was told by lady in the department.

    Thanks.
    Another quick question if anyone knows.
    If they think you cant afford the loan you ask for will they come back with a number they think you can afford or will they just deny the application?


  • #194
    robbo25
    Registered Users Posts: 26 ✭robbo25


    Has anyone here applied for this yet? As I'm from UK, SDCC are looking for letter saying I didn't own property over there, anyone know where to get this? Also it says original bank statements, would copies from online banking suffice?


  • #195
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,278 Mod ✭✭✭✭The_Conductor


    robbo25 wrote: »
    Has anyone here applied for this yet? As I'm from UK, SDCC are looking for letter saying I didn't own property over there, anyone know where to get this? Also it says original bank statements, would copies from online banking suffice?

    Hi Robbo-

    You provide details of the areas in which you paid council tax for the period in which you were resident in the UK- and a statement from the relevant councils that council tax was paid in those areas.

    You order official bank statements in the bank- on headed paper- and they send them out to you. They are specifically not supposed to accept online statements etc- that are open to being manipulated by people.

    They have done a crack-down on documents- as there have been a few high profile examples of people doctoring documents.


  • #196
    autumnbelle
    Registered Users Posts: 1,162 ✭✭✭autumnbelle


    Do you have to be refused by other banks first or can you just apply


  • #197
    optogirl
    Registered Users Posts: 2,975 ✭✭✭optogirl


    autumnbelle wrote: »
    Do you have to be refused by other banks first or can you just apply

    I understand you've to be refused first - am really hoping they take a second look at this because it feels dishonest or at least timewasting to apply to the banks, knowing you'll be refused, just to get the letters


  • #198
    BattleCorp
    Registered Users Posts: 11,758 ✭✭✭✭BattleCorp


    optogirl wrote: »
    I understand you've to be refused first - am really hoping they take a second look at this because it feels dishonest or at least timewasting to apply to the banks, knowing you'll be refused, just to get the letters

    What I'd like is to be offered the same cheap interest rates that the Government are offering seeing as I am currently being gouged by the banks.


  • #199
    GingerLily
    Registered Users Posts: 4,767 ✭✭✭GingerLily


    optogirl wrote: »
    autumnbelle wrote: »
    Do you have to be refused by other banks first or can you just apply

    I understand you've to be refused first - am really hoping they take a second look at this because it feels dishonest or at least timewasting to apply to the banks, knowing you'll be refused, just to get the letters

    But this is specifically for people who cannot get a mortgage through a bank?
    If you can get a mortgage with a bank why would you use this instead? It would be very unfair on people who genuinely cannot get a mortgage/sufficent mortgage.


  • #200
    quadrifoglio verde
    Registered Users Posts: 3,670 ✭✭✭quadrifoglio verde


    autumnbelle wrote: »
    Do you have to be refused by other banks first or can you just apply

    You need two refusals for finance of the same amount that you're applying for with the bank


  • #201
    autumnbelle
    Registered Users Posts: 1,162 ✭✭✭autumnbelle


    GingerLily wrote: »
    But this is specifically for people who cannot get a mortgage through a bank?
    If you can get a mortgage with a bank why would you use this instead? It would be very unfair on people who genuinely cannot get a mortgage/sufficent mortgage.

    Because you would have a fixed rate of 2% for full term of the mortgage


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  • #202
    bush
    Closed Accounts Posts: 2,878 ✭✭✭bush


    So in that case you can't get more than 3.5 your salary as that's the maximum the banks will give you? The calculator on the website will offer you way over 3.5 your salary. That calculator doesn't make any sense. I doubt they will give anywhere near the money that calculator says.
    I was in ulster bank and asked for 3.5 my wages. They put my numbers in the computer but then they could only offer just over half my salary despite my savings being excellent.
    In this case will I just go ahead with this application and use the letter with the low offer to get on the government mortgage?


  • #203
    Lolle06
    Registered Users Posts: 235 ✭✭Lolle06


    BattleCorp wrote: »
    What I'd like is to be offered the same cheap interest rates that the Government are offering seeing as I am currently being gouged by the banks.

    Yes, that does seem unfair considering that rising interest rates will be on the cards for the majority of mortgage holders. I don’t quite understand why the‘d changed the former annuity loan scheme - that one had only variable rates on offer and all applications had to be stress- tested for rising interest rates, just like other mortgage lenders do.
    Whereas the new scheme will be subsidized by the tax-payers for only the chosen few who get approval for it.


  • #204
    quadrifoglio verde
    Registered Users Posts: 3,670 ✭✭✭quadrifoglio verde


    bush wrote: »
    So in that case you can't get more than 3.5 your salary as that's the maximum the banks will give you? The calculator on the website will offer you way over 3.5 your salary. That calculator doesn't make any sense. I doubt they will give anywhere near the money that calculator says.
    I was in ulster bank and asked for 3.5 my wages. They put my numbers in the computer but then they could only offer just over half my salary despite my savings being excellent.
    In this case will I just go ahead with this application and use the letter with the low offer to get on the government mortgage?

    The department of housing or the housing agency said last week that people can't game the system. They can't go and ask for 320k and then ask the local authority for 200k.
    It was in Tuesdays times (30th).


  • #205
    GingerLily
    Registered Users Posts: 4,767 ✭✭✭GingerLily


    autumnbelle wrote: »
    Because you would have a fixed rate of 2% for full term of the mortgage

    Which is why you need to prove that you've been refused a loan - otherwise everyone would opt for this scheme.


  • #206
    Darkglasses
    Moderators, Computer Games Moderators, Sports Moderators Posts: 14,526 Mod ✭✭✭✭Darkglasses


    bush wrote: »
    So in that case you can't get more than 3.5 your salary as that's the maximum the banks will give you? The calculator on the website will offer you way over 3.5 your salary. That calculator doesn't make any sense. I doubt they will give anywhere near the money that calculator says.
    I was in ulster bank and asked for 3.5 my wages. They put my numbers in the computer but then they could only offer just over half my salary despite my savings being excellent.
    In this case will I just go ahead with this application and use the letter with the low offer to get on the government mortgage?

    The County Council have their own way to calculate your borrowing capacity - they will only advance a mortgage whereby the repayments will come to 35% of your net monthly income or less (net of living expenses, loan repayments, etc.). You'll need to contact the loans department of your CoCo and get them to use the housing agency's calculator, it's different to the one on the website.


  • #207
    foodiewarrior
    Registered Users Posts: 29 ✭foodiewarrior


    Story lads!

    So here's my story. I wanted to buy an apartment in Dublin. Applied to the banks. And of course i got salary * 3.5. Not enough. So I started looking a round the commuter area (Co. Meath, Kildare, Louth). Would spend 2 and a half hours per day on the M50 and other M/N roads.

    So then the government scheme was announced. rebuildingirelandhomeloan.ie
    There is a phone there you can call and ask questions. They answered most of my questions. But on some even they don't have the answers yet.

    So here's the details. You do not have to find a property first. You just write down the area, town, Co. or what ever.
    You need to apply in the County where you want to buy. Not in the county you live in. The wording on the application form is wrong. So the thing is if you apply in the South Dublin County you will not be able to buy in Fingal or Kildare, only South Dublin Co.

    Getting all the paperwork is pretty straight forward.

    So then I went into the South Dublin County Council. And they told me they have special extra requirements. Just like robbo25 said. It says:
    "For applicants born outside the Republic of Ireland, please submit proof that you do not currently own or have never been the registered owners of land or property in your country of origin. We will require original certified documents (translated into English) from your country of origin."
    Also in South Dublin County we have to join a special MRPP Scheme. And the processing of the application lasts 6-8 weeks.

    I managed to get a document that proves I do not own property in the city I had been living before coming to Ireland. I hope that will be sufficient.

    Now the part about being refused by the banks / insufficient funding. This is a very shady area. When I rang Rebuilding Ireland they said that if the banks offered me a certain amount, but that amount is not sufficient to buy an apartment in my area, and the calculator on the rebuildingirelandhomeloan.ie showed I can borrow more, and I prove that I can make the monthly payments that's it. You don't have to get rejected by a bank.
    Now everybody I met has a different interpretation of this.

    Lads keep us updated.


  • #208
    bush
    Closed Accounts Posts: 2,878 ✭✭✭bush


    What if the banks offer is sufficient to buy something that you wouldnt want to live in? Seems like a very grey area.


  • #209
    robbo25
    Registered Users Posts: 26 ✭robbo25


    Hi foodiewarrior, can I ask if you got your letter from the UK? I am finding it very difficult to get some proof that I never owned a property in Scotland. Was onto the Registers of Scotland and they can only run a search on my name but this cannot be tied back to me as they don't cross reference against my dob or National Insurance number. I have found another number for Revenue Scotland and hopefully they can help but I losing my patience with this now. It's the only thing holding us up apart from waiting on my P60 so I can get my P21. Guess this will be holding most people up at this time of the year too though??

    I had two insufficient offers from the banks, not rejections and they didn't say anything when they went through my application last week in South Dublin CC.


  • #210
    surrender monkey
    Registered Users Posts: 229 ✭✭surrender monkey


    robbo25 wrote: »
    Hi foodiewarrior, can I ask if you got your letter from the UK? I am finding it very difficult to get some proof that I never owned a property in Scotland. Was onto the Registers of Scotland and they can only run a search on my name but this cannot be tied back to me as they don't cross reference against my dob or National Insurance number. I have found another number for Revenue Scotland and hopefully they can help but I losing my patience with this now. It's the only thing holding us up apart from waiting on my P60 so I can get my P21. Guess this will be holding most people up at this time of the year too though??

    I had two insufficient offers from the banks, not rejections and they didn't say anything when they went through my application last week in South Dublin CC.

    In Ireland there was tax relief at source on mortgages so the revenue commissioners can confirm if a person has claimed this relief.Does anything like this operate in any of your home countries. This mortgage is only for first time buyers so you have to prove you have never owned property before. Easier for Irish nationals I suppose !


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  • #211
    syndrome777
    Registered Users Posts: 223 ✭✭syndrome777


    surrender monkey wrote: »
    In Ireland there was tax relief at source on mortgages so the revenue commissioners can confirm if a person has claimed this relief.Does anything like this operate in any of your home countries. This mortgage is only for first time buyers so you have to prove you have never owned property before. Easier for Irish nationals I suppose !

    Do you by any chance now does this refer only to owning through a mortgage or even if you own say 1/8 of grandparents inherited house?
    thanks


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