Just want to share my expierence with this scheme.
There seems to have been very little training provided in the County Councils. Everybody you speak to has a different answer.
I applied according to the criteria set out in the requirements list.
My first attempt to sumbit:
1)My rejection letters from the bank were not " rejectful" enough. They wanted more than just how much we had been declined on, they wanted to see how much we would be eligable for.
2) Despite the checklist stating p60 OR p21 I was turned away from not having my P21.
Both easily rectified
Returned a week later
5 weeks later.
Letter stating we were not eligable for the ammount we applied for 265,000 which I got from the calculator on their website!
Infact based on their calculations we could apply for 216,000.
They asked for a Gift Letter (we were recieving gift of deposit off both of our parents to get us out of the misery that is renting)
They asked for a letter from our landlord stating our monthly rent . Despite our rent being clear in bank statements.
Provided both of these documents.
6 weeks later we recieve a rejection letter based on the following:
1)Our earnings were outside of the loan criteria (we earn a combined 47k so well within the 75k limit)
2)We have to be seen to show unbroken savings of 3% of the property price. (A criteria that is not stated anywhere!! Nor mentioned at any previous stage of communication
our rent is nearly 3/4 of our combined wage a month and we have never missed a payment. This scheme was aimed at people just like us.
Paying an incredible ammount rent due to the shambolic private rental system so unable to save a considerable ammount a month for a mortgage.
If i met the criteria they rejected me on I would have been able to get a regular mortgage.
I was so excited when this scheme was announced. Finally an intellegent solution to the housing crisis that helps those in the middle! but alas just another pile of propaganda.
Sorry to hear about your experience, their reasons for rejection are ridiculous... Can I ask what county council it was that you submitted your application to?
Like yourself, I was delighted when I initially heard about this scheme, but the more I read about people's experiences, the more pessimistic I've become.
I applied through Kildare County Council five weeks ago and yet to hear anything. In the last week, they've actually stopped answering their phone when I call hoping to get some sort of update.
I wonder if you would have any grounds to appeal the council's decision, given that you fit clearly fit the required criteria.