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Government Funds Local Authority Housing Scheme

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    #362
    Lolle06
    Registered Users Posts: 235 ✭✭Lolle06


    trudy2222 wrote: »
    Hi everyone, so sorry if this question has been answered already.

    Does the county council you apply to restrict your purchase to that county councils area alone? For example if applying to Fingal can I then only look to buy houses in the fingal area?

    Thanks 😊

    Yes, that’s correct. You apply in the county you want to buy in.


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    #363
    ad1234
    Registered Users Posts: 148 ✭✭ad1234


    would anyone know how they stress test you? Council has been full blown useless at answering questions. and the Housing agency has said straight out they will not answer the public's questions.
    As in what figures they test those with children at being able to afford to stay under the 35% of disposable income mark...
    Its so annoying that they wont say if a figure is too high or low being asked for like the way banks would say what their limit on you is, for such a long wait to hear you need to know if your filling it all in right from the first point.
    Finding it a nightmare to understand how they calculate this and used the housing agency and rebuilding calculator but they give limited information.


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    #364
    Lolle06
    Registered Users Posts: 235 ✭✭Lolle06


    ad1234 wrote: »
    would anyone know how they stress test you? Council has been full blown useless at answering questions. and the Housing agency has said straight out they will not answer the public's questions.
    As in what figures they test those with children at being able to afford to stay under the 35% of disposable income mark...
    Its so annoying that they wont say if a figure is too high or low being asked for like the way banks would say what their limit on you is, for such a long wait to hear you need to know if your filling it all in right from the first point.
    Finding it a nightmare to understand how they calculate this and used the housing agency and rebuilding calculator but they give limited information.

    I am not too sure about the RI loan scheme, but the former LA loan scheme was mainly to get families out of rented (insecure) accommodation and into their own property. They do not put a figure on kids - like the banks do, for example 250€/ child - but they look at your ability to pay rent, plus all your bills and what you usually have left over for savings. Regular savings are crucial, when your rent payment is less than your mortgage repayment would be. The repayments have to be under 33% of your household income, if I remember right, or else the LA wouldn’t pre- approve you, or send your application onto the ICB for further approval.


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    #365
    SNNUS
    Registered Users Posts: 745 ✭✭✭SNNUS


    ad1234 wrote: »
    would anyone know how they stress test you? Council has been full blown useless at answering questions. and the Housing agency has said straight out they will not answer the public's questions.
    As in what figures they test those with children at being able to afford to stay under the 35% of disposable income mark...
    Its so annoying that they wont say if a figure is too high or low being asked for like the way banks would say what their limit on you is, for such a long wait to hear you need to know if your filling it all in right from the first point.
    Finding it a nightmare to understand how they calculate this and used the housing agency and rebuilding calculator but they give limited information.

    Have you heard of an outcome to your application yet? when did you apply?


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    #366
    foodiewarrior
    Registered Users Posts: 29 ✭foodiewarrior


    ok people, anybody else got a mortgage approval?

    2 months have passed since the start of applications. one person wrote he got a mortgage approval and 2 people said they got rejected. my guess is lot more people got some answers but are not writing their experiences.


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    #367
    robbo25
    Registered Users Posts: 26 ✭robbo25


    foodiewarrior wrote: »
    ok people, anybody else got a mortgage approval?

    2 months have passed since the start of applications. one person wrote he got a mortgage approval and 2 people said they got rejected. my guess is lot more people got some answers but are not writing their experiences.

    Still waiting. Rang today for an update but they said it would take the 6-8 weeks due to the number of applications received.


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    #368
    SNNUS
    Registered Users Posts: 745 ✭✭✭SNNUS


    robbo25 wrote: »
    Still waiting. Rang today for an update but they said it would take the 6-8 weeks due to the number of applications received.

    How many weeks in are you now Robbo?


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    #369
    robbo25
    Registered Users Posts: 26 ✭robbo25


    SNNUS wrote: »
    How many weeks in are you now Robbo?

    Just over 5 weeks, but guess there's been a few snow days and bank hols. They rang a couple of weeks ago looking for something so i was hoping it would be sooner. Hope they don't come back now looking for something else or say something isn't sufficient.


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    #370
    SNNUS
    Registered Users Posts: 745 ✭✭✭SNNUS


    robbo25 wrote: »
    Just over 5 weeks, but guess there's been a few snow days and bank hols. They rang a couple of weeks ago looking for something so i was hoping it would be sooner. Hope they don't come back now looking for something else or say something isn't sufficient.

    I'm 9 weeks in on Friday, They only asked me for some more details after I ringing to see if there is any update!


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    #371
    robbo25
    Registered Users Posts: 26 ✭robbo25


    SNNUS wrote: »
    I'm 9 weeks in on Friday, They only asked me for some more details after I ringing to see if there is any update!

    Ah no way! Hoping to hear something soon before all the houses go over 320k


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    #372
    The boarder
    Registered Users Posts: 76 ✭✭The boarder


    I guess the wait time depends on the council you apply to?


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    #373
    autumnbelle
    Registered Users Posts: 1,162 ✭✭✭autumnbelle


    Can any of you help, I am looking to apply but finding it impossible to get the letters of offer. BOI want us to complete full mortgage application for it? Is there any way around this


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    #374
    jimmyendless
    Registered Users Posts: 619 ✭✭✭jimmyendless


    autumnbelle wrote: »
    Can any of you help, I am looking to apply but finding it impossible to get the letters of offer. BOI want us to complete full mortgage application for it? Is there any way around this

    I just rang BOI and told them up front I needed the letter. Maybe 10 min getting info from me and letter arrived three working days later.


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    #375
    SNNUS
    Registered Users Posts: 745 ✭✭✭SNNUS


    Some info on how many have applied in Dublin and approved Loans. Rest of the country does not matter.

    https://www.irishtimes.com/business/financial-services/first-time-buyers-flock-to-low-cost-mortgage-scheme-1.3455535


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    #376
    shivermetimber
    Registered Users Posts: 270 ✭✭shivermetimber


    Are people just leaving the details of property to be mortgaged, mortgage details and contact details (solicitor and valuation) blank? Bit of a mystic meg section.


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    #377
    redmond08
    Registered Users Posts: 159 ✭✭redmond08


    shivermetimber wrote: »
    Are people just leaving the details of property to be mortgaged, mortgage details and contact details (solicitor and valuation) blank? Bit of a mystic meg section.

    Me and the girlfriend just dropped ours in today and we asked them about that section. They said just put the county of where you're looking to buy and the max mortgage you're applying for.

    We had a clear rejection letter from one bank and the second bank said they'd approve us for a lesser amount than we'd need. Wouldn't that be considered a rejection/insufficient funds as we require a higher amount? There is a difference of €27000


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    #378
    maxymo
    Registered Users Posts: 34 ✭maxymo


    redmond08 wrote: »
    Me and the girlfriend just dropped ours in today and we asked them about that section. They said just put the county of where you're looking to buy and the max mortgage you're applying for.

    We had a clear rejection letter from one bank and the second bank said they'd approve us for a lesser amount than we'd need. Wouldn't that be considered a rejection/insufficient funds as we require a higher amount? There is a difference of €27000

    My understanding is that it should be fine. I got the same situation and the person who received our application in Fingal said it was ok, of course underwriting will have the last word. Applied 4 weeks ago, still waiting for feedback/resolution.


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    #379
    redmond08
    Registered Users Posts: 159 ✭✭redmond08


    maxymo wrote: »
    My understanding is that it should be fine. I got the same situation and the person who received our application in Fingal said it was ok, of course underwriting will have the last word. Applied 4 weeks ago, still waiting for feedback/resolution.

    Cheers I was just making sure. I rang Rebuilding Ireland Home Loan and said it was fine, just the way the guy from the council was speaking, he wasn't sure. To tell you the truth, I think they're making it up as they go along and don't actually have any idea about it, I seemed to know more then him. We also had to get a letter of proof of where we work, but on the application form it already has that, stamped by the company and all haha. I couldn't understand it.


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    #380
    foodiewarrior
    Registered Users Posts: 29 ✭foodiewarrior


    anybody tried applying in more than one County?


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    #381
    Hensteeth20
    Registered Users Posts: 4 ✭Hensteeth20


    Anyone hear anything back from Galway Co.Co.?
    Seven weeks in now and nothing beyond a receipt of application letter.


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    #382
    SNNUS
    Registered Users Posts: 745 ✭✭✭SNNUS


    foodiewarrior wrote: »
    anybody tried applying in more than one County?

    Yes you can apply in more than one county, full application required for each one.


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    #383
    triple nipple
    Registered Users Posts: 334 ✭✭triple nipple


    Has anyone heard back yet?

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


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    #384
    SNNUS
    Registered Users Posts: 745 ✭✭✭SNNUS


    triple nipple wrote: »
    Has anyone heard back yet?

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

    If you are at the credit committee stage that is a good sign.


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    #385
    Hensteeth20
    Registered Users Posts: 4 ✭Hensteeth20


    I was just told the same thing. Why do you think that's a good sign? The waiting is driving me insane.


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    #386
    triple nipple
    Registered Users Posts: 334 ✭✭triple nipple


    SNNUS wrote:
    If you are at the credit committee stage that is a good sign.


    Yeah? Why is That? I was thinking it was negative, don't know why.


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    #387
    SNNUS
    Registered Users Posts: 745 ✭✭✭SNNUS


    Hensteeth20 wrote: »
    I was just told the same thing. Why do you think that's a good sign? The waiting is driving me insane.

    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.


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    #388
    foodiewarrior
    Registered Users Posts: 29 ✭foodiewarrior


    i got declined. exactly 6 weeks after apply.
    very very strange reason for decline!


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    #389
    redmond08
    Registered Users Posts: 159 ✭✭redmond08


    foodiewarrior wrote: »
    i got declined. exactly 6 weeks after apply.
    very very strange reason for decline!


    What were you declined for if you don't mind me asking?


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    #390
    foodiewarrior
    Registered Users Posts: 29 ✭foodiewarrior


    "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::confused:

    -Unsatisfactory savings record
    -Repayment capacity Not demonstrated

    :eek::confused: 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


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    #391
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,278 Mod ✭✭✭✭The_Conductor


    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

    Your net income- after tax and deductions- is outside the range they are willing to consider.
    foodiewarrior wrote: »
    -Unsatisfactory savings record

    You have not shown a record of saving which would support the hypothesis that you were capable of meeting unexpected events- should you encounter them- which might impact on your repayments of your loan to the local authority.
    foodiewarrior wrote: »
    -Repayment capacity Not demonstrated"

    Your current outgoings (rent or whatever)- is significantly below the outgoings that would have to be made for the loan in question- and you've not shown a record of consistently making these repayments.

    Honestly- it sounds like they are doing a basic assessment of repayment capacities- they are not trying to shovel money out the door- they are trying to make sustainable loans- and you have, unfortunately, not shown the capacity to sustainably repay the payments that the loan would entail.

    What I'd do- given a letter like this- if I was reasonably sure that it was factually incorrect- is contact the ICB and check my credit record to ensure there wasn't something there incorrectly (even a local authority loan is based on ICB scores- perhaps your score isn't where you imagine it to be?)?


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