shared ownership

cantdecide

hello all. i'm new to this forum and i'm not sure if my question can be answered here.
i tried to buy a house recently and fell on my backside. i went through a mortgage broker who gave me approval in principal for what i wanted. i paid the booking deposit on a house. i sold my car and went to extremo trouble and grief and in the end, it didn't come off. i work with a guy who got his house through the share ownership scheme.
does anyone have any knowledge of what's involved in qualifying or how it works? any help would be greatly appreciated!

ircoha

cantdecide wrote:

hello all. i'm new to this forum and i'm not sure if my question can be answered here.
i tried to buy a house recently and fell on my backside. i went through a mortgage broker who gave me approval in principal for what i wanted. i paid the booking deposit on a house. i sold my car and went to extremo trouble and grief and in the end, it didn't come off. i work with a guy who got his house through the share ownership scheme.
does anyone have any knowledge of what's involved in qualifying or how it works? any help would be greatly appreciated!

without baring your soul can u tellus a bit more why it fell through?

is your pal married or have dependents etc, it can help?

re the shared ownership see http://www.fingalcoco.ie/LivingInFingal/Housing/AffordableHousing/

for example and the other local authorities run similiar schemes.

Shared ownership may not be the same as affordable housing in detail but the concept is the same.

Read up on it and talk to your friend

cantdecide

i'll ask my workmate. i'm not altogether sure of his exact circumstances but i know he was single on something like an average industrial wage.
my house fell through because i didn't have regular savings apparently. well, it didn't officially fall through because basically i was continuously ringing the broker telling her that the auctioneer was pressurizing me to make a move. instead i was asked for more and more obscure and irrelevant documentation in the end, the seller withdrew the house and i stopped ringing the broker and hey presto- she never rang me again with an answer one way or the other.
after selling the car, which i owned outright, for 10k, i was good for the deposit, with a little help from papa (about 25%) i am single and i'm 24 on just less than an average industrial wage. i'm a t-totaller. i don't really have any mates who could go halves before someone suggests that.
i'm determined to get a house somehow but i'm totally disheartened and after doing everything by the book, going to a reputable broker and giving it my all, i couldn't pull it off and i don't know what my next move will be. i've only just recently thought of the shared ownership scheme.

bagpuss

Don't assume that because someone is a broker they automatically have access to all the lending agencies. Even some, who look like a big outfit, may only have access to a couple! I would contact this broker and ask for all of my personal details back. I would also ask what happened to the loan application, who did she apply to and what was the response. Do not let this go!!

Keep saving regularly, and approach another broker (one who deals with all agencies). They may give you a more truthful/helpful reply to your dilemma. Some brokers hold free FTB seminars in Dublin.

ircoha

cantdecide wrote:

i'll ask my workmate. i'm not altogether sure of his exact circumstances but i know he was single on something like an average industrial wage.
my house fell through because i didn't have regular savings apparently. well, it didn't officially fall through because basically i was continuously ringing the broker telling her that the auctioneer was pressurizing me to make a move. instead i was asked for more and more obscure and irrelevant documentation in the end, the seller withdrew the house and i stopped ringing the broker and hey presto- she never rang me again with an answer one way or the other.
after selling the car, which i owned outright, for 10k, i was good for the deposit, with a little help from papa (about 25%) i am single and i'm 24 on just less than an average industrial wage. i'm a t-totaller. i don't really have any mates who could go halves before someone suggests that.
i'm determined to get a house somehow but i'm totally disheartened and after doing everything by the book, going to a reputable broker and giving it my all, i couldn't pull it off and i don't know what my next move will be. i've only just recently thought of the shared ownership scheme.

As noted elsewhere, the broker has been less than professional here and I would do as the previous poster advised. You need to see who she contacted.

I would not be disheartened at all, welcome to the real world:)
The deal fell through because of the seller so no fault of yours.

With your pa putting up 25% I would go to a bank and apply for approval in principal and see how much they will lend you. Ask before hand are there any fees for this pre-approval process, if so get a new broker.

U need to have a figure for the 25%, ie is it 50k or 100k or what.

This will enable the bank to give u a loan amount.

Now you know what u can spend

As a matter of interest what do u mean by
"more and more obscure and irrelevant documentation "
Maybe she only did a TOTT assessment first and then had to do a proper one.

cantdecide

TOTT is the phrase. something would crop up and i'd go sort it. she'd say now you need more up to date statements (with a week's wait every time and no way around it- thank you PTSB), she'd say the underwriter will be in on such a day ring then. i'd ring that day-another complication, another delay, more statements and on and on and on. it never came to an end and never would at the rate we were going. it was going on for about two months.

this was all for the 'formal approval' which i never got. the one thing she kept claiming was my downfall was my lack of regular savings. i'm car mad and i've always traded up when i had saved a few bob so when i sold the last car, i had no loans on it. but my binge saving weakened my case apparently even though i had the money and could account for it.

she got a bunch of mortgage 'quotes' for me but i went after the highest (300k from AIBF)

prices have risen dramatically in the last couple of months so i'm thinking of getting a cheaper 2 bed house or apartment.

ircoha

cantdecide wrote:

TOTT is the phrase. something would crop up and i'd go sort it. she'd say now you need more up to date statements (with a week's wait every time and no way around it- thank you PTSB), she'd say the underwriter will be in on such a day ring then. i'd ring that day-another complication, another delay, more statements and on and on and on. it never came to an end and never would at the rate we were going. it was going on for about two months.

this was all for the 'formal approval' which i never got. the one thing she kept claiming was my downfall was my lack of regular savings. i'm car mad and i've always traded up when i had saved a few bob so when i sold the last car, i had no loans on it. but my binge saving weakened my case apparently even though i had the money and could account for it.

she got a bunch of mortgage 'quotes' for me but i went after the highest (300k from AIBF)

prices have risen dramatically in the last couple of months so i'm thinking of getting a cheaper 2 bed house or apartment.

Dont get too hung up on the "lack of savings" stuff. yes I know it is important but the b.... was hitting you where she knew u had no answer.
Did u not tell her : Jesus Saves, but not on my salary.

Under the shared ownership scheme, if u are paying rent, then they treat that as equivalent to saving, .
The same should apply when buying a house normally
[but u need evidence of a lease etc so saying u pay rent if living at home wont fly]

Come back if u need more, I will flag this post

gamer

Go 4 shared ownership,50/50 mortgage rent ,after 3 years they will allow you to to buy aptmnt/house,you can deal with dublin city council/fingal mortgage dept directly,no need to go to broker.they simply look at your income/salary over the last 2 years ,you can ring em up,and they will tell you if you qualify for scheme,go to swords office fingal council, they will give you small booklet,on shared owership scheme.If you are self employed you will need 2 years financial/accounts.Start saving to pay for stamp duty ,legal fees.you can go for any new /secondhand property with the income limits,if single stay under 250k.