House Purchase Loan Scheme

cocoa123

Thanks

allabella

Is this scheme running in cork at all? Either city or county councils?

Sparkles:)

allabella wrote: »

Is this scheme running in cork at all? Either city or county councils?

Yup I'm located in Cork can only be used for houses outside the city bounds.

I used the contact us feature on the cork coco website and got my forms etc within 24 hours

allabella

thanks Sparkles, does the house have to be a newly built home?

Sparkles:)

allabella wrote: »

thanks Sparkles, does the house have to be a newly built home?

As far asi can make out it applies to homes built after 2002 - but I'm open to correction

there's also an option to apply for a mortgage to build on land you own.

loki7777

@Sparkles did You get after all the loan from council - I am in pretty much same situation - looking for a house and i was refused mortgage from 2 banks. But looking on council form You have to by very specific to house You wanna buy - but what if that house will be gone before we get any answer from council?
Pay deposit and than lose it if it all fails?

allabella

Hi loki7777 I applied for a Council loan about 5 weeks ago, it was rejected as basically i asked for too much money - The AHP (Affordable Homes Partnership) in Dublin wrote to my City Council and said that 'The net income to loan ratio is incompatable'. So i reapplied again with a lesser amount request and am now waiting on a response. Im crossing everything that the application is approved this time! BTW i had to go back to the 2 banks and get 2 new refusal letters in the new amount and have newly up to date bank statements etc, its like a new application all over again. Oh when i applied the first time it took 4 weeks to hear that i was refused

loki7777

But what about a house did You have to have a specific house to buy or how does it looked like(just the money You were going to get).
And second thing - did You had in the letter from bank the amount of money You were going to loan? My is just simple that we didn't meet the requirements(explaining which one exactly) and that we were refused mortgage.
Waiting for second letter from BOI and will se how it will looks like.

allabella

i needed to have 2 refusal letters from 2 banks or building societies with the exact amount of the mortgage that i was refused. The first time i applied to the Council i had 2 refusal letters both detailing the amount of €150000. The second time i applied to the Council i had 2 refusal letters both detailing the amount of €127000. And i did not have to write a specific house on the COuncil application form, but i did print out details from DAFT of some of the houses that i am interested in, i will let you know how my new application goes. im not holding out much hope as as far as i know my local Council only approved 4 loans in total this year.

Sparkles:)

Hi loki7777 I haven't applied yet. I'm waiting for the new year. The new mortgage requirements will allow me all for more and I'm due a pay increase.

Regards which house you any, I emailed my local authority and they said that it's fine to look for approval in principle but once approved you must find the house within 3 months

Sono

Hi folks just having a look at this myself at the moment, just curious if the calculator the banks use for calculating your mortgage amount differs from the council? If anyone could help that would be great, looking to apply for approx €210k with joint annual income of around €55k just not sure how it works, thanks for any help.

loki7777

Just a small question.
How long does it take to move in from getting the provisional approval from council(we get the letter after 8 weeks from Dublin decision)?
We have valuation done, now just survey and should be done(my job, home insurance quotation also done) but my solicitor told me it can take another 4 months(!!), other one said 4 weeks(but we couldn't take him as he works from council).

stac

@Loki7777 Can i get some information off you im after starting the process of applying for this loan can you tell me how long the process took, any help would be appreciated

allabella

Hi stac. from start to finish the process took about 2 years for me. Going the Council route is a lot slower than the bank route but the interest rate is a lot better - 2.5% I think worth the wait

LauraAaron

Hi just wondering if anyone has been approved for a home purchase loan recently? I am in Donegal and about to start the process and was wondering if anyone has an information about it that isn't on their site? Thanks 😊