County council housing loan

tommyh1977

flintash wrote: »

Hold on then! how the heck I buy the house then? I have good permanent job, which guarantees me some sort of mortgage (like 60k), so either go miles away for that price, I get some sort of temporary job that entitles me to council loan of upto 200k :eek: Seriously?

I'm only just telling you what I had to go through, councils vary from one to the other. As I see it, Banks, Building Society, Council will all try to find a way to hold onto the cash. A temporary job certainly wouldn't give you anymore entitlement to 200K than a full time job. The application is assessed in the exact same manner as a mortgage, in my case even more forensic than the mortgage process. It's still granted on the borrowers long term ability to pay. When I applied to the banks they were refusing everyone at the time, even though my local mortgage officer in branch tried to show my good banking history, and make a recommendation, it wasn't enough. I only got 95K from Council and it was hard work to get it so I doubt a temp job would get 200k.

nessabeaut

foxy06 wrote: »

Nessa will u keep us informed of updates. I'm doing the same as you but applied to the bank for the loan. Have been at it for months now and would really like an answer as the tenant purchase scheme is finished at the end of the year and I may need to go to the council yet. Very frustrating not hearing anything.

My application is with the credit committee at the moment should hear back from them in the next few days. I got a councillor involved also got email address for the hsca and ask them for updates every week. Its been slow but being in contact with them has helped with the process instead of before where i was being told nothing.

foxy06

nessabeaut wrote: »

My application is with the credit committee at the moment should hear back from them in the next few days. I got a councillor involved also got email address for the hsca and ask them for updates every week. Its been slow but being in contact with them has helped with the process instead of before where i was being told nothing.

Nessa there is a new scheme from next year it was in the independent last Saturday. They will be offering tenants between 40 and 60% off the value of the house. Just in case your interested

ladyeaston

Hi , get onto the county council web site and down load the forms and I would tell you go for an annunity loan, check with your local TD.

ladyeaston

hi do you have the shared ownership with the co co

foxy06

ladyeaston wrote: »

hi do you have the shared ownership with the co co

I don't think anyone mentioned shared ownership. That's not even available anymore.

eirewhite

Hi all, delighted to hear OP got sorted.
I am starting the same (long process) by the sounds of it.
I wonder could anyone who has been through it, or are well up on the topic tell me if I am in a good place or not as regards meeting the criterea.

I have applied for a house purchase loan off Laois county council. Basicly where im at right now is I have gathered up all documentation i.e. Payslips, bank statements, loan statements, p60, salary cert, savings statements etc etc along with complete application form and fee and im ready to post away.
My story is im in full time permenant employment for exactly 2years this month, my partner is unemployed and recieves a small jobseekers benefit payment. We have 2 kids under the age of 3 and we are currently renting in laois paying 530 p/m
I earn 32000e per year gross subject to a further rise in january and recieve bonuses also, which are garanteed yearly. I have a letter from my employer included in the application which details all of the above. Between us we have about 10k in savings, some of which was a gift from family (again documented with a signed letter) and I have a credit union loan of 2k outstanding. I also included with the application a credit report I got from the irish credit beauro which is just basicly blank (i presume this means I have no bad credit on my history)

we post everything away on friday and I am just wondering how does that sound? Anyone here been refused? Anyone been accepted?
We didnt really specify an amount or specific house on the forms as the lady in the housing department told us we could be approved in principal for an amount and then pick a house. However she did put our details through the mortgague calculator and said best case scenario we would be approved for 87k.
Also I did however include the brochure for a house for sale with a guide price of 100k

thanks all in advance,

Tom

user37

Just wondering if there is any update to how you got on as i am considering applying for this also

eirewhite

user37 wrote: »

Just wondering if there is any update to how you got on as i am considering applying for this also

no update for me, we were told we should hear back mid september. Im hopeful and just patiently waiting at the moment.

casey80

Eirewhite, any good news about progress of your application?
I'm thinking about applying for that loan as well and I see that one of the main criteria is having been refused a mortgage by two lenders. At the same time I don't quite understand how can one be approved by council and at the same time refused by the banks as lending criteria are pretty much the same according to DCC website?
http://www.dublincity.ie/Housing/HomeLoans/Pages/HomeLoan.aspx

The_Conductor

Banks and other lending institutions put all mortgage proposals to a credit control committee that meets on a weekly basis- so even an 'approval in principle' can be turned down, after the fact (as it were).

Strictly speaking- the rules governing the loans are similar- however it doesn't preclude lenders having additional rules- and/or a stricter interpretation of the rules- than do the county councils.

Put your best foot forward- you've nothing to loose- but it can be a long and arduous process- and nothing is guaranteed.