Fingal County Council mortgage

ilovesmoothies

Hey all,

I am thinking of applying for a mortgage with FCC if Im not successful getting a mortgage through the banks. I have recently applied through a broker, one of the applications were unsuccessful through one bank. Waiting to hear news from the next bank! So if this doesnt go our way the next option would be through FCC. Im just wondering if anyone here has there mortgage with FFC? Are they strict on credit ratings? I missed payments on a student credit card approx 5 years ago. Would FCC be lenient on this? I am currently a FCC tenant with a good rent record. Does anyone know what the interest rate on repayments is with FCC?? Do they allow people to buy houses that need refurbishments?

The_Conductor

They do look at credit ratings.
They do look at repayment capacity.
You have to be a first time buyer.
Your income has to be below 50k
You must have been in your current full-time-job for at least 2 years

They may consider a property needing refurbishment- if you can show the sums add up.

Wait until you get your second refusal in any event- you need 2 refusals in writing before you're even eligible to apply.

ilovesmoothies

Thanks for your reply! I'm applying with my partner! We both earn less than 30000. Would council refuse on the basis of missing payments on an old student credit card? Are they as strict as the bank? We have 10000 saved in credit union and have received a gift of 20000. Would that stand to us?

The_Conductor wrote: »

They do look at credit ratings.
They do look at repayment capacity.
You have to be a first time buyer.
Your income has to be below 50k
You must have been in your current full-time-job for at least 2 years

They may consider a property needing refurbishment- if you can show the sums add up.

Wait until you get your second refusal in any event- you need 2 refusals in writing before you're even eligible to apply.

The_Conductor

ilovesmoothies wrote: »

Thanks for your reply! I'm applying with my partner! We both earn less than 30000. Would council refuse on the basis of missing payments on an old student credit card? Are they as strict as the bank? We have 10000 saved in credit union and have received a gift of 20000. Would that stand to us?

The fact that you have 30k in cash- is really great- it means you'll be on a lower Loan-to-value ratio. I'm not sure how the council work- but I imagine this will have to be used for renovation costs- they don't give you a loan for this.

Looks good though!

ilovesmoothies

Do you know what their interest rate is on repayments?

The_Conductor wrote: »

The fact that you have 30k in cash- is really great- it means you'll be on a lower Loan-to-value ratio. I'm not sure how the council work- but I imagine this will have to be used for renovation costs- they don't give you a loan for this.

Looks good though!

The_Conductor

ilovesmoothies wrote: »

Do you know what their interest rate is on repayments?

I stand to be corrected on this- but the last time I checked for someone it was a single variable rate they offered @ 4.2% variable (4.28% APR)

It is a while ago since I checked though- it may have changed.

ilovesmoothies

Great. Thanks for that! I'll give them a ring on Monday and ask for information.

The_Conductor wrote: »

I stand to be corrected on this- but the last time I checked for someone it was a single variable rate they offered @ 4.2% variable (4.28% APR)

It is a while ago since I checked though- it may have changed.

rumar

Hi, any update on this OP? We are considering going to Fingal County Council after getting 2 refusals due to site issues that we have full planning permission for.