Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Do Councils still give mortgages?

Options
  • 20-07-2015 8:13pm
    #1
    Technophobia
    Registered Users Posts: 48 ✭


    Spotted a house that I would love but by the time I'll have a deposit saved up it will be gone. Someone told me that cork county councils give 97% mortgages is thus still the case?


Comments

  • Options
    #2
    Iseedeadpixels
    Registered Users Posts: 4,306 ✭✭✭Iseedeadpixels


    Technophobia wrote: »
    Spotted a house that I would love but by the time I'll have a deposit saved up it will be gone. Someone told me that cork county councils give 97% mortgages is thus still the case?

    I think you need 2 declines from the bank before they do.


  • Options
    #3
    Michael D Not Higgins
    Registered Users Posts: 7,223 ✭✭✭Michael D Not Higgins


    Here's what the council have to say about it http://www.corkcoco.ie/co/web/Cork%20County%20Council/Departments/Divisional%20Services/Housing/Schemes%20&%20Grants/Mortgage%20Lending, absolutely nothing. You'd have to ring them.


  • Options
    #4
    SEPT 23 1989
    Registered Users Posts: 43,028 ✭✭✭✭SEPT 23 1989


    I think they stopped selling council houses to tenants a few years ago


  • Options
    #5
    Michael D Not Higgins
    Registered Users Posts: 7,223 ✭✭✭Michael D Not Higgins


    SEPT 23 1989 wrote: »
    I think they stopped selling council houses to tenants a few years ago

    This is a different issue, where the council provide mortgage for private sales (not of council houses).


  • Options
    #6
    TENHNY
    Registered Users Posts: 91 ✭✭TENHNY


    Technophobia wrote: »
    Spotted a house that I would love but by the time I'll have a deposit saved up it will be gone. Someone told me that cork county councils give 97% mortgages is thus still the case?

    Did you apply or dinf out nay updated information


  • Advertisement
  • Options
    #7
    Sleepy
    Registered Users Posts: 24,249 ✭✭✭✭Sleepy


    It seems to now be called the "Home Choice Loan" and is operated by a handful of councils on behalf of all the others:

    http://www.citizensinformation.ie/en/housing/owning_a_home/help_with_buying_a_home/home_choice_loan.html

    Given that it's still up on the Citizens Information site, I'm assuming they're still available but it now seems to be a LTV of 92% though whether the new central bank rules apply and the site just hasn't been updated is unclear.


  • Options
    #8
    Keane2baMused
    Registered Users Posts: 1,576 ✭✭✭Keane2baMused


    All of the info is on this website www.homechoiceloan.ie

    The 4 local authorities issue for all of the houses in the country now. You can still get the loan no matter what area you live in, just you apply under the relevant council.


  • Options
    #9
    Sleepy
    Registered Users Posts: 24,249 ✭✭✭✭Sleepy


    Important to note that you need to go through a broker to get it and they need to be able to show that two other mortgage providers have declined your application.


  • Options
    #10
    Michael D Not Higgins
    Registered Users Posts: 7,223 ✭✭✭Michael D Not Higgins


    Sleepy wrote: »
    Important to note that you need to go through a broker to get it and they need to be able to show that two other mortgage providers have declined your application.

    Also note that the Home Choice Loan may be a way of getting around LTV limits (92% possible) but cannot get around LTI limits. There's an article from 2012 that says only 13 people of 140 applicants from the two years previous were actually accepted because the rest didn't meet the lending criteria.


Advertisement