County Council Mortgages

TENHNY

Leon245 wrote: »

That was long time! Are you happy with the house you got though, the mortgage amount etc...?

We just got approval ourselves, so we're house hunting now. We're at this now since the beginning of January this year. One thing we did notice was that the mortgage we were recommended for from the Housing Finance Agency was nearly 30% more then we actually got approval for from the council, but we're glad we got approval for an amount.

Yes very happy we didn't have to use all that we got approved for, we looked at loads of house so over some under approval the house we bought was for less than asking price, do a list of non negotiables things maybe 4 or 5 things that ur not willing to sarfice.

Leon245

Thanks Tenhny, good idea to have list of what you want or are not willing to sacrifice. There aren't that many houses for sale in our budget at the moment, though we do have a bid on one and hope that will work out. We'll know by the end of this week.

TENHNY

So we both wanted to be our in country, but in order to do that it would have to be really old house that need alot of work, and we both work full time so that wasnt realistic, So we got much newer house in town, pre boom well built
we sacrifice a en suite to have bigger bedrooms,& second parking spot in order to get a garage.
We looked at load of house some a lot over budget just to get feel of viewing, we lost out on what we thought be dream property and looking back it would have been too much of stretch for repayments,
it took us two years to find right house and it came on market, the day we went on holidays, but luckily went our way and was meant to be-

What is on wish list

neonsofa

Can I ask a possibly silly question, I am looking online and seeing different info cause some councils don't seem to have updated their sites and some may have different rules, I don't really know why it varies so much. Anyway, in relation to the lending criteria, does the 3.5 times your salary rule apply? And is the deposit required 10%? I saw a lower percentage deposit listed somewhere and citizens info says they can loan up to 97% of the value, so I am wondering basically, if the central bank rules apply to both salary and deposit or are there exemption options available? If the deposit required is lower for example and an applicant has above 10% deposit could there be some leeway with the salary rule? Or vice versa I suppose but that doesn't apply to my circumstances in this case. Basically if I approached the council with a larger deposit than required could they apply an exemption re the salary?

TENHNY

neonsofa wrote: »

Can I ask a possibly silly question, I am looking online and seeing different info cause some councils don't seem to have updated their sites and some may have different rules, I don't really know why it varies so much. Anyway, in relation to the lending criteria, does the 3.5 times your salary rule apply? And is the deposit required 10%? I saw a lower percentage deposit listed somewhere and citizens info says they can loan up to 97% of the value, so I am wondering basically, if the central bank rules apply to both salary and deposit or are there exemption options available? If the deposit required is lower for example and an applicant has above 10% deposit could there be some leeway with the salary rule? Or vice versa I suppose but that doesn't apply to my circumstances in this case. Basically if I approached the council with a larger deposit than required could they apply an exemption re the salary?

Yes the 3.5 time salary limit applies, they also do a affordability assessment,
we were renting for amount of repayment plus saving save amount.
Deposit was 3% but you do need extra our vendor solictor required 7 % deposit but we got 4% back after, also solicitors cost 3k and stamp duty 1.5k
i think they governed by central bank rules but no harm in trying or you much away from limit?

neonsofa

TENHNY wrote: »

Yes the 3.5 time salary limit applies, they also do a affordability assessment,
we were renting for amount of repayment plus saving save amount.
Deposit was 3% but you do need extra our vendor solictor required 7 % deposit but we got 4% back after, also solicitors cost 3k and stamp duty 1.5k
i think they governed by central bank rules but no harm in trying or you much away from limit?

Well I have about 15% deposit, could probably do 20% but 3.5 times my salary won't stretch to cover the rest. Id be maybe 30 or 40k below. That's why I was hoping there might be an exemption to the salary rule if the deposit was larger than the minimum required. Will just have to wait on increments to kick in and keep saving til then too. No rush in the grand scheme of things, just thought there may be a quicker option given there is some leeway re deposit rule. If you applied and we're refused or they offered too little, would this affect future applications? Like if I applied now and the result wasn't satisfactory, would I be able to apply again in a few years after increments and with more saved? Sorry for silly questions!

TENHNY

neonsofa wrote: »

Well I have about 15% deposit, could probably do 20% but 3.5 times my salary won't stretch to cover the rest. Id be maybe 30 or 40k below. That's why I was hoping there might be an exemption to the salary rule if the deposit was larger than the minimum required. Will just have to wait on increments to kick in and keep saving til then too. No rush in the grand scheme of things, just thought tbe a quicker option given there is some leeway re deposit rule. If you applied and we're refused or they offered too little, would this affect future applications? Like if I applied now and the result wasn't satisfactory, would I be able to apply again in a few years after increments and with more saved? Sorry for silly questions!

They will come back with a lower approval amount, be no harm getting to know them and their process approval be for up year and ya never know might find house at lower amount