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Home Choice Loan

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  • 19-06-2016 3:08pm
    #1
    syndrome777
    Registered Users Posts: 223 ✭✭


    Hi,
    I am considering buying a house/apartment end of the year, beginning of 2017. Payments would be the same as our current rent, which is €1000.
    With CBC rules, we might get approved for what we wan't but probably not.
    We satisfy all the condition in both below mentioned schemes (except 2 lender refusals)

    My question is, has anyone recently applied or knows anyone who did, for ether

    Home choice loan
    http://www.homechoiceloan.ie/
    or
    Home Purchase Loan
    http://www.dublincity.ie/main-menu-services-housing/apply-mortgage
    for this scheme it states
    Please note: The property you wish to purchase must be located in the
    administrative area of Dublin City Council
    so not applicable to any property

    and does anyone knows any more than what it says on those sites.
    what do they consider to be a refusal from the lender?? the amount we wont or completely refused (which I don't know how would happen)
    How long do you need to wait to be approved?
    Do they even give those?? (although sites says they do)
    Can you buy any property or is it limited somehow?
    or anything more that could be helpful.

    Thank you guys :)


Comments

  • Options
    #2
    Michael D Not Higgins
    Registered Users Posts: 7,223 ✭✭✭Michael D Not Higgins


    Most people are turned down for the Home Choice Loan. It was set up as a stop gap measure to provide credit when the banks weren't lending back around 2010. The banks are lending again so if you get turned down for a mortgage, you're unlikely to qualify for a Home Choice Loan. It's no harm talking to one of the authorised brokers to get more up to date advice though.

    As for council loans, I think the information may be out of date. You would need to speak to the council about their loans.


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