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Government Funds Local Authority Housing Scheme

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    #212
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    syndrome777 wrote: »
    Do you by any chance now does this refer only to owning through a mortgage or even if you own say 1/8 of grandparents inherited house?
    thanks

    Its if you have owned property previously- it is moot how it was funded- or whether you still own it (or not).


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    #213
    SNNUS
    Registered Users Posts: 746 ✭✭✭SNNUS


    I wonder what the selection criteria is if they have so many applications?? On a first come first served? It's a shame
    they cannot approve in a shorter time frame.


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    #214
    Junadl
    Registered Users Posts: 128 ✭✭Junadl


    I have applied for this. Fingers crossed! Anyone else applied?


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    #215
    SNNUS
    Registered Users Posts: 746 ✭✭✭SNNUS


    Junadl wrote: »
    I have applied for this. Fingers crossed! Anyone else applied?

    Yep, application is in.. wonder how they pick who gets it


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    #216
    Junadl
    Registered Users Posts: 128 ✭✭Junadl


    SNNUS wrote: »
    Yep, application is in.. wonder how they pick who gets it

    Great. Be good to ask if you've heard back in a few weeks. There must be thousands of eligible applicants. The next month or so is going to be hard waiting for decision!


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    #217
    SNNUS
    Registered Users Posts: 746 ✭✭✭SNNUS


    Junadl wrote: »
    Great. Be good to ask if you've heard back in a few weeks. There must be thousands of eligible applicants. The next month or so is going to be hard waiting for decision!

    Best of luck, I think there is about 1000 loans available


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    #218
    Junadl
    Registered Users Posts: 128 ✭✭Junadl


    SNNUS wrote: »
    Best of luck, I think there is about 1000 loans available

    Best of luck to you too 🍀


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    #219
    foodiewarrior
    Registered Users Posts: 29 ✭foodiewarrior


    What kind of evidence from the banks / lenders (rejections) did you submit?


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    #220
    Junadl
    Registered Users Posts: 128 ✭✭Junadl


    foodiewarrior wrote: »
    What kind of evidence from the banks / lenders (rejections) did you submit?

    I filled in online bank mortgage app and printed out. Boom.


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    #221
    foodiewarrior
    Registered Users Posts: 29 ✭foodiewarrior


    Junadl wrote: »
    I filled in online bank mortgage app and printed out. Boom.

    And did you get approved or rejected? ;)


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    #222
    Junadl
    Registered Users Posts: 128 ✭✭Junadl


    foodiewarrior wrote: »
    And did you get approved or rejected? ;)

    Rejected. We have kids so that makes things difficult!


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    #223
    Bargain_Hound
    Registered Users Posts: 521 ✭✭✭Bargain_Hound


    Did anybody request the hpl1 form to be completed by revenue? I'm still waiting on mine to come back before I can submit my application.:(


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    #224
    Mark Hamill
    Registered Users Posts: 7,776 ✭✭✭Mark Hamill


    foodiewarrior wrote: »
    You need to apply in the County where you want to buy. Not in the county you live in. The wording on the application form is wrong. So the thing is if you apply in the South Dublin County you will not be able to buy in Fingal or Kildare, only South Dublin Co.

    I was told the opposite by the number on the site. As all of the applications are going to the same central area for processing, it doesn't matter where you actually apply (their words).


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    #225
    Junadl
    Registered Users Posts: 128 ✭✭Junadl


    Bargain_Hound wrote: »
    Did anybody request the hpl1 form to be completed by revenue? I'm still waiting on mine to come back before I can submit my application.:(


    Yes, sent a sae with it for them to post back. Came back very quick in about 3 days after sending


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    #226
    Lolle06
    Registered Users Posts: 235 ✭✭Lolle06


    Mark Hamill wrote: »
    I was told the opposite by the number on the site. As all of the applications are going to the same central area for processing, it doesn't matter where you actually apply (their words).

    Are these applications not processed by the county council where the property is located? I know that all applications need to be approved by the Housing Agency in Dublin, but they will go back to the local authority where the property is being purchased, I thought? Everything else would be a bit confusing, surely!

    Also, I am not entirely sure, if you can live in Galway and try to purchase a property in Kildare (as an example), on this scheme?! But maybe I am wrong and this wouldn’t be a requirement at all.

    I doubt that even the people who have to deal with these applications, know all the ins and outs about this new home loan scheme.


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    #227
    Darkglasses
    Registered Users Posts: 14,526 ✭✭✭✭Darkglasses


    SNNUS wrote: »
    Best of luck, I think there is about 1000 loans available

    Not quite the case - there is 200 million euro made available nationwide at this interest rate. Once it has been used up, more money will be made available - but it's highly unlikely to be at as low an interest rate.


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    #228
    SNNUS
    Registered Users Posts: 746 ✭✭✭SNNUS


    Darkglasses wrote: »
    Not quite the case - there is 200 million euro made available nationwide at this interest rate. Once it has been used up, more money will be made available - but it's highly unlikely to be at as low an interest rate.

    Ah ok I did not know that, we will see how it goes. Supply may be the problem..


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    #229
    Bass Reeves
    Registered Users Posts: 18,564 ✭✭✭✭Bass Reeves


    Darkglasses wrote: »
    Not quite the case - there is 200 million euro made available nationwide at this interest rate. Once it has been used up, more money will be made available - but it's highly unlikely to be at as low an interest rate.

    At an average loan of 180K it equates to 1110 loans. I imagine if the money spread according to population to all local authorities the average loan rate will be below 200k. While the next tranche may not be at as low an interest rate it may not be much more expensive either. Government is able to access bond money at lower interest rates than this.

    Slava Ukrainii



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    #230
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    Bass Reeves wrote: »
    At an average loan of 180K it equates to 1110 loans. I imagine if the money spread according to population to all local authorities the average loan rate will be below 200k. While the next tranche may not be at as low an interest rate it may not be much more expensive either. Government is able to access bond money at lower interest rates than this.

    10 year bond rates on Irish government debt- between 1997 and 2007 averaged 3.6% and went as high as 5.35%. This is seen as 'normal' rates. Its entirely plausible that the current rate (0.71%) will increase by 25 to 30 basis points- and this corresponds with guidance from Merrion and other brokers.

    Highest recent rate which was actually accessed by the NTMA- 11.95% June 2011.

    Rates are going up. The current envelope- is at a rate you're never going to see ever again.


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    #231
    SNNUS
    Registered Users Posts: 746 ✭✭✭SNNUS


    Can you avail of the help to buy scheme for new builds if you get this mortgage?


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    #232
    Mark Hamill
    Registered Users Posts: 7,776 ✭✭✭Mark Hamill


    Lolle06 wrote: »
    Are these applications not processed by the county council where the property is located? I know that all applications need to be approved by the Housing Agency in Dublin, but they will go back to the local authority where the property is being purchased, I thought? Everything else would be a bit confusing, surely!

    Also, I am not entirely sure, if you can live in Galway and try to purchase a property in Kildare (as an example), on this scheme?! But maybe I am wrong and this wouldn’t be a requirement at all.

    I doubt that even the people who have to deal with these applications, know all the ins and outs about this new home loan scheme.

    Guy on the phone said it was somewhere in the midlands that they are all sent and processed. There are already county council based mortgage schemes, that must be processed in the county council you are buying in, but this scheme is country wide, so apparently is different.


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    #233
    GingerLily
    Registered Users Posts: 4,767 ✭✭✭GingerLily


    SNNUS wrote: »
    Can you avail of the help to buy scheme for new builds if you get this mortgage?

    You may run into issues if approval isn't given within the contract deadlines. New build literally have queues of people waiting so developers don't have to wait.

    Hopefully you would get it approved, but I would imagine you'd want be far enough along in the application process before putting a deposit down on a new build.


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    #234
    SNNUS
    Registered Users Posts: 746 ✭✭✭SNNUS


    I got receipt of my application and a reference number from the county council.


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    #235
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    SNNUS wrote: »
    Can you avail of the help to buy scheme for new builds if you get this mortgage?

    Yes. As per above- watch out that you make the relevant deadlines.


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    #236
    Junadl
    Registered Users Posts: 128 ✭✭Junadl


    SNNUS wrote: »
    I got receipt of my application and a reference number from the county council.

    When did you send it in and how long to get the application confirmation and number?


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    #237
    SNNUS
    Registered Users Posts: 746 ✭✭✭SNNUS


    Junadl wrote: »
    When did you send it in and how long to get the application confirmation and number?

    It was the bones of 2 weeks.


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    #238
    Danv1account
    Registered Users Posts: 2 ✭Danv1account


    SNNUS wrote: »
    Can you avail of the help to buy scheme for new builds if you get this mortgage?

    Received application back stating the first time buyers scheme cannot be used in accordance with home loan.

    Has anyone else heard differently?


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    #239
    SNNUS
    Registered Users Posts: 746 ✭✭✭SNNUS


    Danv1account wrote: »
    Received application back stating the first time buyers scheme cannot be used in accordance with home loan.

    Has anyone else heard differently?

    From Irish times...

    Can I get Help to Buy and the new mortgage scheme?

    The new scheme is available for both new and second hand homes, so first time buyers will be able to apply for the 5 per cent tax Help to Buy rebate through the Revenue Commissioners, as well as applying for a low cost mortgage through this scheme. This has been confirmed by the Department of Housing.


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    #240
    Danv1account
    Registered Users Posts: 2 ✭Danv1account


    SNNUS wrote: »
    From Irish times...

    Can I get Help to Buy and the new mortgage scheme?

    The new scheme is available for both new and second hand homes, so first time buyers will be able to apply for the 5 per cent tax Help to Buy rebate through the Revenue Commissioners, as well as applying for a low cost mortgage through this scheme. This has been confirmed by the Department of Housing.

    Thanks for that. I was under the impression that it could be used also.

    Strange that this was the reason for not going forward with the application.


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    #241
    SNNUS
    Registered Users Posts: 746 ✭✭✭SNNUS


    Danv1account wrote: »
    Thanks for that. I was under the impression that it could be used also.

    Strange that this was the reason for not going forward with the application.


    Strange considering they could still offer you the loan and advise that you cannot get the help to buy scheme .. sounds very strange and maybe they just fobbed you off..

    I would pursue it more


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