Advice on shared ownership,

S

Sansan

Registered User
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Hi folks,
I am a married man with 2 kids, I work for the esb so have very secure job I am on 48k a year, I rent now for 850pm for last 2 years, I applied today for shared ownership loan of 150k, should be no bother but my credit rating is v poor from before so now that ICB rating is now part of it, I am scared this will ruin my hopes of our own home, what r my chances

Thanks
All
 
Re: Advice on shared owenership,

Sorry folks I forgot to mention my wife has no income and we are first time buyers
 
The Shared Ownership system works out very expensive as you pay rent on the portion of the house that the council own.

On a salary of 48K AND with a steady employer like the ESB you have scope to buy a house privately, and thus avoid all the many disadvantages of shared ownership. As you say, your problem is your credit history. You need to clear debts and build up a savings record.

Good luck with everything.
 
Hi folks, got phone call from council to day asking for proof of refusal from banks, in the new form for s.o it did not ask for this, but anyway I'll get it from the bluesky people, but when I tried for the mortage the house was 190k and the house now is 150k should I get blue sky for a letter for 150k if I get one for 190 council will prop say try again for 150k, I understand your points homeboy, but I am stuck in the trap of anychance of mysaving been used up in rent money, at themoment I am saving 15.00 per week in credit union for last 2 years. It's such a small amount but it's all I have, my wages are down about 800 a week because of overtime ban
 
Handed in forms yesterday, had to get refusal letter from broker, I applyed for 190 from them now house is 150 3 bed semi d, new build down from245 last year. So fingers crossed, council said I'd know by this Friday, it takes 5 working days, on egg shells
 
Can anyone tell me, the house I want in 150 that's what I put in for, do the council say you are approved for a certin amount or do they just approve u for the amount you ask for
 
They'll tell you the max amount you are approved for. Its up to you whether you need it all or not.
 
Thanks sinbad, going around like a zombie with nerves, god I hope we get it, just want our own house, fingers crossed
 
no probs Sansan, I know the feeling. It just takes over doesnt it?? wake up thinking about it and go to bed thinking about it, ha ha. We were all in the same boat as urself
 
So true sinbad, are you waiting to hear back, how long r u waiting, the worst thing is the lady I am dealing with is v v nice but v mono tone, normailly u can kinda get a jist on how ur doing from some ones voice or phrases that they use, but not this one, my poor head is wreaked, it just a waiting game
 
I'm waiting a few months now Sansan, got approval in principle in the middle of May.. Found the house I wanted and got sale agreed roughly 7 weeks ago, then the house was valued and surveyed, that took another 4-5 weeks. I received my certificate of Final Approval last week which meant I had to get Plumber and Sparks reports. I did that over the weekend so I'll be dropping reports in to DCC tomorrow.. So after that its just the legal side of things. Not sure on timeframe involved but probably 6-8 weeks..
It can drag on a bit Sansan but what can ye do!! I'm sure it'll be worth it when we're handed the keys. Anymore questions just fire away.

Simon
 
Hi sinbad, guess you are right you don't mind the waiting after you have been approved, waiting to cross the first hurdle of yes or no is the worst bit, I am going after a new build so hopfully that should keep the needs for checks down, if I knew I got approved I wouldn't mind, the council are many things but speedy is not one they can be accused of being, once I can tell the builder I'll take the house I don't mind how long it takes, hopefully when I ring 2m, they might give me good news
 
Got back I'd from council and letter saying my application is undergoing further proccesing, climbing the walls now, can't relax, no news is good news I guess, I just know ICB is going to shoot me down,
 
How long ago did u run into problems with repaying debt?? I had a run in with a Credit Card a few years back (court threats etc.) , eventually got a loan and paid them off. Your credit check will go back 5 years. So if you paid off your debt in full before then you'll be fine.. If not, I've no idea what will happen.. Maybe because you are only looking for 150K they might be flexible or understanding, I mean u've a stable job, good income etc..
Hope it goes ok for you


Simon
 
I did ICB check, and the last 2 years were fine, that's how long I'm renting this house, not a thing wrong, the woman in ICB said that other addresses are listed for me that were less than 5 years ago, I did not mention them to here but sure the council will get them then I am stuck, council have not done ICB check yet, woman said mine is first in 2 years, feel sick
 
Dont know what to say to you, its a ****ty situation to be in, but then again..surely the whole idea of shared ownership and affordable house is for people like ourselves who cant get a regular mortgage from a bank. I'd try and be positive Sansan, at the end of the day they havent said no.. no news is good news so they say!
If its good news brilliant, try and setup a meeting with the person who makes the final decision and explain your stiuation.. To be black listed for 5 yrs is very harsh in my opinion and you've proved over the last 2 yrs that you've been in good credit so to speak.... its definatly worth a shot.. Best of luck, and keep the faith bro!

Simon
 
Sinbad, u hit the nail on the head, the core principle is to help people get on the ladder, if you went into the bank manager and said my credit is perfect but just out of jail for killing 10 people u would get a mortage quicker than having been young and dumb with money, 5 years is a long time, but it thought me a lesson, but been older and having kids does that aswell, Christ the house I want to buy if I don't get it will be governent owned by bloody Nama anyway,
 
Hi all, still waiting this is hell on earth, why does it take so long, it's first thing in your mind when u wake up last thing before you sleep and in your bloody dreams when u are.. I guess no news is good news
 
I kept on ringing them Sansan when I was waiting on approval.. its the only way to get them moving.. I told them I saw the house I really wanted and if they could give me any indication over the phone of how much I 'll be approved.. Give it a go..

Simon
 
Will do, the woman I am dealing with is just super stone wall, can not get a thing out of her, poor postman thinks I'm a nut job, we get the post at 8.30 am and I'm hanging out of the letter box every morning, I know 2 weeks is not a long time to be waithing when u read about people dealing with dub city council, but it Is my life is sittin on this ones desk, feel like shouting hurry the f**** up, I don't care how long it takes after that just want to know if it's accepted or not
 
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