Hi Guys and Gals, hope this is the right section, need a bit of advice from people in similar situation that we find ourselves in. Last year my partner entered into a "rent to buy" scheme for an apartment in Ballincollig, 10 mins from Cork City. We went back and spoke to the auctioneer recently about purchasing the property after agreeing a sale price. Since april 09 we have been paying €900 a month with all the rent been set against the purchase price, this along with the deposit of €5000 equates to over €20,000. She approached a number of financial institutions, was told she had a very strong case and repayments would vary between €520-590 per month AND then they refused to grant because of her job. She works as a Special Needs Assistant (SNA) which is done on a rolling contract obviously once the child she is assisting leaves the school/dies/moves etc. then she is assigned a new child to care for. They asked for a letter of permanentcy (sp) but the principal advised they were not allowed give that but gave her a glowing report and stated on the letter that she would be with the school for the forseeable future and she has been working there for 4 years already. She has a permanent job in all but writing because the department doesnt allow it, also there are SNA's in her school with over 20 years so its not really a recent phenomena. The CINO (sp?) went into the school (COPE by the way) twice last year looking to make cut backs and twice they reported back that the school was actually understaffed and no cut backs would be made. A few people in the school in a similar situation have been granted mortgages on their own so she is finding out whom they got the mortgages with but does anyone on here have similar experiences or advice on where to turn to? Sorry for the long post but wanted to get all information into and probably have still missed a few bits. Thanks in advance.
Cant directly help you but have a look on www.askaboutmoney.com www.itsyourmoney.ie www.boards.ie and you should get more info/help. I hope it works out for ye. Good luck!
The banks are looking for reasons NOT to give out mortgages in the last few years. I have heard a few people who have got mortgages off the Credit Union recently having been knocked back by the bank. The rates are probably fairly high though so you may wish to weigh this up.
A friend mentioned something about approaching the council for a mortgage, which I thought was only for affordable housing, he said that you can get a mortgage for any property aslong as you qualify for it, mortgage payment must be no more than 30% of your salary is this correct? Anyone have experience of this type of mortgage? What is limit you can borrow etc.?
Your best bet is find a broker in the area they'll know all the ins and outs and ways around criteria set by each lender. Here's a link on the county council loans. http://www.corkcoco.ie/co/web/Cork ...ousing/Schemes & Grants/Shared Ownership Loan Good luck !!!
Is that not what got the country into the mess we're in in the first place? Criteria is there for a reason