Launch of Affordable Housing at South Dublin CC

It seems to the banks are very truthful and honest in the whole affair. We were honest with them from the time of application about everything. Our credit records arent perfect, but they arent really bad either. A revoked credit card on both but they were both paid off one of them over two years ago, other over a year. Each banks underwriters said they would overlook the credit ratings because they were a long time ago, they were paid off and we didnt have any other issues with credit. Then they come back to us and say they cant offer us the mortgage because of our credit rating. It doesnt make sense to me at all.

Why are banks allowed to give you false hope like that? It doesnt seem very fair. I understand all banks have certain criteria and people have to meet them but why do they say the credit ratings are fine, they are being overlooked and then decline you on the same issue. There is no logic in it at all. It seems they can just do and say what they like.
 
bassface said:
€26000 partners is €34000
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If you cant get approval for a joint income like this, there is not much hope for a singleton like me who earns €40k!, though AFAIK, I have a clean credit rating (though I must double check that just in case...)
 
Ah you probably would. I just found that they dont give you a straight answer why they declined you. I think it would be fair to be told why exactly you were declined, rather than beign fobbed off with crap (ie one min something is over looked, next min its a problem).
 
Wow this doesn't look good for me then, and just when I was getting all excited. I'm applying for AH on my own, I earn €31500 a year and I'm about to be placed on SDCC's list and was hoping to have a good chance of gettin one. I'm a bit disheartened now. The problem is I have a bad credit rating from when I struggled to pay my credit card a few years ago and it's balance is €3500 at the moment. All my money is going into savings for the affordable house rather than paying off my credit card (although I do make pay the minimum payment each month). I take it this won't go down well with the mortgage lenders?

Ask a silly question I know....
 
Jiggy.

Did SDCC approve you eventhough you had a balance on your credit card? I had to cancel my over-draft before they would approve me. My over-draft was only 500, and I rarely used it.
 
JohnJay said:
Jiggy.

Did SDCC approve you eventhough you had a balance on your credit card? I had to cancel my over-draft before they would approve me. My over-draft was only 500, and I rarely used it.
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Well I'm now on the list so I assume I'm approved. WHen I originally applied, I had a balance of €1900 and the guy that interviewed me didn't seem that bothered by it he just took the minium repayments into account and included it in my monthly expenditure, but I wasn't asked to clear it, no.

It's gone up since christmas so I'm hoping to get it back down as I'd say it'll be taken into account when I go to apply for a mortgage.
 
Has Everyone seen this?
[broken link removed]

I got a letter from SDCC about these today and an advert will be in the papers over the weekend.

Not a bad price, though I think I will stick out for a 2 bed somewhere...
 
On the first rung of the property ladder is better than not being on it at all! Dont let greed get the better of you.
 
A 1-bed is no good. Suppose you have the misfortune to lose your job, there is no possibility of getting someone in to share the bills and contribute towards the mortgage. This is what would put me off a 1-bed, and it's not like you can trade up on an affordable house (because that's not what they are for).
 
Well if you are that misfortunate you would get a job somewhere, although it might not be the one you want but you could get a job that would pay your mortgage on a one bed affordable home, for a while til you find a suitable job again. Lame excuse. I think people get greedy when it comes down to it. How easier do ya want it? Getting an affordable home is handy enough like, ya hardly want to be spoonfed too.
 
Just to warn you, DCC strictly forbid subletting any additional rooms. So I would check with SDCC to see if this is allowed before you sign anything.
 
bassface said:
Well if you are that misfortunate you would get a job somewhere, although it might not be the one you want but you could get a job that would pay your mortgage on a one bed affordable home, for a while til you find a suitable job again. Lame excuse. I think people get greedy when it comes down to it. How easier do ya want it? Getting an affordable home is handy enough like, ya hardly want to be spoonfed too.
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No point buying any home if it doesn't suit your needs.
 
I really cant see how a one bedroomed place doesnt meet a single persons needs
 
That's up to them really, circumstances can change very quickly. What I'm trying to say is buy the home that you'll be happy with. I would rather rent than buy a one bed, so I avoided the 1 bed draws and was lucky enough to be picked for a 2 bed.
But if I was never picked I would still be happier to rent.
 
Yeah did the snag... all 4 pages of it!! Panicked at first but on reflection it is all cosmetic and nothing major.

We got conflicting details about the closing though...

Solicitors told us that we would have to close regardless of the snag list being complete.

The estate agents have said we will not be closing until the list is done.

:confused:
 
"The problem is I have a bad credit rating from when I struggled to pay my credit card a few years ago and it's balance is €3500 at the moment. All my money is going into savings for the affordable house rather than paying off my credit card (although I do make pay the minimum payment each month). I take it this won't go down well with the mortgage lenders?"


Jiggy, you should work on clearing that credit card debt as quickly as possible. If you only make the minimum payment it will never be cleared and will definitely adversely affect your chances of getting either a mortgage from band/building societyu or from SDCC. You should also check out what your credit rating is as well because you will need to have a good rating. A friend of mine has just got an apartment under the standard affordable housing scheme and she was told by SDCC to clear her outstanding credit card debts and that she would have to be able to demonstrate good savings record (to prove she could afford repayments) as well.
 
Finally, signed for my place today after battling it out since November!!!! I am so happy now and I am so relieved that the process is just over. The most stressful 8 months of my life.

Just wanna say thanks to everyone here for all the information, support and advice I got from them. It is much appreciated.

For anyone else buying and going trough a rough time, never ever give up. Seriously. You'll get there in the end. I did.

Bassface.
 
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