AH: most councils seem to only allow use of BOI, EBS, and IIB. Does anyone know why?

E

eimsRV

Registered User
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124
Hi all,

Regarding the purchase of an AH - most councils seem to only allow use of BOI, EBS, and IIB. Does anyone know why? (This seems to be against the EU Competition Laws, yada, yada) .

Is it that the other banks don't want to get involved in mortgages for Affordable Housing? At the moment Bank of Scotland have very good offers and its frustrating that we have to go through some of the most expensive banks ....

Thanks,
Eims
 
Re: Affordable Housing - Banks & Mortgages

It has to do with the banks rather than the council. Some banks are not keen on being involved in mortgages where the coucil will aslo be involved regarding clawback etc so they will not entertain Affordable Mortgages!

Such is life!
 
Re: Affordable Housing - Banks & Mortgages

Can anyone tell me if ya can get 100% mortgage if 1 person is not a first time buyer.
 
Re: Affordable Housing - Banks & Mortgages

As far as I am aware the reason the banks dont want to deal with aff housing is due to the fact that the council have first interest in the house ie you could go without paying the mortgage for 15 years and they cant take the house off you. You could then pay all monies due just before the 20 yrs are up and the banks cant do anything about it.

Now I could be wrong but that is what i was told!!
 
Re: Affordable Housing - Banks & Mortgages

But PTSB dont deal with Affordable housing
 
Re: Affordable Housing - Banks & Mortgages

I believe that it's not possible to get a 100% mortgage with affordable housing. The maximum amount you can borrow is 97%, you have to come up with the balancing 3% yourself.
 
Re: Affordable Housing - Banks & Mortgages

Well the topic of the thread relates to affordable housing, so let's just stick to that please.
 
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