Are the bank's criteria OTT?

[reddanmm]

Here is an example of one councils criteria http://www.westmeathcoco.ie/en/ourservices/housing/housingloans/

 

[baywindow]

The tax paid on rental profits by landlord does not reduce his/her eventual CGT liability. They are two completely separate taxes and do not impact one and other.

Is this correct? I know they are different taxes but my understanding from the revenue's take on "rent to buy" tells me that there is an impact. Quote from revenue site guidlines on rent to buy "The amount of the trading receipt will be the net amount received by the vendor from the purchaser for the purchase of the property, i.e.after any discount given to the purchaser, for example, for rent previously paid or for early purchase." and " When the prospective purchaser exercises the option to buy the property, then if a discount is given for the option/rental payments already made this amount will not be treated as consideration for the taxable sale". Am i reading this wrong?

 

[baywindow]

Have you not tried your County Council for a mortgage, my cousin got one a few months ago from them as the banks all said they did not have a long enough savings record even though they had proof of rent and the rent payments way exceeded the mortgage payments. it was for the same amount that you are looking for with a lower SVR than the banks.

Thanks reddanmm.
Yes, i sent an application in on Monday. The lady there told me that they are getting plenty of about mortgage enquiries there but she also told me that only the one mortgage had been sanctioned this year so far.
Can you tell me how long the application process was for your cousin -which COCO was it? Thanks J

 

[reddanmm]

Hi Baywindow they were not waiting that long they got approval pretty quickly but there was a problem with the house going in to recievership (they were renting it) but once they got that sorted it was fast enough about 8 months but most of the delay was down to recievership issues. It was Limerick Co Council. I think they may of known someone in there but you should pay a vist to your local Councillor. Best of luck with it.