Getting shared ownership approval

Hi all, any experience or advice would be most appreciated..

I am a local authority tenant

my BOI a/c has not looked healthy for a few months, ie: DD's etc (my husband had an accident and was out of work, took us a while to get things sorted to an even keel.

I have received my ICB report and it is showing as clear.

My husband has a car finance in his name.

I am considering setting up a joint a/c with postbank and having my wages paid in there thus effectively creating a new banking history for us.

I have a lump sum of 6k that i was thinking of placing in a postbank savings a/c to show evidence of savings.

i earn 38k pa, my husband is receiving illness benefit approx 200 per week.

I am wondering if i am going the right route to secure DCC loan approval or has anybody got any other suggestions?

many thanks

Hi Maxol. Your very lucky being in the situation of having 6k of savings. As youve said that your ICB report came up as all clear I'd reckon ur pretty ok as regards the shared ownership route. But in the end its upto the council of course to assess your application. If I was you id just get the necessary forms filled out and sent off to DCC so they can get working on assessing your situation. Bein honest with ur 6k savings u might even be able to get an affordable housing mortgage from EBS /Haven and avoid getting the mortgage from the council altogether. I'm presuming that its an affordable unit your going for??

no tbh im not interested in the affordable. all thats available in my area are apartments. there are many houses on the open market now in my area that are well below the s/o allowance

s/o allowance??? whats that??

S/O allowance = the max amount they will advance to purchase a property.
I was hoping someone who got approval could give me some pointers

Hi, Maxol

I just got s/o approval yesterday.. what would you like to know??

Simon

oh cool simon! congrats!

Well i would be very interested to know exactly what you had to show?
how your bank account had to look? did you have a seperate savings account? did they ask for 3 months or 6 months statements?

how did they work out the amount they would approve you for and basically, having looked at my original post would you have any advice to offer?!!! also what local authority did you get and how long before your application and your approval?!

thank you so much for taking the time!

Hi Maxol I'm currently going through the shared ownership process with Dublin City Council too. I applied for approval a few months ago. All I sent them in was 3months bank statements and three recent payslips along with the application form and 50euro admin charge. I had 3000 savings in a seperate account and sent them in that statement too. I was provisionally approved for 265,000 and found a house i loved for 210,000. The surveyor etc was out at the house from DCC and gave it the go ahead. I got my final approval the other week and was told it will be 4-6weeks now until the close of sale which I cant wait for. My repayments on the 210,000 will be 897euro a month which is more or less what I am currently paying in rent for a much smaller place.

If I can give you any more information just ask.

Ericsson

Hi Maxol,, I did the same as Ericsson apart from bank statements. All I showed them was my 5000 savings in seperate account. My daily bank account sounds something similar to your own!! overdraft being dipped now and again, direct debits etc.. so I wasnt keen on giving them that although I was completely honest about personal loan. They advised me to clear that immediatley if I could, which I did (to improve mortgae amount). The DCC were happy with proof of savings and didnt request other bank statements.

When calculating how much they will give you I was told that they use the most recent of the three payslips, so my advice would be send in payslips which have some overtime on maybe.. Then they subtract any other expenses ie. children, loan etc.
I earn roughly 30k a year, I pay maintenance of 60 pw for child, I have no personal loans or other expenses and I got 232k. So my advice to you would be to put 6k savings in seperate account and send that statement in as proof of savings, 3 healthy payslips. If possible clear car loan as this will affect amount they will lend you.

Apart from that its really easy.. just sit back and wait for approval.. it took me 8 weeks from first application form to approval in principle cert (after 4 weeks I got form to sign to say I agree with t/c).. Going by ericsson it will be another 4- 6 weeks when you find the house you want.

Best of luck with application

Simon

thanks all, really good stuff there!

i'm excited now because it seems like a very real possibility! I've been onto them the past few weeks but apparantly the forms are being updated so there is no way to apply at the moment

Have you tried all the banks ?? Some banks will approve quicker than others and be a bit more forgiving if you are overdrawn from time to time ?I had heard DCC are not doing Share ownership anymore and whatever is left after the last lot of properties may be going on a rent to buy scheme if passed by the department of the enviroment . This is hear say so may not be fact .

no i work very closely with DCC in my job and would have some contacts. they say the scheme is defo still going its just that they are updating the application forms.

i rang today and very nice girl told me to give my name and address and she will post out to me when ready and in the meantime to compile 3 months bank statements, payslips, p60 and evidence of savings.