help!what banks deal with affordable housing

J

james37

Guest
hi everyone,
just joined tonite,googled affordable housing and here we are !anyway,we are wondering does anybody know what
banks are dealing with the affordable housing ,it used to be fingal co co themselves but i believe thats changed,we thought it a.i.b did and after applying we where told by a very snotty assistant that aib dont do affordable housing!cheek!im a customer of theres for 20 years!after being told by another assitant they did....renting at the mo ,rent 1150 a month,aib only give out 90 percent so they told us we need another 18,000 euro ,save 18,000 when we payiny that amount in rent !so any advice would be brilliant


 
There are only a few banks advancing loans for Affordable Housing. They are Bank of Ireland, First Active, Haven Homeloans, Ulster Bank and EBS. As far as i am aware EBS are willing to either give a 97% mortgage or 80% of the open market value of the house. I dont really know why AIB are not advancing Affordable Loans, i dont really know.
 
thank you holtend82 ,ill take a few days off work and apply to them all ,whats the worst that can happen !haha i know house prices are coming down ,they wont reach the prices they where asking for again im sure of that ,there are a few sites around where the work has stopped on building the remainder of estates ,why dont the builders and banks between them get rid of these at cost and move on ?
 
I was told by Ulster bank today that they are now only giving 90% mortgages for the affordable housing, the lady i spoke to wasn't very clear about this, as in whether it was 90% of the market value or 90% of the actual mortgage. Any information would be greatly appreciated, i applied a month ago to them and feel like i'm being constantly fobbed off and its nearly impossible to speak to the lady dealing with my application.
 
try using a broker - they are really good and do all the work for you find out the best rates and do all the applying etc
and best of all its free
I used Simply Mortgages and made the process so much easier
 
try ulster bank on dame street. it was the builders who told me that i could get a deal with ulster bank, got free valuation and 3 months free insurancess
 
Thanks for the advice, i think i will contact a broker, to be honest the fact that Ulster bank have gone from giving a 100% mortgage to 90% since i submitted my application makes me wonder is that the reason for such a delay, or maybe i'm being totally paranoid. Initially i was told it should only take a couple of days, and here i am a month later still waiting on an offer from them.
 
Just saw your post dshakey, do you mind me asking how long ago you got your mortgage with UB.
 
i can see a reason why you shouldnt get a 100%.
basically you are getting 100% on the affordable housing value not the market value.
so if the market value was 300K but the affordabel housing value was 200K. if you got the 100% mortgage on the 200K and the value dropped, it should not go below the market value so the market should never really go into negitive equity. that is wat the bank is worried about.
you hear all about it with the banks with bad debit
 
Hi,
I second Garolly...I had the same issue, 80% LTV and that was final....Haven were the only people who were offering me the best deal.

Trevorku, when were you talking to BOI about a 97% mortgage....or are you referring to their ad! I went into them this time last year and they wouldn't offer me anything, told me to come back with another 25k deposit ( I had 10k) or someone to buy with me and they'd think about it.....and thats long before the bottom fell out of the AH scheme.
 
Thanks for your advice. i despair of ulster bank at this stage. I only applied to them as i do all my banking, direct debits etc.., with them and they had access to all bank statements and information re wages being paid in etc.. Now over one month later i have to gather everything up and get it to a broker meanwhile fingal are plaguing me to know whats happening and i'm afraid i'm going to lose the house which is in D.15 by the way not docklands thankfully.:(
 
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