Nervous about Shared Ownership Application

Hey folks, just curious... When did you receive payslips, p60 and statements back?? Was it while you were waiting for approval or after you got approved?

Got my passports and savings book back but that's cos I was in there and she copied them.

My concern is that she might not have bothered sending my app down??

Usually you get the docs a week or so after you send them in, all they want to see is that they are origional docs and then they just scan and photocopy them.

If you have concern, call them and ask them was application sent down, and dont take any rubbish from them, they are there to do a job and help you out after all.

Helenl123, I do actually feel like everything is going wrong, Im wondering that now ive been provisionally approved, so does it mean I got the loan or not? Im halfway through waiting the 5 weeks for the legal side. How do I know if im actually getting the house itself? Its very confusing, nobody actually told me they are definitely giving me the loan.

Does anyone know whats the procedure after the legal side is done?
OMG is buying a property as stressful for everyone else as is for me, im only 25 and still feel like im growing grey hairs already.

Application declined :-(

Appar my other borrowings are an issue. Gutted we are.

Thanks for all the help through this process folks.

sorry to hear that maxol, such a shame

Maxol,

Again sorry to hear the news, my suggestion, reassess your financial outgoings and re-appy in 3 months, as you will be able to prove you
have less outgoings, can I ask what your monthly outgoings are?

We had rent, car finance etc

- Trevor

Thanks all.

We have local authority rent to pay, car finance and bloo*y credit cards. I'm guessing the credit cards are the prob. We've 8k debt on them :-(

Gonna clear them over next few mnths. Might just look at renting

Do yourself favour and move to some small 1 bed apartment, might be tight squeeze but you will save lots of money, bc of recession the rent prices are in your favour. Id say the CC Bill was the deal breaker, be very careful with CC's, its very tempting to use them like bank cards for shopping etc, once paid off just use them when absolutely necessary.

But definitely apply again when the CC's are paid off, as I pay 1200 rent and 231 car finance per month plus the usual bills and we got provisionally approved so its definitely doable once you cut up those credit cards

Good luck and keep in contact okay

- Trevor

Will do. Thanks again! Keep us posted on your progress

I have been following this thread with interest. I applied for Shared Ownership 3 years ago and got refused :-(
My income was around €26,000.00, mostly wages but included (and still does) opfa, fis & maintenance. I have a credit union debt of about €2,000.00 and have €20,000.00 in savings. Would it be worth my while applying again do you think? Im a single parent and have seen lovely little 2 bed houses in my area for around €190,000.00?

Dont know why they refused you as had 20k savings, maybe its the fact your a single applicant and they look after your outgoings, did you have your child in a creche or something or some other expensive outgoings, I reckon recess your outgoings because they literally look at all outgoings on your bank statement. I earn 24k and my gf 26k so we got one with final approval for 275k which is the maximum but we only needed 220k. My advise to you would be to give them a call and ask them if its worth applying again, maybe if you said to them that you would use your savings to clear any debt which id advise, then they would consider borrowing to you again. Did they actually come back and tell you why they wouldnt give you the loan or was it just basically, 'We have reviewing your application and at this time we regrettably have to decline advancing your loan through the Shared Ownership Scheme' type thing?

Buzzibee,

Instead of shared ownership why do you not try to get a mortgae from a bank itself. You say you have 20,000 in savings. That in itself is the bones of a deposit for a house that could be bought on the open market. Would be no harm in you going to check it out with the banks. Get yourself a broker and get them to put in applications. No harm either to try the shared ownership again, seeing as you'd have most of the necessary paperwork anyways (bank statements, outgoings etc) if you were to tryr the banks through a broker. If i was you and had your savings then Id defo be trying to get a mortgage with a bank, and avoid the AH/Shared Onwership scheme altogether. At least if you can manage to buy on open market you wont be tied to the property for years, or the clawback issue either. best of luck whatever you decide to do.

Trevor - I just received a note from dcc to say I was refused. I have less childcare now as my daughter is in school but at the time of application I was living at home with my parents so my bank account/statements were much healthier. Now I have rent/bills etc... so I could be worse off this time. They knew about my savings which I had previously gained from a house I owned jointly with ex. They knew this too and I received a note from the Revenue to state as much and also a letter from the Solicitor who sold the house stating what I had received.

Gazza - The banks wont look at someone who receives any social welfare, its not seen as income at all as its not guaranteed which is fair enough I suppose but no job is guaranteed either (more so in this day and age!!). Online caluclators tell me I can borrow in the region of €90 - €120K so probably wouldnt get much anyway.

Even if I got €150K from somewhere I could make up €30-40K myself for including my own money.

I currently live in social housing/voluntary housing and pay rent accordinging to my wages/social welfare but I dont want to stay here for any lenght of time. I will never be able to buy it as its under the Voluntary Housing Scheme, maybe this will change? Either way its an apartment and I want a house and a garden, is it too much too ask? They could give my place to someone in much greater need and let me stand on my own two feet!!

Thanks again

Rang the Council yesterday to enquire and was told now that they have changed the rules and dont accept any social welfare as income. Its by income only by a job. Im gutted, I really am. I got my hopes up for a few particular houses when I really shouldnt have :mad:

Hi everybody, I'm new to the forum and thought i could get some answers to my questions please - Firstly i thought Shared Ownership was finished ? Where do i get info about it ? Do u need a deposit ?
Presently i'm getting mortgage approval in principle (hopefully!) from EBS for around 200k , a 100 % mortgage , so I can then apply for the Affordable Housing, I'll be applying to Fingal & Dublin . Is there many properties available and how long can i expect to wait ? I've recently moved home so i can save, great financially but driving me crazy !! Thanks for your help & I hope everyone gets the home they want, thats what we all want after all ....