Shared ownership & outstanding loans

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ashleigh

Guest
I have been approved for a Shared Ownership loan for €275K. I have been offered a two bed property, and I am eager to proceed. I have currently two loans on the ICB (Never missed a payment on either). Do they run an ICB Check for Shared Ownership or not?
I know if I went through the banks they do but hoping they don't with Shared Ownership!
Any help would be appreciated!
 
Had the same drama myself when I bought through shared ownership as I also had loans and I filled in on the application that I didn't thinking that by the time they gave me approval I'd have them payed. But yes they do run a check, it's pretty much the same as going through a bank. I think the best way to deal with it is ring them up and ask if the amount of the loan will effect your mortgage and if the answer is yes just find a way pay off the loans (I put literally all my salary into the loan for two months in a row and then lived on tinned food I had in my press for the duration! harsh but worth it!)
 
thanks msmyth.

Did you get provisional approval before they did the check?
I'm not going to be able to clear the loans in time as they total 20K!Would be able to pay my mortgage and the loans on a monthly basis, but I know that that's the way they look at things!

Any ideas, I will be raging if I miss out on it!
 
ashleigh said:
thanks msmyth.

Did you get provisional approval before they did the check?
I'm not going to be able to clear the loans in time as they total 20K!Would be able to pay my mortgage and the loans on a monthly basis, but I know that that's the way they look at things!

Any ideas, I will be raging if I miss out on it!
Click to expand...

No then ran the check just before I signed for the apartment- the provisional approval was based on all the information I gave them being correct. If the loans are with the credit union, you're okay as they're not included on the ICB list. If not, is there anyway that you can clear the loan by borrowing from a credit union? Failing that I think that you should definately give them a call- maybe they know about the 20k already.
 
thanks a million for the advice! Will have to tell them about the loan, as no way i can clear it in time
 
Yeah it's the best way to end the sleepless nights worrying about it- good luck, let us know how you get on.
 
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