New government mortgage scheme

I’m on the verge of getting a mortgage with tsb. Small mortgage but today’s news about the new government scheme has thrown a spanner in the works. I am thinking of pulling the plug on tsb but if I go for the government scheme and don’t get it I’m back to square one. I’m certain i qualify but my head is melted.

You need to have a least two refusals from the banks. You won’t qualify if you’re offered a mortgage

This isn’t a new scheme at all. Its been available off the local authorities for the last few years at least. They do seem to have increased the amount you can borrow from 250,000 to 280,000.

I have 2 refusals already. Got 3rd time lucky this time. Big difference in interest rates over lifetime of mortgage. Save a preety penny.

Mad not to go with it but will red tape slow up your offer?

It does till about March. I can apply for government offer in February but that could take a good few months.

How long is the TSB offer valid. Will it run out before you get a yes or know from the government scheme?

Yeah I think it will lad,that’s my problem,whether to stick or twist.

As someone said above it’s not a new scheme at all so get onto the council ASAP and see what the story is. The difference between what you’d pay with PTSB vs the council would be phenomenal

It’s over 20k,was checking it there. Some difference.

What’s the full low down with the scheme, gents?

Gway ta fuck, you’ll never need a mortgage in your life ya hoore.

I’m just curious, bro — My brother is tooling up.

Would you not let him stay in one of the gatehouses?

He’s in Limerick, bro.

You cant save everyone.

But you have to try.

Thats very Christian of you.

You’ve to be turned down by two banks first.
The state can take an equity stake in your house if you are short, which you can later buy out if you want or it’s taken back if you sell.
The mortgage rate is very attractive vs what banks are offering currently.
Essentially the people who shouldn’t be getting mortgages will get a savage deal from the state to the detriment of those who worked hard to obtain their mortgages. Once they’ve gotten them then they’ll probably default and the Government won’t be able to evict them due to optics and the tax payer will get double fucked.


Its a great little country all the same, but.