State Mortgage harder to qualify for then Banks.

The governments answer to people being unable to get a mortgage with mainstream commercial banks, the Homechoice scheme has been modified to include second hand homes. Originally first-time buyers who had been refused by at least two banks could apply to the scheme but only for a new house. With many commentators voicing their opposition to the scheme saying it was simply another bailout for developers due to the purchasing of new homes only.

But it seems the government can’t take care of developers anymore than they are as they tightened the qualifying criteria to be harsh the banks. As it stands a first time buyer to get a 92% mortgage must be earning in excess of €40,000 and be in continuous employment for at least two years.

With a very poor uptake of this offer and many refusals the government now look to be trying to get some good press by including second hand homes or else maybe they are looking down the line to when NAMA is up and running and the banks are free to start repossessing on a massive scale with the government hoping to have first-time buyers waiting in the wings.

At Debt Assist we can help anyone who is having problems with mortgage or credit card arrears or struggling with any type of debt. Book a free consultation with one of our advisors by calling 1890 87 67 27 or visit us online at http://www.debtassist.ie/index.html