Any Advice on Shared Ownership Please???

[gers1980]

Hi at the moment myself and my girlfriend are looking at getting a mortgage but due to a bad loan repayment on my ICB i don't think we should even bother to go to a broker about it.

So we have been thinking about the shared ownership scheme in Dublin. As the mortgage is with the council.

Just a couple of questions. Is it true that the value of the house you are only allowed is 250,000 if you don't have any money to put to it yourself.

If so you wont get much of a house here in dublin.

Can any house in any area be applied for?????

How long does the process take if you, lets say saw a second house you would like tomorrow.

Thanks

 

[gillarosa]

You need to apply to either the City Council or the relevant Co. Council dependant on the area you are planning to buy in, the initial paperwork to apply for the scheme can take up to a month they will determine how much you are allowed according to your salaries, there is a ceiling but I'm not sure what it is, I imagine the websites of all LA's have details on them. Then if and when you find a property you like within budget it can take up to 3 months from the bid to moving in, shorter of course if the property is completely up to spec, mine was held up for about a month as it wasn't correctly vented. So short answer is, if you see something you like this weekend don't bid on it with the expectation that you'll be financing it this way unless they are willing to wait.

Why don't you go to a broker anyway and see if you can get a mortgage, while Shared Ownership can be handy it can also be a very expensive route if you don't have the means to re-finance within a few years.

Good luck!