advice please/affordable housing or not

hi everyone..new here to this site...

am looking for some sound information regarding AH and mortgages in general..i have read some recent posts on here regarding the same...

i am a single parent with one child...i live at home with my parents and share a room with my son..we are very cramped as there are two other family members as well as my parents living in the house.I am employed on a permanent basis and have been saving very hard since i have moved back home...i have recently been accepted on to the local authority housing and im estimating i will be waiting approx 5yrs to be placed in a LA house...

I would rather sacrifice a lot of things to buy my own house and am considering the AH scheme or else a local authority mortgage so i could possibly buy on the open market..this would be with cork city council..i am looking for advice on both these options...i would doubt a bank would even look at me for a mortgage!!!

i hope somebody would be able to put me in the right direction and give me some honest advice about options i may have

tweeney said:

i would doubt a bank would even look at me for a mortgage!!!

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Why? You have a permanent job, savings and no apparent debts.

Taking a loan from the council is of no real benefit as they are unlikely to be more competitive than the best offer available from a bank.

your right...i have a lot of savings and not a single loan to my name...its just that my salary isnt huge at all..its about 20k from my job and approx 6-7k from a long term social welfare payment...as i said..i am totally new to all this but i really didnt think an bank would consider me

Although the rates may not be as competitive as some banks, the council offer a higher percentage mortage of 97%, so you are only required to have 3% savings. They would also be a lot more flexible than a bank regarding repayments. Just note the application process is somewhat arduous, but if you would like your own space and a home for your child its worth a shot!

newuser...have u bought under the AH scheme or on the open market with a local authority mortgage???is the clawback still 20yrs or is it open for negotiation?while i do really really want to buy my own place i would like to think that i may not always be a lone parent and may not always only have one child...therefore i dont want to be stuck with a huge clawback if i want to move on at any stage in the future

Havent made the leep just yet but we are looking into buying on the open market with a LA mortgage. We have our eye on a nice sized 3 bed semi. We have one little smallie currently. There is no clawback on any properties being sold by Cork CoCo on the open market so you wont have to worry about that. I believe the AH scheme is winding down so the future of it seems a bit dubious.

In your circumstances Tweeney I think that you have a good chance of getting a social house now with Cork County Council given the amount of vacant properties they have available. you may have to be a bit flexible with location though.

i know i may have a chance of getting a social house but the fact that im working and have saved so hard i would rather buy my own property as it is such a good time to buy for someone like myself...i really do also feel that i still may be waiting quite some time for a social placement...my living arrangements are getting so cramped the older my son gets..i really want my own home and want to get the ball rolling

Hi Tweeny,

You should then take a look at whats being offered.

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Express interest and get the ball rolling!

thanks..had a look at that link...lots to choose from in locations that would suit me...im going to seriously make a decision over the weekend