I have seperated from partner with one child. Proceeds of home yet to be agreed but should have at least €125 -140 in cash when it is settled. My son is a school now & the cheapest houses locally are €300k+.
I only work part-time but even with full-time work I could probably only raise €110k & the mortgage would be really tough.
Because of above I have considered applying for Affordable Housing.
My local council will take applications from seperated/2nd time buyers etc. I would imagine I would have to put most of proceeds of home & then have a mortgage with council.
How would this work? What would the affect on the clawback be if I say only mortgaged 40% of the property with the council? Would they still want to take back the discounted part on the 'total' resale of the house?
I have lived in this village all my life so I can't see myself selling, but 10-20 years is a long time & I have to look into everything.
Hope this makes sense.
I only work part-time but even with full-time work I could probably only raise €110k & the mortgage would be really tough.
Because of above I have considered applying for Affordable Housing.
My local council will take applications from seperated/2nd time buyers etc. I would imagine I would have to put most of proceeds of home & then have a mortgage with council.
How would this work? What would the affect on the clawback be if I say only mortgaged 40% of the property with the council? Would they still want to take back the discounted part on the 'total' resale of the house?
I have lived in this village all my life so I can't see myself selling, but 10-20 years is a long time & I have to look into everything.
Hope this makes sense.