Affordable housing in the current climate

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pinkstars

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Not sure if I am regretting now my AH purchase when seeing the falling prices in the housing market.

I probably should have held off and bought privately.

What are your views?
 
pinkstars said:
Not sure if I am regretting now my AH purchase when seeing the falling prices in the housing market.

I probably should have held off and bought privately.

What are your views?
Click to expand...

Hi Pinkstars,

I would agree with you there. I am regretting it, especially considering all of the red tape that goes along with being an AH owner. I still paid a high enough deposit and additional monies as I only received an 92% mortgage, which I think is pretty standard enough.

I know some people will say that at least (most of us) are not in negative equity, due to the lower prices that we bought at but that wouldn't even be an issue for me now, as there wasn't a hope in hell that I would have been able to afford a home on the open market at the time I bought anyway.

I know that's life and the economy will always rise and fall over time but yes it is hard to accept it when you see what you've been saddled with for at least the next 10-20yrs before you can sell and hope to make any profit whatsoever. But that's just my opinion!
 
I don't regret it at all. My apt is still worth what they're now selling at on the open market - despite a drop of over 100k in 9 months! I wouldn't be offered half the mortgage now that I got when I bought so I'd be worse off and unable to buy now if I'd waited. I think choosing the right area and right apt for me was key to having no regrets.
 
hi cheeus
Just in the process of nearly getting a ahouse do you recommend it because i was thinking for a while will i go private but the only thing is i dnt have enough for a deposit will you give me some advice?
cirbir
 
I don't regret it for a second! I got a 100% mortgage, so the only deposit i had to pay was the 3k which i obviously got back being 100% mortgage! I love my house and could never have afforded to get one on the open market, i would never have been able to afford the deposit because last October when i got my mortgage, 100% was only available for affordable housing. I couldn't care less about negative equity to be honest because i bought a house to live in and make a home for ever - i didn't buy to make a profit on it!
 
Actually I looked into it there now, and I would not have had a deposit either to buy privately.

All we are entitled to now is 220k anyway and we got the house last year at 195k 100% mortgage.

So thinking of it now, I should be counting my lucky stars that we have a house.

Just find the area so so quiet, but I bet its that way as its all young couples who bought houses, and it won't be that way in a few years time, when everyone starts having kids!

Still finding it bit tough to settle and I am only 10 mins from my home village Still spend a lot of time in my 'old' home!
 
It can take time to settle in a new place, and I had some of the same feelings even though I bought privately; I didn't have much choice in where I bought due to the mortgage available to me, and wouldn't have chosen that location if the budget was higher.
Now though, I've settled pretty well, am friendly with a lot of the neighbours and although I never intended to stay here long term, can see myself here for the next few years anyway, most likely for the next 8 or so anyway. Give it time.
 
I think you all seem to be doing ok..

There's an estate in Kilmacanoge, Co Wicklow where the massive houses were selling for 1.8 million two years ago.. now they're trying to sell the last few for 775K... imagine that and count your lucky stars..
 
Well put yourself in my shoes - I am literally ready to move or would love the opportunity to and there's feic all left to choose from on the affordable list. I know people on here are saying their going to view houses but the only viewings i've done with fingal are dog-boxes. By the way also whats the story with fingal only doing viewings during work hours, i can't keep asking to get out of my job at odd hours during the day to go look at apts.

I've been appoved since July and I've found there's nothing really left to pick from.

I don't have enough savings to go on my own as i wouldn't have the 8% required with a 92% mortgage.

Bad timing alround - might blow my money on a one-way to australia.
 
I dont think you should think too much about the neg equity or anything like that as when you buy these places its with a view to own the home until you pay off the mortgage in full, not as an investment as such, thats why before you go into the
AH scheme you need to think about if its right for you. My home value is only 15k
over the asking price we paid so I wouldnt make much on it, obv the celtic tiger
will never roar again like it did however prices will come up slowly over the next
5-10 years. I intend on giving my house to my son when we both pass, at the
end of the day whether its a 2 bed apartment etc, it will be yours to own and
you wont be paying some scabby landlords rent like I was doing for 4 years
and the total cost was about 34-40k altogether, madness.
 
I agree with Cheeus....size and location were the main 2 boxes that needed ticking when I was viewing AH properties. I'm in my apt 3 months now and I love it....I was very lucky though, I got offered one in a pretty desirable area so most properties on the open market in my area haven't dropped too much and I never would've been able to afford to live where I'm living if I hadn't opted for AH.

Anyone who goes into AH thinking "Well at least I'll have my own place" is a little naive in my opinion. The conditons attached with AH alone mean it needs a serious amount of thought and it's definitely not just a roof over your head.

On the negative equity issue.....it's really only a concern if you're looking to sell really.
 
Hi Everyone,

I got a 100% mortgage approval before I even went looking. And viewed about 4 places before I found the one that was perfect for me. I put my deposit down last week (very excited) but now the council have told me I have to go to an interview. Has anyone else had to do this? My mortgage broker told me that this is the 1st he's heard of that.

Help please, as I'm getting a bit worried!

B
 

As far as im aware the interview is just to explain things like the clawback and go trough your details with a tooth comb in front of you. I heard from a friend that they also make you sign a declaration in front of them that every you have said at the interview or submitted in your application is true.
 
pinkstars, why don't you join a club, do an evening class or volunteer in the area. You'll soon get to know people.
 
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