Affordable Housing with Fingal Co Co

[Cheeus]

Re: Affordable Housing with Fingal

the lady from fingal told me that theres a provision in law for affordable housing that you cannot lose money on them, so the clawback would be adjusted at the time of sale if the sale price was lower than the market value given by fingal, if this is the case then are we not in a better position than most buyers as we are always guaranteed at least our deposit back? Also from reading other posts it seems to be the case that the banks valuation generally comes in lower? I stand to be corrected on all this!!

Bank valuations generally do come in lower, but in the case of Erris Sq bank valuations are actually pretty much the same as what they are now selling for new on the open market. An apt much bigger than the one I was offered is selling new privately at a lower price then the market value given by the council. The council should adjust clawback now at time of contract signing to ensure that it is a fair transaction.

You are right that you will get back what you put in regardless.
But if you wanted to sell in 8 years time and only got back what you put in you'd be making a bit of a loss really - inflation would have risen and therefore the house price should have risen too.

Not all affordable homes are overvalued. Some in Erris Square are though.
Council should be lowering clawback and making clear provisions in contracts for negative equirty protection.

 

[swordshead]

Re: Affordable Housing with Fingal

Has anyone looked at the plans for the area in fingal co council? Just a thought, as there is a lot of land around the hospital it might be worth knowing if anything else is due to be built!

Had a gawk on the fingal website in the planning section and from what i could see online so far there isnt any applications in for the land on front of block 5 and 6, well so far! The hospital is all low buildings so if they do build hopefully theyll stay low,but the huge trees in our area block any view there would be of it.

 

[swordshead]

Re: Affordable Housing with Fingal

But if you wanted to sell in 8 years time and only got back what you put in you'd be making a bit of a loss really - inflation would have risen and therefore the house price should have risen too.

Council should be lowering clawback and making clear provisions in contracts for negative equirty protection.

We'll all be in the same position in 8 yrs time...if prices continue to rise we'll all make a profit and if prices decrease/stay static we wont...we're all in the same boat (we just have the clawback to worry about thats all)!
And yeh i totally agree that the clawback should be brought in line with the valuations etc but i dont see many councils doing it, so im not waiting around until they do..the affordable housing can only last for so long!

 

[Cheeus]

Re: Affordable Housing with Fingal

We'll all be in the same position in 8 yrs time...if prices continue to rise we'll all make a profit

... not if you've been over valued by 55k... prices would have to rise at least that much before you make any profit...

beginning to wish I'd chosen a different apt in Erris - your valuations might be closer to the mark. I hope they are, good to see it working for people.

 

[swordshead]

Re: Affordable Housing with Fingal

... not if you've been over valued by 55k... prices would have to rise at least that much before you make any profit...

beginning to wish I'd chosen a different apt in Erris - your valuations might be closer to the mark. I hope they are, good to see it working for people.

Goin to have to look into this clawback malarky again..my calculations are all over the place!!

 

[cmb.]

Re: Affordable Housing with Fingal

as regards the land beside erris sq - i have a copy of the finished waterville development and it has another 2 estates/areas to be built - expected to be completed by 2009 bringing the total of waterville up to 1600 units approx - it looks like about 250 ish appts letf to be built and that would have just about all of the land purchased built on - with hospital grounds on one side and and the pool/campus site on the other - there really is not too much space to build on left

just a quick question - just wondering where people are in regards their purchase etc and any idea of a time frame on all this?

 

[swordshead]

Re: Affordable Housing with Fingal

I sent my completed application in to fingal yest, deadline is monday. Once they give the nod, i hope to be in by end of sep, thats what i was told on the AHI night thursday last week. Im in block 5, which looks pretty much near completion to me.

 

[topgal]

Re: Affordable Housing with Fingal

Topsido, firstly congrats on getting where you wanted (Balbriggan). I had my final interview with Fingal for another development a couple of weeks ago. I have to say it was fine, took approx half hour. You have to bring your deposit, credit card statements, bank statements, up to date accounts, copies of loans etc. They take a photocopy of them for their files. They explain the clawback. They ask you how much of a deposit you want to put down, the loan amount you want to borrow etc and inform you of your repayments. All in all it was fine, no grilling process !!! Good luck with yours. Did you read the Evening Herald last night? Complaints about the Drynam Hall estate in terms of poor building work, cracks in houses etc and poor building work, bet your glad you didn't opt for one in Kettles lane.

 

[Topsido]

Re: Affordable Housing with Fingal

Hi Topgal, thanks. I better start getting all the documents ready. About the deposit, is it cash, cheque or bankdraft? Have you done your snag lists? Have they told you when you will be getting your keys?

I read about Drynam and I can't begin to imagine what those people must be feeling. Anyway, some disappointments can certainly be blessings in disguise in my case.

 

[Lin83]

Re: Affordable Housing with Fingal

I dropped my form into fingal yesterday aswell, they said september to me aswel, I'm in block 6 but I'm hoping it'll take longer cos between deposit, solicitor & mgt fees my savings are pretty much wiped out!!!

 

[helix_07]

Re: Affordable Housing with Fingal

helix
I called fingal today and i was told that there are still some of the two beds remaining. did you only want a three bed?

Hi Abi2007, i was looking for a three bed, i am surprise they have a few left as there was still a big queue by the time i left.
How about yourself ?

 

[topgal]

Re: Affordable Housing with Fingal

Topsido, the deposit can be cash, cheque or bankdraft - they accept either. Yes I have done my snag, and submitted same approximately two weeks ago so it is just a waiting game now. Good Luck with your final interview.

 

[Lin83]

Re: Affordable Housing with Fingal

I went up to erris sq to have a look around last night, the first people in block 6 have moved in, met them and they seem really nice! They said their snag only had ten items on it and the guy that was doing it said he's never had that little! block 6 looks nearly finished, block 5 looks a bit behind but not by much!

 

[swordshead]

Re: Affordable Housing with Fingal

I went up to erris sq to have a look around last night, the first people in block 6 have moved in, met them and they seem really nice! They said their snag only had ten items on it and the guy that was doing it said he's never had that little! block 6 looks nearly finished, block 5 looks a bit behind but not by much!

Thats brilliant..it seems to be moving so quick! Great news about the snag..ive heard from a few people they were good quality so hopefully all our snags will be the same!!

 

[Topsido]

Re: Affordable Housing with Fingal

Thanks Topgal. My next question is, do people actually put down just 5% of the property value or does the down payment go up? Loans and credit cards paid off. I'm getting confusing messages or maybe I'm reading them wrong on this sites.

 

[chan1]

Re: Affordable Housing with Fingal

Hi all!
New to this page...Got a 3 bed mid terrace in Martello...So happy, cant wait to get things moving...Got a call from Fingal today I have made an appointment for next Tuesday for my final interview, so nervous about it...Just hope I have all my bank statements in time...we all know what the banks are like!

 

[swordshead]

Re: Affordable Housing with Fingal

Hi all!
Just hope I have all my bank statements in time...we all know what the banks are like!

If you go into any branch they should print them off and stamp them for you, thats what i did as i didnt want to rely on them getting posted.

 

[maxell]

Re: Affordable Housing with Fingal

Topsido,
Fingal will allow you pay back a maximum of 1/3 of your net monthly income on your mortgage. This is the same for most financial lending institutions. If you your repayments are going to exceed 1/3 then you will have to pay more of a deposit in order to reduce the initial loan and by doing so your repayments will be less.

 

[miss.s]

Re: Affordable Housing with Fingal

Hi All
Ive been a silent observiour of this site for a while and i have to say that all your posts have been a great source of info re;the affordable housing trying to get any info out of fingal is like trying to get blood out of a stone as im sure you are all aware of , I just have 1 question how many bank statements do you need for your final loan approval will the last 3 months do

thanks a million
miss.s

 

[dellie]

Re: Affordable Housing with Fingal

I got a call from the Fingal aswell, my final interview is on Tuesday also. Hopefully things will move quickly. Just wondering if anyones Loan amount was increased at the final interview as I have had an increase in my wages since the initial approval amount.