Affordable Housing with Fingal Co Co

Traceybere,

How long did you have to wait for the law department to seal everything with your solicitor and get your keys? Or does anyone have an answer for this?
 
keithrus said:
Traceybere,

How long did you have to wait for the law department to seal everything with your solicitor and get your keys? Or does anyone have an answer for this?
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Hi did you get any reply on this yet bec i'm on the same boat, we are awaiting loan approval after payingdeposit of 1500Euros. Not sure what happens next or how long?
 
does anyone know how well Fingal police the "primary place of residence" rule?

The guy who owns the apartment below me, which is also an Affordable Housing property, seems to has moved out and rented the place to a few Eastern Europeans. So far they have been fairly noisy, which is something I am not used to which was a very quiet block. I have asked the management company to have a few words with them, but if this doesnt work I will have to let Fingal know whats going on. Would this be a bit drastic? and what action would Fingal take?
 
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The rules are strict- it has to be your primary place of residence end of story. Maybe the guy has gone travelling for 6 months and Fingal said it'd be okay to rent while he's away (I don't know if this is allowed) but I don't think contacting the CoCo would be drastic. If someone is renting an affordable house for profit (especially to noisy people!) they are taking advantage of the system and in my opinion, Fingal should be informed.
 
4sure said:
Hi did you get any reply on this yet bec i'm on the same boat, we are awaiting loan approval after payingdeposit of 1500Euros. Not sure what happens next or how long?
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Are you getting a loan via the council or the Financial Institution? 1500 euros is generally not enough depending who you go with for the mortgage. Give them a ring and find out what the sceal is
 
keithrus said:
Are you getting a loan via the council or the Financial Institution? 1500 euros is generally not enough depending who you go with for the mortgage. Give them a ring and find out what the sceal is
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The 1500 is only a booking deposit. You pay the rest later.
 
Swordsafford said:
The 1500 is only a booking deposit. You pay the rest later.
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I will tell u a story.

I asked what I needed to bring in for the first interview with the council.

They said 1500 euro booking deposit.
P60
Filled out application form
4 recent payslips
Work letter
along with the rest

Who do I ask for when I get in? 'Ehh Sales' was the answer. Pretty embarrassed was I going into reception.

When I went in to the council, they wanted to know if I had all of the deposit. There is no transparency there.
 
keithrus said:
When I went in to the council, they wanted to know if I had all of the deposit. There is no transparency there.
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They wanted to know if you had all the deposit with you there and then? :O

I have my final loan approval tomorrow and all I'm bringing is the 1500. They better not ask for the rest! lol
 
JohnJay said:
does anyone know how well Fingal police the "primary place of residence" rule?

I have asked the management company to have a few words with them, but if this doesnt work I will have to let Fingal know whats going on. Would this be a bit drastic?
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I don't think it's drastic. If they are abiding the rules they will have informed the council they are renting. If they are not they are abusing the system and should pay the clawback. They knew when buying the apt what the stipulations would be. When you bought your apt you also did so assured that the block would be owner-occupied.
 
Do you still have to go for final loan approval with Fingal if you have got your loan from a bank?
 
Kara said:
Do you still have to go for final loan approval with Fingal if you have got your loan from a bank?
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In short yes. You need to have a solicitor's letter too. There are some other things as well, if I still have the checklist at home I'll check it out. I think I might have thrown it out last night though.
 
Kara said:
Do you still have to go for final loan approval with Fingal if you have got your loan from a bank?
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Kara are you going for the 100% with the bank? If so, how are the council managing your deposit?
 
I've no idea. I only found out a couple of weeks ago that going via the bank is an option. I'll have to have a chat with em..
 
keithrus said:
Traceybere,

How long did you have to wait for the law department to seal everything with your solicitor and get your keys? Or does anyone have an answer for this?
Click to expand...


I got my offer in Dec - moved in the last day of April.

The day i signed i got my keys
 
4sure said:
Hi did you get any reply on this yet bec i'm on the same boat, we are awaiting loan approval after payingdeposit of 1500Euros. Not sure what happens next or how long?
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Hi All, well, this is what happened to me. I paid a 1500EUR booking deposit and got an offer from Fingal CoCo to buy an apartment in Finglas. The letter to the lender said the offer was valid for 14 days only which means it ends on Thursday. It did not bother me too much as I already had an appoval in principal from BOI, and the girl, mortgage adviser, told me it will only take 3 days to get a final mortgage appoval. Sounds pretty easy unfortunately today I received an email from BOI saying : Our mortgage department have just been in contact with me in regards your recent mortgage application, the minimum property value which we will give a mortgage to must be valued at at least E300k and unfortunately the value of the property you wish to purchase is E289,950.
Well, fair enough it's their policy, but why was I given an appoval in principal for this property in the first place then. And why does the Fingal CoCo have BOI as a lender on their list Is anybody in the same situacion ?? Am I going to loose my apartment now Well, I can't get my head around this, I am going to get on to council for the extension and try some other banks. Hope their policy isn't the same
 
When you say value- do you mean if you're getting a property worth €320,000 for €200,000 with the aff housing scheme that'd be okay with BOI or you have to be actually paying €300,000 for the house?
 
Kara said:
When you say value- do you mean if you're getting a property worth €320,000 for €200,000 with the aff housing scheme that'd be okay with BOI or you have to be actually paying €300,000 for the house?
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Hi Kara,

Its not much of a risk for a property to be purchased via the banks because its not a 100% risk like the astronomical market values put on them. So say you wanted to go and get the whole value of your house with them then you could because the affordable housing value is a smaller percentage than that of the market value.
 

The EBS will sort you out. Strange that they are in a situ not to loan money to property buyers with the risk being lower.
 
Kara said:
When you say value- do you mean if you're getting a property worth €320,000 for €200,000 with the aff housing scheme that'd be okay with BOI or you have to be actually paying €300,000 for the house?
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Sorry, I'll give you more details. The open market value of the property is 289,950EUR, Fingal CoCo is selling it to me for 187,00EUR. I am asking BOI for a mortgage of 180K. This is 109K less than the property is worth. But they would not give me mortgage just because the open market value is less than 300K.
 
That sounds a bit strange to be honest.
Does that mean the don't give any mortgages for houses under 300k?
That would mean they are ruling out a lot 1st time buyers from outside of Dublin.
 
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