affordable/shared in fingal

B

blondie

Guest
Am looking @ buying under the affordable in turvey walk, donabate, €156,000 for a two bed apt.The only drawback that is stopping me is the clawback - am worried this will leave me right back @ square one in a few years. Any opinions?
Am also thinking that maybe the shared ownership option is a better one for me...however there doesn't seem to be much info about this on the fingal co co website, apart from it being mentioned as an option near the end of the application form for affordable housing - but not in any detail.
Does anyone know if fingal still offer the shared ownership option?
Thanks
 
As far as i know fingal don't offer shared ownership anymore , I think only DCC do.
The clawback is a lot smaller than it has been , one advantage is you ll never be in negative equity, but you wont reap any profit for 10 years.
Im going through AH at the moment so if you have any questions feel free.
 
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thanks a mil for the info. yeah the lack of negative equity is a big pro for me. plus i'm buying on my own so otherwise it will be a long time before i can save the 8% deposit to buy on the open market, even at the low prices around now. I'm just not sure i want to stay in a 2 bed apartment for 10 years! and don't like the thought of starting from scratch again when i want to move. have to weigh it all up. what's ur opinion on whether property prices will continue to fall or not?
Are u buying in the fingal area? can i ask if you were given 100% of the purchase price? it says on all the literature they will give you up to 97% but im hearing countless stories of people getting 100%.
 
Hi Blondie I'm buying a 2 bed house house in Swords , I tried to think of the 10 years and I couldnt spend that in an apartment. My house is small but I reckon I'll be able to extend slightly in time too . Yes EBS and BOI offer 100% mortgages , I went with EBS. I don't think property prices are going to go any lower , I would love to be buying on the private market, but I was a fool with my money in my twenties haha, and I don't have the 8-10% deposit . I rented for a few years too and found it impossible to save.
I also plan to fix for the first few years as interest rates are almost definately going to rise this year.
My advice would be get yourself down to an EBS of BOI and start applying for your Approval In Principle, as you will need this to apply to Fingal , with a 1500euros deposit ( which comes off the price of the property ) . You've already looked on the website at the list of homes available.
It can happen fairly quickly , I applied in September expecting a huge wait , but I hope to move in in a few weeks

Very best of luck .
 
thanks a mil for your help. am in the exact same situation as you, will be ancient before i get the 8% up! absolutely love the apartments but yeah i think 10 years in a 2bed apt would be very unrealistic, no matter how much i love it!
will get myself onto the mortgage application, send it all in & hope for the best! hopefully a house will come up in an area i'd consider.
congrats on your new home & enjoy!
 
Hi all, I am thinking about shared ownership option too and I am a completly beginner in this matter. Could you advise me how and where to start with this? I don't have much savings and defo will not save 8 or 10% of the deposit so I can forget about buying on the private market. Renter27 you have gone through all the process and almost finished your dealing with SO, could you describe your path from beginning to the end? The deposit of 1500e which they require is all what you had to pay in advance or there is more costs involved? Apart from legal fees of course. I would appreciate any help as there is very little information on DCC or any other website. I emailed to DCC for information but they haven't back to me yet.
Thanks
 


Sorry renmal i'm going through Affordable housing with Fingal. Your best off phoning the housing section and asking for the application pack for Shared Ownership , or popping into their offices if you are near any, they are very slow with emails. You will need to show that you have been refused a mortgage from at least 2 lenders, this must accompany your application. I think you will still need a small deposit - 3 % I think ? I think the maximum they will loan you is 230k, and the home must fall in the DCC boundary obviously. Sorry I cant help more !
 
Thank you renter27 for your quick reply. I don't need as much as 230k, I was thinking about something between 140k-170k but can I find the apartment whichever I like or it must be from DCC list of apartments? And you mentioned also that BOI and EBS 100% mortgages so I thought that I don't need this 3% of deposit I'll try to call them but it's easier for me to gather some info here from people which have some experience like you) Thank you!!!
 


For Shared Ownership you can pick any property that is for sale. Your mortgage & rent will be with DCC .

The DCC list of properties is the Affordable Housing list. 100% mortgages are offered for AH only , not SO .

I think you may be getting the two schemes muddled
 
Ok, renter27, that's the answer which gave me some light on these things. Thank you for your help. I'll try to call them next week and find out more details about SO because I am very busy at work Cheers!!!
 
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