AH - Will I need a deposit?

A

annpg

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Would anyone know if I will need to give the builder a deposit for my AH, when I view it soon? I received 100% mortgage aprval which has been sent into Co Counciland assumed, I would not require a deposit. However, I've seen a few people say that they gave the builders their deposit when they visited the site...THanks
 
Dublin city council usually look for a 3% deposit of the mortgage. Re: Shared ownership its a €1,300 deposit required.
 
But I don't understand that - DCC know I have no savings etc and have my 100% mortgage aprval, and gave me the house on the strength of that. Would the deposit be taken off the mortgage when I sign etc? And where would they expect me to get €8000 for a deposit when they know I haven't a penny??? I'm panicking a bit now....I've spoken to them on numerous occassions, and they've never mentioned this.
 
well if you have 100% mortgage then you wont need to give a deposit, but most ppl wouldnt get 100% mortgage approval. Usually its if you get your loan with DCC you pay them 3% deposit as they'd never give you 100% mortgage, so i'd not worry bout it, your mortgage is with the bank not DCC totally diff.
 
annpg said:
But I don't understand that - DCC know I have no savings etc and have my 100% mortgage aprval, and gave me the house on the strength of that. Would the deposit be taken off the mortgage when I sign etc? And where would they expect me to get €8000 for a deposit when they know I haven't a penny??? I'm panicking a bit now....I've spoken to them on numerous occassions, and they've never mentioned this.
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Relax! You are just panicking :)

You will need to give a deposit to secure your interest in the property to DCC. This will be deducted from the price you pay for the property. In my case (as I am on affordable and not AHI) its 1300 euro, which I am sure is your case. I think for AHI it may be 3000. I am open to correction.

This is just a token holding amount to show you are serious about buying the place.
This has nothing to do with the mortgage. I also have 100% approval from EBS, so I would be paying 100% less my 1300 deposit.

Remember this is a two stage processes.

Stage one: get offered a property
Stage two: make sure you can finance it.

Stage one is where DCC get involved
Stage two is strictly bank related.

DCC don’t care how you finance the place, just a s long as you can. And the bank are primarily interested in the cost of the place.

Hope that helps.
 
annpg said:
But I don't understand that - DCC know I have no savings etc and have my 100% mortgage aprval, and gave me the house on the strength of that. Would the deposit be taken off the mortgage when I sign etc? And where would they expect me to get €8000 for a deposit when they know I haven't a penny??? I'm panicking a bit now....I've spoken to them on numerous occassions, and they've never mentioned this.
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as there seems to be a few different answers, you should ring the affordable housing section of Dublin City Council 01-2222222 and double check, but as you have 100% mortgage the deposit wouldnt make sense to be paying. SO its very doublful. I did shared ownership and had to pay 1,300 but it was cos it was shared ownership. alot in my block did the affordable housing and gave a 3% deposit to DCC. However, they didnt get the 100% mortgage, but i'd ring DCC as no point in worrying when there is prob nothing to worry bout.
 
REally appreciate the help, thanks...I'll ring DCC this aft....thanks again, Ann
 
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