Bank savings for affordable home

How much savings can one declare before being disqualified for an affordable home application.I have been told you can't have over €50k in savings.Is that true?

brendanyumo said:

How much savings can one declare before being disqualified for an affordable home application.I have been told you can't have over €50k in savings.Is that true?

Click to expand...

Perhaps not, but if one had savings of that particular amount then it would be unfair to offer such a development to one with such a vast amount of savings.

Ie. how were the savings obtained ? etc.

If by normal means then there is no reason for someone to apply to the AHS with such a vast amount of savings.

brendanyumo said:

How much savings can one declare before being disqualified for an affordable home application.I have been told you can't have over €50k in savings.Is that true?

Click to expand...

Does the documentation (from the relevant Local Authority?) about the scheme not outline the qualifying conditions including any "means test" or equivalent that they may do?

Hi all
I got my mortgage approval from the EBS and the girl there told me for a property worth 250k on affordable housing market you would need about 8kmin that is for booking deposit and deposit with EBS based on a 97% mortgage. The maxium deposit you can pay is 25k
hope this helps
Betty

The maximum deposit is 25k?!

I find that very hard to believe....

Hi,
I got my affordable home through Fingal and was told I could put down as much of a deposit as I wanted.. I was also never informed about a cap on savings quite the opposite I was asked if there was a possibility I might be "gifted" money from parents when I had initial interview im sure this must happen so i doubt there is a cap on it.
I also dont think someone should be disqualified for having those kind of savings..the bottom line is those savings still wont get you a decent mortgage privately.. well in Dublin anyway they look at wage rather than savings in the bank when deciding on mortgage approval.

Aren't people here missing the original point/question which seems to be about how much savings would disqualify one from the scheme?

Hi, unless you're going down a Shared Ownership route you won't be disqualified.

It's up to you to get approval from a bank. If they're happy the local authority will be fine.

Actually even with a shared ownership, you won't be disqualified. There's just a max amount you can put towards (with DCC it's 30K)

Hi

As far as I was aware (not that its something I needed to worry about) there is no mention of savings through the whole process, except of course you need to show some kind of ability to meet repayments to bank for mortgage. I definitely do not think it would disqualify you.

I was asked about saving when i applied but was never told there was a limit - if you ring the COCO you will get the quickest answer - but to my knowledge there is no limit

Also if you get approval from a bank and its not enough you can make up the difference with savings or a "gift" from a family member