City Centre Affordable Housing

[Caroline_T]

I applied for Dublin City C affordable housing last July, i gave them a ring there last wk and he looked up my ref number and said id be getting a preference form in two wks, i asked a friend what this was and she said its the apartments available etc. Just one question, i have a loan for a car out will this effect me getting the apartment ? im new to this so sorry if this has been asked a load of times, ive looked and i havent seen anything

 

[tabris6ie]

depending on your circumstances yes, the loan can make a big difference.
They can however make it a condition of your loan offer that the loan be cleared prior to drawing down your cheque which will buy you a bit of time depending on the size of the loan.

 

[Caroline_T]

so id want to get a move on and get rid of it now then, ok thanks a million gona get a move on with this

 

[tabris6ie]

the problem is a loan like that can reduce the amount you can be approved for but if you tell them your intention is to clear it before closing out a mortgage, they can take this into account. they'll just need a letter confirming the loan has been cleared before they issue your cheque

 

[Caroline_T]

exactly its like going for a mortgage for with the banks 2, thanks for the reply much appreciated, going to see how i can get rid of it, prob sell the car

 

[Starky]

I applied for Dublin City C affordable housing last July, i gave them a ring there last wk and he looked up my ref number and said id be getting a preference form in two wks, i asked a friend what this was and she said its the apartments available etc. Just one question, i have a loan for a car out will this effect me getting the apartment ? im new to this so sorry if this has been asked a load of times, ive looked and i havent seen anything

You need to minimise all your debts to as little as possible. The lead times for AH are very long though, if you are offered a place you be doing well to get into it before the end of the year. No doubt the draws will drag on well into the summer and they will start notifying people in Sep or October. Its great to get a good offer but the whole process is very very slow, so you should have plenty of time to clear a good whack off your loan.

Your best bet is to go to a bank now, and get mortgage quotes based on what you currently owe, and then ask them to re-quote you with no debt. This will give you a ball park figure on what you can borrow, armed with that you can then make better decisions on the preference form. There were properties on there last time that were out of my price range, the last thing you want is to get an offer of a place that you cant get a loan for! It happed to me in the early 2007 draws.

 

[Brooklyn]

The lead times for AH are very long though, if you are offered a place you be doing well to get into it before the end of the year.

The lead times between sending in your application and moving in can be very long but once your application is drawn things can move very quickly. In particular, the time between being notified that you've been drawn, and having to get financial approval, can be only a matter of a couple weeks. (This was my own personal experience.) So you want to clear as much as you can before the draw even takes place, because when they come to you with an offer, they expect you to be in a position to accept it.