Cork County Council to offer affordable housing stock for sale on open market

In that case I'd suggest you step outside of your bubble.

There
is
no
benefit
to
buying
on
the
A
H
scheme.

There may be looser criteria in terms of getting a deposit but ultimately this isn't helping you, it's simply facilitating you in getting a bad deal:

1. The property is no cheaper.
2. Currently, you can't switch mortgage providers on an AH property and may be resticted with whom you can get a mortgage.
3. Bad locations.
4. The high liklihood of AH units being rented out by Councils under financial pressure.
5. Clawback.
6. Red tape, red tape, red tape.

If your reasoning simply boils down the lower deposit required you really really need to take a step back and revisit your options.

Charles Dudley Warner's most famous quote is: "Everybody complains about the weather, but nobody does anything about it". He is not someone to be looking to for practical advice.
 


I chose that quote as it was applicable to the situation, I don't follow Charles Dudley Warner religiously. Seriously, grabbing at straws much?

Right then, you've swayed me. I will continue to pay rent for the next 5 or 6 years, saving as much as i could to collect a deposit. That's about 50K of dead money and im left without much savings and no home to call my own. Even an intellect such as yourself must agree that would be ludacris!

There is no clawback on these properties are they are being sold on the open market.

The
benefit
is
I
get
a
home
for
my
family.

That's good enough for me!
 
You are looking for a home for your family. There's a major problem here:

Those
Are
NOT
Family
Homes.

They're only suitable for a single person or some couples with space-economic hobbies.

I doubt you could fit a piano in any of them.
 
Doublglaze said:
You are looking for a home for your family. There's a major problem here:

Those
Are
NOT
Family
Homes.

They're only suitable for a single person or some couples with space-economic hobbies.

I doubt you could fit a piano in any of them.
Click to expand...

Well there may not be enough room for my Steinway but once I have somewhere to hang my original Canaletto i'm laughing.
 
AH turned out to be a HYGEINE scheme. Helps You GEt Into Negative Equity. If you sign up for affordable housing at this stage, you're following a long line of lemmings off the negative equity cliff.

Let's help the poor by encouraging them to borrow large sums of money against a depreciating asset! Genius.

The alternative is to rent. When you rent, you don't pay for house maintenance and you're free to move when you want to.

Rent is dead money but so is interest. And tenants don't get yoked to a mortgage and unable to move home.
 
Anybody understanding that this thread relates to the death of AH. It is no longer available. These houses are being sold on the open market by the Council.
Getting it?
 
This development may also be a sign of something very interesting if it signals a local authority being so deep in debt that it is daring to stand up to the government. Is it a sign of how much power FF has lost. I would be amazed if the government was not strongly opposed to a measure like this that would add supply to the market. Thats if the Council has a serious intention to sell them that is, which remains to be seen.

Bear in mind that these properties have been effectively kept off the market and vacant for the last three years. ( the Council made sure that the Affordable price was higher than the market price )
 
There are houses for sale in new private developments in Da Big Smoke, with no mortage required. I assume they are some type of rent to buy scheme. Wait a little longer, if/when ECB interest rates reach around 5% and the banks are offering mortages at 7/8% you will see the real falls.
 
A lot more properties added this week so I assume that nearly all the South Cork properties are now up on Daft. There seem to be two options available re finance. A mortgage from BOI/EBS/AIB or a mortgage from the Council. anyone know how the rates compare?
 
Current Interest Rate with the council is 2.25% variable. Mortgage Protection Insurance on this is .5615%. Hope this helps.
 
This seems quite a bit lower than the variable rate available from the commercial banks. However I assume that there will be a lot of extra hassle having to deal with Council.
 
Well the Council will follow the ECB and at the moment they are keepin the interest rate down a bit.
 
some other estates that are not yet on the list.

The Meadows Hollyhill (Knocknaheeney) about 45 3 bed semi Ds ( although they are only €135K for a very good reason.)

Fernwood, Glanmire : about 40 new houses - prices not yet set.
 
Looks like the six houses in Castletreasure are now sold as they have removed from the list of available properties.
 
So far it seems that some of the houses closer to the city are selling but not apartments or developments further out.
Castletreasure - 7 houses - SOLD
Monastery Road. - 3 houses, 1 Apt. - 3 houses sold
Maryborough Ridge - 3 houses , 10 Apts. - 1 house, 1apt sold
Harbour Heights - 13 houses and apts - none sold
 
Dripsey 4x3beds - 2 sold
Ashmount Silversprings 4 houses, 1 apt - 3 houses sold
Ballyvolane 9 x 3 beds - 4 sold
Ros Ard Glanmire 1 x 3 bed - sold
Tuarin Glas Ballincolig 5x 3bed 2x 2 bed - 5 sold
Fort Hill Douglas 4 apts - 2 sold
Din Eoin Carrigaline 2 x 3 beds - 1 sold
 
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