council house purchase

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celticsteven

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Just looking for a small piece of advice i am currently living in council house in Tallaght a quiet cul de sac in a mature estate.I live in a 3 bed terraced house the council have approched me to purchase the house with my wife they have offered it to us for 125,000 euro.We have 30000euro savings i work and my wife stays at home minding the kids we have 2.We are in our mid 20's.My main question is what way is the best option to buy it i know we be mad on current Dublin house prices to let it pass us by.Advice on best mortgage options and what to do with savings would be greatly appreciated.
 
I would deiinitely buy. There would have to be a fairly spectacular crash in the market for you to lose money on it and who knows when an offer like this might happen again. I would imagine that you would have little difficulty in getting a mortgage given that the house would be worth more than any mortgage. Good luck
 
If you like were you live then buy it. You won't get an offer like that again. If you can use your savings you'd only need to borrow €90,000.
Check around for the best mortgage deals.
Go for it, best of luck.
 
Get a valuation done on the house - as far as I know the Council normally offers sale at about 66% of value - that seems unbelievably cheap for any house anywhere in Dublin.
 
Just viewing this thread now makes me wonder how you apply for a council house.

Reasons why I'd like to know
1. It'd be nice for my wife to not have to work to pay for our mortgage
2. It'd be nice to be able to save 30k
3. It'd be nice to be offered a house at 66% of the price
4. It'd be nice to be able to afford to buy a property in Bulgaria which the OP seems to have done

What are the minimum criterea for getting a coucil house does anyone know?
 
frash said:
Just viewing this thread now makes me wonder how you apply for a council house.

Reasons why I'd like to know
1. It'd be nice for my wife to not have to work to pay for our mortgage
2. It'd be nice to be able to save 30k
3. It'd be nice to be offered a house at 66% of the price
4. It'd be nice to be able to afford to buy a property in Bulgaria which the OP seems to have done

What are the minimum criterea for getting a coucil house does anyone know?
Click to expand...
Frash you sound a bit jealous or something liked that.We got the house a couple of years ago when we put our name down on the council list like most folk with children young do when we got married they seen us make the effort and they offered us a house.I left school at 16 got an apprenticship as a bricklayer fully qualified at 20 making 1000 punt per week and any nixers on top of that saved hard worked hard don't drink don't smoke enjoy 3 forgien holidays a year .Now at 27 own my own company employ 12 people 3 of which are apprentices...celtic boom and a few braincells and its happy days all the way...
 
Stevo, we're all a bit jealous I'd say...which just supports the overall view that you should not let this opportunity go! I've just purchased a house and we've looked around in Tallaght as well, and at that price, the house is a steal, so go for it. Re mortgage - if you took a 20 year loan at a traker rate of 4.1 (which is will most likely be as of tomorrow) your monthly repayments would be around 765 Euro, if you put in the 30K then it goes down to 580 Euro. Chances are you will get a better tracker rate though, as your loan to value rate for the house will definitely be <60% and banks usually offer better rates for that. Your easiest option would be to just email a couple of brokers, give them all the details and let them come back with quotes. Costs nothing and saves lots of running around. Or for a very quick quote, log onto www.primafinance.ie and put in your figures there - just bear in mind the interest rates are to go up tomorrow (by how much remains to be seen) and it will take a while for all the webpages to update to the new rates. But it will give you an idea about the loan to value difference...
 
Folks-let's just try and address the question that the OP is asking and not get into much wider questions of policy, fairness etc. which are best left for another thread, or possibly Letting Off Steam.

Thanks.
 
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