Is affordable housing really affordable?

C

colc1

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I have been looking into affordable housing in south dublin. I dont earn enough firstly to get a mortgage on my own. I have nearly €15000 saved and the Max. loan I could get under AH with south dublin co. co. is €185000, which means I have €200000 to play with. Does anyone know of a house going for €200000 in south dublin?? Is affordable housing any use to me or am I relying on mommy and daddy to bail me out (if they have and are willing to give me a loan)?
 
I don't really understand your post.

The €200,000 you could have may be enough - prices in the Affordable Housing scheme are below market rates. However, it is not enough if you hope to buy on the open market.

Are you confusing the Affordable Housing scheme with the Shared Ownership Scheme?

Have you gone to a mortgage broker/your bank to get ballpark figures as to what mortgage you would qualify for from a private sector provider?
 
Affordable housing is only open to people whose income is below a certain level the council should be able to tell you if you qualify. These houses are sold below the normal market cost to first time buyers only.

As Sherman says another option is the shared ownership scheme, (you buy half, council buys half and your rent that half from them at a reduced rate).

Talk to the council's housing section, they would be in the best position to advise.
 
sorry guys I got all mixed up there, houses/apartments are between 140000 and 175000 in s. dublin on the scheme what was I thinking of??:eek:
 
Yes - see . Check with your local authority for more specific details.
The income test
  • Single income household
If your gross income (before tax) in the last income tax year was 40,000 euro or less (From January 2006, previously the income limit was 36,800 euro), you are eligible

  • Two income households
Multiply the gross income (before tax) of the higher earner in the last income tax year by 2.5 and add the gross income of the other earner in the last income tax year. If the answer is 100,000 euro or less (From January 2006, previously the income limit was 92,000 euro), you are eligible
Click to expand...
 
I feel discriminated against!!!! Ha ha ....my dilemma is ...i owe about 17k which I cant do anything about at mo well Im paying my monthly repayments but thats about all (did a PhD in 2003 and still paying off all those student loans!!).
I earn a good enough wage and appear to be over the limit like I said (due to taking on extra "non guaranteed work)
However I won't get a mortage coz of my outgoings (bills,debits, rent) yet I am over the limit. Does anyone know of any exceptions made in the past or would you want your father to be the pope ...or indeed Bertie Ahern?:p

Looks like I'll be renting forever ...and doing so 13 years now!!! Arggggggggg!!!!!

Sincere thanks to all for advice!
 
Judybaby73...
I know it seems unfair but at the moment most banks would regard you as a bad risk with the amount of debt you've already racked up.
Yes this was in a good cause to further your financial standing but few of them would see it that way!
I'd recommend reducing your debt as fast as you possibly can, starting with the highest interest loans.
AAM has some very good posts on this in the Banking and Borrowing forum.
After that is driven down you will probably have an easier time getting a mortgage, and maybe by then the thresholds for Affordable Housing might have gone up a little so you're in line for those too.
Good Luck!
 
microsquid said:
Judybaby73...
I know it seems unfair but at the moment most banks would regard you as a bad risk with the amount of debt you've already racked up
Click to expand...

.:eek: Oh dear Im a bad risk with superb credit rating! Looks like i'll be renting for a long time yet...I'm depressed!
 
Have you applied for and been refused a mortgage of any size by all mortgage lenders?
 
ClubMan said:
Have you applied for and been refused a mortgage of any size by all mortgage lenders?
Click to expand...

Hi Clubman

No I haven't been refused anything by anyone...it's just that they will "only" give me about 220000euro and to be honest I can't buy a house with that. Everythng seems to be at leaset 235000euro. Poor Judybaby...:(

I really don't know what to do.
 
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