Key Post: Affordable Housing Scheme & Shared Ownership

Re: ????

Applicant said:
Hi Im on the list for the scheme and was hoping you could clarify some things you said

What does the area chosen have to do with mortgage approval?

I take it you are taking about Shared Ownership when you take about 50/50. Can you elaborate on the process.

My advice is that if you can be approved for the 50/50 go for that one at least you have certain amount of time to buy out the council and not lose so much of the equity.
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mortgage approval has to do with the area you apply as some councils give the mortgage themselves others ask you to get a mortgage from a bank.

Shared ownership is not always 50/50 it depends on how much you get approved for and how much the house costs. it could be 90/10 ect.
 
Hi,

I paid a deposit for an affordable home some months ago (€3000), the apartment is still not ready and my circumstances have changed substantially e.g i have moved jobs and now work a long distance from the apartment i put a deposit down on, also with the current housing market uncertainty, i am becoming increasingly worried about house purchase being a bad move. I had given the estate agents the name oo a solicitor and they have contacted me to sign on the papers.

Does anyone know if (A) the deposit is refundable and (B) if I would be charged by the solicitor if I pull out at this stage?

Many Thanks,

Una
 
It depends on the council you went with, each differ. I reckon you could be refunded with the deposit however you will probably have to pay your solicitor a small fee for the service.
 
I was on list for 5 years and have secured an affordable house in Galway. Its a lovley house and I was looking forward to moving there in 2 weeks.

My only concerns are sharing an estate with social housiing - I've heard some stories re drugs and guns on the estate. I believe the people involved have been evicted by the Council but the question is who will replace them

The Council do not vet tentants for social housing and so you can have undesirables lliving close by.

As I am in my 40s I think it woudl be too expensive for me to go the shared ownership route ie buy out my house eventually.

I believe affordable houses should be on separate estates to social housing.

Hopefully i will be happy and safe in my new house.
 
Ye build big walls around them and call them gettos. That has worked so well before in areas where there is large amounts of social housing not mixed with private housing eg. Ballymun and areas of West Dublin.
 
Re: Affordable housing

loubutlerhotmailcom said:
I would just like to say that i have my house through affordable housing and i love my house and think its a great opportunity for one income families to have the chance to own their own home with this scheme. As well as for people like myself that have no children yet but still got the chance to buy on my own whereas through an ordinary bank it would have been no way to a mortgage for me.
However think long and hard about where it is they offer you. The clawback makes things very hard for people to try and get out of the scheme it takes the guts of 6/8 mths to try and get mortgage approval from other financial instituition then it takes few more mths to get the Title Deeds from Fingal so make sure you are not in a rush to get out quickly. You lose quite a lot of money back to the council and so sometimes you feel like your stuck with them.
My advice is that if you can be approved for the 50/50 go for that one at least you have certain amount of time to buy out the council and not lose so much of the equity. :$
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Re: Affordable housing

Hi there, great to hear of your positive experience on Affordable Housing. I do some freelance writing for magazines, and have proposed profiling people preferably women who have acquired an affordable housing unit and found it successful etc. Would you or anyone you know out there be interested being profiled. It would be entirely at your discretion in terms of what you want to say and focus is on how positive aspect of scheme Thanks so much Aoife
 
I have been offered an affordable home. purchase price is €272,335. I already paid a booking deposit of €3,000.00. I applied to IIB bank for mortgage and they told me my ICB record would hinder my chances. I assume this will result in a refusal to grant a mortgage. I missed some loan payments.........If I get rejected by conventional banks, I'm unable to get a sub prime mortgage....what can I do? Is it possible to apply to the council for a shared ownership & get a mortgage through them? As I understand it, they lend a maximum of €180,000? As this is affordible housing initiative, I dont know if this applies???

Any help appreciated. If I can secure some form of loan, I will obviously lose out on this opportunity.

Thanks
 
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