Question for people on DCC list..

K

Kara

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Thinking of applying for affordable housing with Dublin City Council by myself. However I would need a three bedroom property preferably to accommodate my family. The max. loan the bank would give me is aprox. €110,000 and I have €55,000 savings. Does this sound plausible? Just looking for the opinion of those who have applied already and people who have gotten offered properties since you would be the ones who know the situation.
Thank you. :)
 
How come the bank will only give you 110K whn you have half that in savings? I know mortgage lending has been cut back severely but didn't think it was that bad!!!!!
If I'd 55K in savings I'd be opting for buying on the open market!!!
 
Well I only earn €22,000 p.a so the banks aren't keen to lend much. I still can't afford the open market unless it drops a good bit more. I might shop around and see what various banks would be willing to lend.
 
Try Bank of Ireland, it and AIB announced recently a package for first time buyers with low interest rates. They may be more flexible given the savings you have..
 
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