Im begining to think your right colsku but im hoping that any others being offered the same deal see it the same way, in which case the councill will have to change the claw-backs back to what they are every where else, cos as it stands were realy getting no discount at all.Unless you really want this particular property, I suggest you forget about it, as a 17% discount in current market conditions in not very much, considering all the rules you'll have to comply with.
i dont understand what you mean by this . are you saying that if the house value dropped to what i paid id owe the councill nothing.The only positive I can see coming out of it, is that if the properties continue to drop you can buy the council out for next to nothing....
Its because my mortgage was borderline they reached as far as they did because of the added security involved.I don't get why the bank wouldn't give you the mortgage though. It's actually the safest option for them. You're protected against negative equity with affordable housing so you'll always be able to pay off the mortgage regardless of market value.
pictures of houses on fingall site.What are the homes like, mufflets? Anyone know if there will be some of this development for the affordable housing scheme?
Wait and see what the re-evaluation comes up with anyway..
Hi All,
I Just wanted to share my dilemma and see if anyone is in the same boat or can help.
The Ringfort development is administered by fingall Co Co and its big, consisting of over 150 houses and so i hope its ok to start a new thread on it.
I have been offered and accepted one of theses houses under the affordable ownership initiative (similar scheme to the affordable ownership except it moves a lot quicker but you get less of a discount/Clawback at around 27%)
Anyway the problem arose when my bank valued the house at 30K less than the councill did, (you get your own mortgage under this scheme)this was understandable since the councill valued the houses over six months ago. but was a big problem for me as the bank would not mortgage the house as the contract stood with this inaccuracy
I explained the story to Fingall and they are at present re-valuing the houses at Ringfort. i am one of the first to be offered a house there but they did say "We are getting revaluations done so i presume they are re-valuing others as well"
Anyway they are now proposing to revalue the houses but leave the cost price to the likes of me or anyone else out there who has been offered one of these houses the same. this would leave me/us a discount of no more than 17% which would be very unfair with every other development getting a discount of at least over 25%.
And possibly uneconomical ,with builders accepting offers of up to 15% less than market value on private developments with no mention of Clawback, or being tied to one mortgage provider etc.
I have written to the Councill to explain the above as politely as i could and pointed out that i ,or anyone else would be much better off waiting for the next development, in the hope that they will leave the clawbacks/discounts as they are make and it again a great deal to move to Ringfort.
I would ask anyone who is in the same boat to write a similar letter and/or to contact me (ill give you a copy of mine if you want).
All constructive suggestions welcome.
I still say hire a mortgage adviser they know all this already and more and its in their interest to get your mortgage through.I have since found out that IIB are the strictest when it comes to valuations. The banks will allow a valuation to be done only by a nominated panel. Other banks are less fussy and you can play around with the figures.
Certainly doWhen I get the figure back i'll see if there's a difference and writed to Fingal.
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