SDCC Affordable housing Qs

M

micro

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Hi All,
I have been keeping up with one of the threads 'Propertypath update' and as a result have a few Qs.
My friend and I have been on the list for SDCC since Nov 07 and heard zip from them until I rang them last week. Apparently they are now reviewing applicants from Sept 07 and are offering them viewings etc. The lady I spoke to said they would be in a position to offer us something in March approx.
Now my Qs!
1) I've been a student since I applied and have recently started working as a result I have little saved (and my savings are against my car loan with the CU). I reckon I have 3 months to get together the 3% deposit. Is 3% all they ask for?? (I noticed it said minimum 3%). My parents have also said they would help me with any shortfall- is this allowed?
2) My friend is not working at the moment but my salary is good enough to allow us to purchase pending her employment.- Potential problem? Or do the banks view affordable housing scheme as safer mortgage bet than open market?
3) I currently have a large car loan. When I spoke to the bank about this before they said that if I applied for a mortgage some loans could be incorporated into mortgage. Would this be the case with AH mortgage?
4) I read on here that someone put a deposit on a place in Adamstown and then applied for the scheme afterwards. Does this mean if I have 3k lying around (which I don't!!) I could go to a viewing and put money down as a way to rush through my application?
5) I'm not in a permanent job. I'm contracted (on a very good salary) to Jan 2010. I do however have a letter from the civil service giving my place on a panel for a perm job. If my parents went guarantor- would this be ok do you think?

Sorry for all the questions, but find it hard to source this information on the CC site and hoping from some advice from those who have been there done that

Thank you all in advance.. and happy Christmas!
 
Hey, i am (was) in the a similar position, i am moving into my affordable apartment in Jan.

1) I've been a student since I applied and have recently started working as a result I have little saved (and my savings are against my car loan with the CU). I reckon I have 3 months to get together the 3% deposit. Is 3% all they ask for?? (I noticed it said minimum 3%). My parents have also said they would help me with any shortfall- is this allowed?

A: The deposit i had to pay was 3k on the day of viewing the apartment to confirm interest, this is refundable, then on signing contracts i had to pay another 4800k this isnt refundable

2) My friend is not working at the moment but my salary is good enough to allow us to purchase pending her employment.- Potential problem? Or do the banks view affordable housing scheme as safer mortgage bet than open market?

A: Banks do see affordable housing scheme as safer mortgage. some banks do special affordable housing scheme mortages, and you should be able to get 100% as you are not looking for full amount of the market value

3) I currently have a large car loan. When I spoke to the bank about this before they said that if I applied for a mortgage some loans could be incorporated into mortgage. Would this be the case with AH mortgage?

A: banks usually wont allow you to add in your car loan into the mortgage when your a first time buyer or get 100%, i personal think this is a bad option. for example if your loan is for 20K, we'll say you are paying 5k interset over 5 yrs, but if you but the loan into your mortgage you will be paying the car loan over 30 years, so could be nearly paying 30k interest on the car. so your loan is now 50K for a car worth 12k.. which at this stage is probaly now recyled into a coke can!!

4) I read on here that someone put a deposit on a place in Adamstown and then applied for the scheme afterwards. Does this mean if I have 3k lying around (which I don't!!) I could go to a viewing and put money down as a way to rush through my application?

A: never heard of this, dont think it is an option, schemes have set amount of affordable houing in the development and are reserved to people on the list.

hope i was able to answer some of your questions, i feel you should go and apply for a mortgage now, get it in principal, you will have to do it at some stage of the affordable housing process, i think once you apply most of your qquestions will be answered, goto a broker, simplymortages are pretty good, then goto a few banks directly aswell, shop around. it doesnt cost you anything to apply. the banks will tell you straight away what you can and cant do!!



5) I'm not in a permanent job. I'm contracted (on a very good salary) to Jan 2010. I do however have a letter from the civil service giving my place on a panel for a perm job. If my parents went guarantor- would this be ok do you think?

A: it is hard to say, it all depends on your job and how the bank views it, all they are interested in is that the you can pay the mortgage over the life time
 
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Thanks for the reply!
I agree paying a 13k (thankfully not a 20k!) loan over 30 years is a bad option, but I was worried that the 300 a month I pay would vastly reduce my mortgage options. I also have a personal loan (for college fees etc) in the region of 8k. I am concerned about the 35% salary max mortgage.
What was your situation if you don't mind me asking?
Yes the lady in SDCC said we could go ahead and approval in principle and stick it on the file- might speed up the process!
 
i have a loan for 18K, but the condition of me getting my mortgage for 260k i had to clear this loan, this to be honest isnt not an option. so i transfered the loan to my mothers name, but the Direct debit is still coming out of my account, so from a credit check point of view i have no loan. so my monthly repayments for the mortage are 1200 plus my loan. of 370 a month..

if you have a loan in credit loan, this should be ok, as the credit check doesnt look at credit union accounts, but if you have a college loan, you will have to clear this,

there is no point in buying a place and having no life cause you are up to your eyes in death.
 
hey thanks for the reply.
I think at the moment most places with SDCC are going for about the 150-175k mark, which works out about 500-700/month. I can afford that, but would rather spend less! At the moment I just want to get a foot on the ladder so am not bothered about putting myself under major finanical pressure by getting a max of 260k (the quote I was given by brokers).
Thanks for the advice
 
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