Shared Ownership - buying out Council's share

[Brooklyn]

I'm in the process of buying an affordable apartment from DCC through the Shared Ownership Scheme and I'm just looking at my options for minimising my costs over the long-term. I can buy the Council's share of the property in lump sums of a minimum €1,000. My income is low enough that it would take me a good while even to save up €1,000. Would it be better just to apply any spare cash I have toward paying extra off the mortgage?

Also when it says that after three years I can transfer to a full mortgage with the the Council subject to their lending conditions, does anyone know what those conditions are? I can't find them on their website.

I plan to stay in this apartment for the long-term (do not see myself selling up and moving on in a few years) if that makes a difference.

And I don't have much of a head for this kind of thing so explanations in simple terms would be greatly appreciated

 

[Sammie]

hi,
you should get your solicitor to verify and explain all this for you and have it down on paper.

I'm sure that you can transfer to the following banks for a full mortgage EBS, IIB and BOI and maybe even the council themselves to buy out their share BUT don't forget that there will still be a clawback on the appartment when you sell.

 

[Sammie]

With the affordable housing you can avail of the shared ownership option aswell. this is to help you come up with the mortgage money if you can't do it on your own. but the clawback is still applied when it's sold.

 

[Brooklyn]

It's both affordable housing AND shared ownership - but as I said I don't intend to sell it so the clawback isn't really what I'm concerned with.