Shared Ownership - Savings?

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Faithjm.

Guest
Hi

I remember reading that you have to have regular savings for 3 months prior to applying for the Shared Ownership Scheme. I think it was for €635 for something like that. Have been checking the dublin city website but cant find anything about it. Is this the case???
My partner's mother is selling her house which he would love to buy. He earns under the right amount etc. The thing is that he trys to save every week but every so often will miss a week. Should he wait until he has a few months without missing it or could he just apply?
Anyone any info about this??

Thanks in advance
 
Hi there, FaithJm, we bought our first place with sharedownership. It really is a great scheme.

From what I recall DCC or a simular council need to see that you have a certain amount in savings, to show that you are disiplined in finances.. The best thing to do is get your partner to start talking to the council and they will advise.
I would imagine he'd be ok.
 
Not sure if it's different for each council but with Fingal you have to show a saving of €650 a month for 3 consecutive months before you apply and you must keep it up every month thereafter. If you are a couple applying, it's €750. They held my application up on this because I had a standing order that sometimes went through in the following month and they were real sticklers.

Best to phone the housing section of DCC and confirm it.
 
I bought a place through the shared ownership with DCC last year and I didn't need to show evidence of savings. I did however need to prove that I had access to €1300. This is the deposit that you pay to the council when you buy a place. Great scheme, would highly recommend it, I'm currently buying out the council's interest. They say that you have to wait three years to do this but in reality you can do it as soon as everything is squared with the land registry- in my case after 9months.
 
msmyth

How long where you waiting from the time you sent in your application before you heard from them? Did you have to go for an interview? The house is already for sale but with prices in the area going down it hasn't sold yet so we would like to know quickly either way.

Thanks
 
No Interview required, it's really like applying for a loan with a bank - from what I remember! It took about 3 months to get approval..
 
Faithjm. said:
msmyth

How long where you waiting from the time you sent in your application before you heard from them? Did you have to go for an interview? The house is already for sale but with prices in the area going down it hasn't sold yet so we would like to know quickly either way.

Thanks
Click to expand...

It was ridiculously short- think I went in person and handed everything I needed in the morning, got a phone call in the afternoon to say that there was a letter waiting for me in Woodquay saying that I was provisionally approved!! A few days later I got the official cert in the post with a reference number which you quote to the estate agent when you wish to actually buy something. No interviews involved. So from when I applied to when I bought somewhere was exactly a week!!!
 
Wow that was quick, we were 2 months - I started proceedings in March and we didn't get the go ahead until the end of may..
 
pinkyBear said:
Wow that was quick, we were 2 months - I started proceedings in March and we didn't get the go ahead until the end of may..
Click to expand...

I put the speediness down to the fact that perhaps the low limit they lend in comparison to property prices put people off applying. That plus I brought my application in person to make sure that I'd all the right bits of paper and that I'd dotted the i's in the right place and all that.
 
Also with affoardable housing comming more into the fore aswell.. but I must say shareed ownership is a really fantasatic scheme - esp when you can buy them out when land registry stuff is complete.

There is great freedom as we were able to sell on - without clawback 2 years later...
 
Glad to hear it all went so quick. Will have to get him moving on the paper work asap. The max you get is 275k I think, we would probably want very close to that. I know you must earn under €40,000 for single applicant. I think he only earns about 24k. Do you think he would have a chance of getting the max with that?

Thanks so much for the info!!!!
 
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