Whats the average everyone had saved when offered affordable housing?

[Bubblebunny]

Re: Whats the ave everyone had saved when offered a property with AH

I have close to 10k saved and I still don't have enough to satisfy my local council. Presumably they look at the value of the property and you must have at least 3% of the total value + legal fees etc to even qualify..

Apologies, I meant to say the cost of the house, not the value. It basically means the same thing to me because I intend to live in it for a very long time so the actual value doesn't matter to me, just what it costs me!

I am on the list for Cork County, and have over 15k saved. The council here require you to have 3% of the price of the property and legal fees- as a minimum. So if the house Im hoping to get is 220000, then i will need a down payment of 6600, and legal fees. As i say, this is what they expect you to have as a minimum. I am on the list for about 3.5 years, still waiting.....

DJ, I'm with you there! I am on both Cork County and City and although I have cleared my loans and my savings have grown considerably since I first applied, I still don't appear to have enough to get an offer..

 

[abi2007]

Re: Whats the ave everyone had saved when offered affordable housing?

I think all of the councils put far too much emphasis on what savings you need and not enough on how much you should be earning to actually service the loans. This puts them in the position they're in today where they have so many people applying clogging up the system who simply cannot afford the mortgages.

Surely if you can afford to save the min of 650 per month you can afford the mortgage. There are people on good wages who always seem to be broke as they are not wise with their money. I see their point in the savings, when you apply to the affordable housing scheme you make a commitment to save if you can't do that you can't afford a mortgage.

 

[shanegl]

Re: Whats the ave everyone had saved when offered affordable housing?

The savings requirement could be much less than the mortgage repayments. At current rates 650 would repay around 125K only.