Affordable Housing - The Idiots Guide

gurramok

jdivision wrote:

SSIA payments also count

I was told by fingal that these dont count on a per month basis as they are not accessible savings to buy a place as they are locked away until mature time.
Obviously when ssia matures, it counts as deposit!

inigo

gurramok wrote:

I was told by fingal that these dont count on a per month basis as they are not accessible savings to buy a place as they are locked away until mature time.
Obviously when ssia matures, it counts as deposit!

But it shows you can save some of your salary every month, i.e. you would be able to re-pay your mortgage.

jdivision

gurramok wrote:

I was told by fingal that these dont count on a per month basis as they are not accessible savings to buy a place as they are locked away until mature time.
Obviously when ssia matures, it counts as deposit!

I bought an apartment via Fingal using my rent (e610) and SSIA (e254) as proof of savings. I then borrowed the deposit, because obviously it's better to keep paying your SSIA then cashing it in early and losing the bonus.

jdivision

gary the great wrote:

A few more questions:

FOr a couple is it 650 a month between us? And if so does it have to be a joint account? Im currently putting max into the SSIA so that counts for 25o plus i always have wages left over so it could show up as 650 a month.
ANother problem, although my GF worked full time this year and last year, I was in college and working part time so didnt earn to much. My GF earned about 28k though, id say last year i earned about 7k. And although im now in fulltime employment, thats only since the the start of october so my yearly income for this year will be crap aswell. Will we have to wait till Jan 2008 before we apply? Or if we apply will it be my GF who actually gets the house or will i be on the mortgage too? Will they take into consideration that im working now so our joined income is largely increased (by 27k) and that throughout college i kept an SSIA that now has a considerable amount, due in April?

Thanks for any help!

Lots of questions. As far as I know (and I've been there, done that and bought the place) it'll be e650 savings between you. I doubt if it has to be a joint account given you're not married. The income limit is based on your previous year's income - why do you want to wait til Jan 2008 to apply. Apply now, using last year's income and then attach a note explaining you're now in full time employment. They will take that increase in income into account. Your SSIA will count towards your savings.

johnjay

gary the great wrote:

A few more questions:

i always have wages left over so it could show up as 650 a month. But we'll make sure to ensure we save at least 650 a month.
!

Make sure you transfer this to a different account, and leave it untouched. If you "dip" in to you savings, they will make you save for another 3 months.

gary the great wrote:

A few more questions:

ANother problem, although my GF worked full time this year and last year, I was in college and working part time so didnt earn to much. My GF earned about 28k though, id say last year i earned about 7k. And although im now in fulltime employment, thats only since the the start of october so my yearly income for this year will be crap aswell. Will we have to wait till Jan 2008 before we apply? Thanks for any help!

Apply now! there is no min, income to apply for affordable housing, so the combined totals of your P60's will only need to show that you earn LESS than the max amount. The council will look at your recent payslips - the total of these will be used to calculate your take-home pay, its this they base your ability to pay a mortgage (they will say approx 35% of your combined take-home pay is what you can afford to pay back each month.)

gary the great wrote:

SSIA that now has a considerable amount, due in April

Remember it will be a good 8 to 12 months before you are offered a place, so your SSIA should be well matured by then. You can use this as your deposit (a min of 5% of the purchace price is required),

gary the great

Thats great lads, thanks for all the info. Im gonna set up another account to direct debit 325euro from each of our accounts each month and then in 3 months ill apply. thanks for the help.

johnjay

gary the great wrote:

Thats great lads, thanks for all the info. Im gonna set up another account to direct debit 325euro from each of our accounts each month and then in 3 months ill apply. thanks for the help.

Dont forget that if either or both of you are paying rent at the moment, and you can prove it with a lease or with a direct debit, then you can also put this down as a regular saving.

dashwood

gary the great wrote:

Thats great lads, thanks for all the info. Im gonna set up another account to direct debit 325euro from each of our accounts each month and then in 3 months ill apply. thanks for the help.

Hi gary,
if you're saving as a couple then you'll need €750 between you, not €650 that's for single people. It ok to have separate accounts, in fact fingal said they'd prefer it as it shows both people are able to save.

mambojambo

Is it possible to apply for affordable housing while 'having' loans but intentionally clearing them while you are waiting for full approval? Or is it a no-no even having tiny loans?

Is it the council that approve you first and THEN you go to a lender for the mortgage?

Posy

The council (Fingal anyway) gives you the mortgage in the affordable housing scheme. With the affordable housing initiative (a completely different thing) you have to finance your own mortgage. I don't know about the loans thing I'm afraid.

johnjay

mambojambo wrote:

Is it possible to apply for affordable housing while 'having' loans but intentionally clearing them while you are waiting for full approval? Or is it a no-no even having tiny loans?

Is it the council that approve you first and THEN you go to a lender for the mortgage?

I didnt have any loans, but I got the impression from Fingal during my interview that they dont mind small-ish loans. They do not like Credit Card debts or over drafts.

Fingal and South Dublin CC lend you the money themselves, so you get your mortgage directy from them. Although they do sometimes release houses under the Affordable Housing Initiative - in this case you get your mortgage from a bank.

AFAIK if you manage to get a property from Dublin City Council, you always get your mortgage from a bank.

Sandy2004

I got an affordable unit - the councils dont mind small loans - but you are best off wacking a chunk of your loans or clearing them, then starting from fresh. The more obstructions that are in your way - the more hassle you get from them. You have to explain every little detail... but well worth it at the end of it. My advice start fresh, you'll move quicker & with more ease.

gary the great

I didnt really know they cared so much about loans, obvious though i suppose. Problem is my GF being a woman has a few, a 1200 personal loan, 500 HP on her computer and a car loan of about8k (about 4k to go).

I dont have any on the other hand, just saving and an SSIA. the above loans are going to affect us bigtime, aernt they?:(

gurramok

Well, if it helps i have a car loan worth about 3k left to pay at 153 a month and it didn't affect my application at interview as i had ssia at same time plus no other outstanding loans or cc debt.
Of course its better to clear loans as it will give a better view of you as more ability to repay a mortgage and manage money better

Posy

gary the great wrote:

Problem is my GF being a woman has a few, a 1200 personal loan, 500 HP on her computer and a car loan of about8k (about 4k to go). The above loans are going to affect us bigtime, aernt they?:(

They don't mind small loans but if you're currently paying off 3 loans, that's going to count against you. They don't want people who may get several loans a year to finance holidays etc. They want to know that you are going to give their mortgage first priority. Perhaps if she increased the car loan to clear the personal loan they mightn't mind the HP on the computer, but three loans..

gary the great

Im clearing her other loan cos i have a good bit of cash, then shes going to pay that back to me. i also have the SSIA maturing in April and we set iup a joint account with Rabodirect and were paying the 750 between us a month from today.

She went up and got the applications from SDCC today, and after looking at the form it says we both need 4 recent payslips. Now thats no problem for her, but i only started work in October and i get paid monthly and therefore i wont have 4 payslips. I will wait until the end of this month and then send my 2 payslips in with a note saying I only started work. Will this be ok?

johnjay

gary the great wrote:

I will wait until the end of this month and then send my 2 payslips in with a note saying I only started work. Will this be ok?

It should be ok. Chances are you wont get called for an interview for a few months anyway, so you can bring your up-to-date payslips with you then.

Posy

gary the great wrote:

..but i only started work in October and i get paid monthly and therefore i wont have 4 payslips. I will wait until the end of this month and then send my 2 payslips in with a note saying I only started work. Will this be ok?

With Fingal you have to be in employment for at least 6 months so check this isn't the case with SDCC.

gary the great

Karyn wrote:

With Fingal you have to be in employment for at least 6 months so check this isn't the case with SDCC.

Well my girlfriend has been employed the last few years on over 28k so i dont think they will mind and as was already said, by the time the interview comes about il be nearly have the 6months work and all the payslips.

jgoodman05

Hello all,

While this thread is probably now defunct I thought I'd try anyway, Questions are mostly for JDivision but would appreciate replies from anyone in the know. Have final loan approval interview for apartment in Citygate - through Fngal- in a few days and am wondering about the following .

*What do I have to sign for at final interview , can I take the details home with me and make a decision there and return ?
*When are keys handed over?
*Do I need to get a Surveyor/ Surveyors report?
*Would you reccomend getting someone to do a snag list / do surveyors do snag lists/ or to do it yourself?
*Do you know what builder / foreman I will be handing my snaglist to and if so whats he like ?
*I'm my very short viewing, I noticed that the floors were not solid and made from some sort of composite cement board, how does this affect sound levels? (Is it within building regs)

Any info much appreciated, Cheers.