shared ownership

sham69

Hi,
I am thinking of applying for the shared ownership scheme with DCC.
I have checked their website and the maximum purchase price of the property seems very low, I am not sure if this information is old.
Does anyone know what the maximum price of the house you can get is or has anyone used this scheme. Any information would be appreciated.
Thanks
Sham......

ta2kev

I bought a house last year with Laois Co.Co. The rates aren't too bad, it's almost as expensive as a regular mortgage but it's easier to get approved. My one was for €160k, but I presume that would get you f**k all in Dublin. My advise is to check out the regular lenders aswell and compare them. It suited me at the time cause I was only 21 and myself and my girlfriend were expecting a baby. I didn't bother applying to any other lenders at the time but I'm considering buying out the council now. My only problem was getting all the documents in, eg. credit checks, payslips, P60s etc. make sure you have all these together before you approach any lender.
Best of look.

sham69

Cheers for the reply.
I am on a pretty low salary so banks would not really entertain me.
I have all the documents ready for the CC and i seem to fit the criteria.
The only thing is how much they will offer, you would need at least 300,000 to get somewhere decent but i cant see them offering that.

Eoghan25

hey sham, i did the shared ownership with dublin city council i got the max 230k and added a bit of money to it got myself a nice 2 bed out of it but i know since property prices have gone up and everythin is going towards the 300 mark if i recall correcly when i orignally was thinking of doing it the start of 2005 the max loan was only 200k from what i heard it was pointed out to the council there were little or no properties in Dublin city for 200k they shifted it up to 230k it may happen again that they shift it up but if it is going happen i would say it will be slow process......

sham69

Cheers for the information,
My folks are selling the family home so there will probably be a bit of money for me in it. €230 is not a lot is it? I am getting this with my Girlfriend but I am only applying if you know what i mean. I am going down to them next Friday to find out what the story is. I really dont want to get a 1 bedroom apartment but i might have to with that money.
Thanks All for the info...
Sham.

microgirl

One thing to bear in mind that while they say you can add your own money to the max of €230k that they'll extend you, the maximum purchase price of the property cannot be more than €250k, which for Dublin is pretty crappy. You might get places in Finglas or Clondalkin for that, but that's all.

It is possible - maybe even likely - that they'll up the limits again, but it might not be terribly soon.

Macker1

microgirl wrote:

One thing to bear in mind that while they say you can add your own money to the max of €230k that they'll extend you, the maximum purchase price of the property cannot be more than €250k, which for Dublin is pretty crappy. You might get places in Finglas or Clondalkin for that, but that's all.

It is possible - maybe even likely - that they'll up the limits again, but it might not be terribly soon.

Don't be too sure of that. I live in Clondalkin in a modest 3bed end of terrace. Currently on sale with 2 offers of 317,500. A 3bed terrace down the road just went for 297K

For 250k u can just about buy a garden shed lol:)