shared ownership/affordable housing

LegacyUser

With regard to qualifying for the shared ownership/affordable housing
schemes run by the local authorities, a broker suggested I might qualify, but can anyone tell me how would I go about that?

Where do I go first?

What do I need to qualify? What are the terms?

Thanks x

robz150

http://www.oasis.gov.ie/housing/buying_a_house_or_flat/?CONTACTSID=31fbee9e034124762217c39e43ecd280

Lots of information in there, You apply to your local authority, Shared Ownership is straight forward enough but with a Max of 230000 (I think) there is not a lot of options and its not a full mortgage so your paying the same each month as a full mortgage but half is rent (some would say wasted money)

LegacyUser

robz150 wrote:

http://www.oasis.gov.ie/housing/buying_a_house_or_flat/?CONTACTSID=31fbee9e034124762217c39e43ecd280

Lots of information in there, You apply to your local authority, Shared Ownership is straight forward enough but with a Max of 230000 (I think) there is not a lot of options and its not a full mortgage so your paying the same each month as a full mortgage but half is rent (some would say wasted money)

Half is rent? How do you mean?

I am hoping for a mortgage of around 215k, and the scheme wasn't really explained to me, I was only told I would probably qualify.
Does the state own half your home?
If so, can you buy it from them over time? Is that the idea?

Sorry about this, I just haven't heard much about this scheme at all and I just want some one to explain it to me in 'plain as you like' bearla!

robz150

Shared Ownership:


This is my understanding of it anyway:)

Say the place you want to buy is 200000

Its split like this:

Mortgage 100000/Local Authority 100000

example:
You pay a mortgage on 100000 so for example you would pay 350p.m. off the mortgage
On the local authority part you would pay rent of 350p.m.

so your paying 700 amonth probably the same as you would pay on a mortgage of 200000


I think after a year you can get a proper mortgage and buy the whole property, although the cost of buying the rented part can go up if the house value goes up.

LegacyUser

Oh, ok, so would you reccommend this opition, if say for example, my intention was to buy, live in the house, and rent additional rooms for 2 years approx, then sell and buy elsewhere?

robz150 wrote:

Shared Ownership:


This is my understanding of it anyway:)

Say the place you want to buy is 200000

Its split like this:

Mortgage 100000/Local Authority 100000

example:
You pay a mortgage on 100000 so for example you would pay 350p.m. off the mortgage
On the local authority part you would pay rent of 350p.m.

so your paying 700 amonth probably the same as you would pay on a mortgage of 200000


I think after a year you can get a proper mortgage and buy the whole property, although the cost of buying the rented part can go up if the house value goes up.

Victor

sillysausage wrote:

Oh, ok, so would you reccommend this opition, if say for example, my intention was to buy, live in the house, and rent additional rooms for 2 years approx, then sell and buy elsewhere?

Most such schemes are based on need, not desire. If you are by yourself or as a couple, you will qualify for a 1 or 2 bed, possibly not a 3 bed and definitely not a 4 bed.

robz150

As Victor says its way to get a property if you are unable to get a mortgage. I don't think its the best option by a long way but it seems to me it can be a good start. Once you show you can keep up the payments it should be easier to get a full mortgage.