Affordable Housing

Wayne SDS

You seem to have come up trumps at the end of the day. Management fee's are a killer especially when they dont do a thing, that rant is for another thread though.

Anyone from the Fingal area give me some advice??

Cheers Dandolin it all seems very promising.

jdivision

Wayne SDS wrote: »

Hey Guy's!

Glad to have found this thread and congrats to you's who have gotten your home. A few questions,

1. How happy are you with your house/apt, is it in the perfect area?
2. Can you see yourself selling in the next 5 years?
3. What are your mortgage payments like?

Im pretty excited about embarking on my first home, myself and my girlfriend badly need our own space but im worried about apllying in the Fingal area. Thats where i want my home but the likes of Balbriggan and Skerries are totally out of the question. Have many people been offered homes in Swords/Portmarnock/Kinsealy/Sutton.

Also when applying did you apply for your own Council or the general application?

1. Fairly happy, a few problems but they're slowly being resolved. Not the perfect area but if they ever built the metro I'd be much happier
2. Yes, if the market drops far enough that I could live closer to town (where I work)
3 About e850 for a two-bed after mortgage interest relief. Management fees a pain though
4. there are some in Swords, never heard of any in Kinsealy and they'd be more likely to take money off developers instead of units in Sutton and Portmarnock because cost would still be too high for most prospective affordable purchasers so your chances of getting some there are virtually nil
5. I applied to all the councils - this was before the general application.

Drapper

jdivision wrote: »

1. Fairly happy, a few problems but they're slowly being resolved. Not the perfect area but if they ever built the metro I'd be much happier
2. Yes, if the market drops far enough that I could live closer to town (where I work)
3 About e850 for a two-bed after mortgage interest relief. Management fees a pain though
4. there are some in Swords, never heard of any in Kinsealy and they'd be more likely to take money off developers instead of units in Sutton and Portmarnock because cost would still be too high for most prospective affordable purchasers so your chances of getting some there are virtually nil
5. I applied to all the councils - this was before the general application.

there is still a list on the AHP website of avilable properties! I'd buzz them for info!

http://www.affordablehome.ie/home/index.aspx

snowey07

ive been looking at www.affordablehome.ie and they have a house listed that I would be very interested. Im approved on the fingal waiting list so how would I go about getting one of these houses?

How come they still have houses etc and people are still on the list?

Daith

snowey07 wrote: »

ive been looking at www.affordablehome.ie and they have a house listed that I would be very interested. Im approved on the fingal waiting list so how would I go about getting one of these houses?

How come they still have houses etc and people are still on the list?

If it's one of these

http://www.fingalcoco.ie/Housing/AffordableHousingInitiative/

Get loan approval (EBS, BOI, IBB, First Active), fill in the form and send off.

AHI is for people who earn over €40000 and a more higher priced. But the limit for standard affordable housing (well DCC at least) is €55000

Drapper

snowey07 wrote: »

ive been looking at www.affordablehome.ie and they have a house listed that I would be very interested. Im approved on the fingal waiting list so how would I go about getting one of these houses?

How come they still have houses etc and people are still on the list?

Call em! they will help you!!!

Bingles

texas star wrote: »

Well if its with DCC I feel your pain.I got my offer in March and Im still waiting to move it.But it will be worth it in the end.I hope it goes well

wow that must be so annoying do you know how close you are now to moving in? As you say it will be worth it in the end.

We have just got out Life and Home Insurence signed up I dunno what happens now. I think thats the worst part the not kknowing what is next. To do and we are only given bits on Info as we go along I feel as though I am in the middle of some computer game lol

yaynay

Guys,

Sorry to put a dampner on things, but I just want to offer a word of advice:

Don't go on the affordable housing scheme, unless it's a last resort and you plan on living in the development for 5+ years. Speaking from experience, if I had of waited another 8 months I could have gotten a mortgage on my own and a lot less hassle.

However, if you don't have other options, I would recommend you take of your mortgage with BoI, IIB (who offer mortgages for such scheme), rather than getting a mortage under the Shared Ownership scheme, whereby you only own half the property until DCC allow you to 'buy out' the other half.

texas star

Well for alot of people including myself shared ownership is the only way I can own my own home no banks would offer me a morgage.

yaynay

If you are getting your property through the affordable housing scheme, you have the option of getting your mortgage throught DCC (shared ownership scheme) and some banks. The banks in question have an agreement with DCC and if you rang them for a mortgage for affordable housing I'm quite postivie there'll be no issues.

texas star

I did ring them at the time and unless someone was willing to go gaurantor from my family they would'nt offer me the morgage.Im just trilled to get my own home

pintsplease

texas star- you're waiting since March?!? I was picked in the November draw and i was hoping to be in by march/april of this year, all going well. I got mortgage approval and everything but i've not heard anything back from the council since the beginning of Dec.

starky

pintsplease wrote: »

texas star- you're waiting since March?!? I was picked in the November draw and i was hoping to be in by march/april of this year, all going well. I got mortgage approval and everything but i've not heard anything back from the council since the beginning of Dec.

I am in the same boat as you. I got a call 10 weeks ago now, to say that I had been picked; I got all my approvals and paper work in almost immediately. They said in their letter that they wanted to close 10-12 weeks time. I have not even seen the place yet. It will have to be at least three months from when I see the place to close, as lets face it property transactions take forever, so I reckon I will be lucky if I get into the place some time in April.

Bingles

we got picked in the Nov draw too. we got mortgage approval just before Xmas there but on the condition we got life and home insurence which we are getting tom I dunno what to expect after that I really wanna be in by feb

texas star

Hello again well I got picked out in the March 07 draw.Finally today after me annoying them till the cows come home Im finally signing next Tuesday,thanks be to god.Still cant believe its going to happen so I will lets ye know next week.Good luck everybody and I hope you all get what you want

accensi0n

Would there be any chance of getting a 2 bed apartment earning less than €30,000 and not going the shared ownership route?

starky

accensi0n wrote: »

Would there be any chance of getting a 2 bed apartment earning less than €30,000 and not going the shared ownership route?

Its not really as straight forward as that.
Lets say you earn 30,000 a month, that would net you about €2160 a month. If you go got a bank that deals with debt to income ratio lending such as EBS, they will allow you to borrow what ever amount comes in at roughly 40% of your net income, that’s about 900 euro a month at current intrest rates. If you do a rough calculation you can see that paying pack 900 a month would equate to a mortgage of €180,000. So the question you should really be asking is, “Are there any affordable housing units in my area that are 2 bed and cost about 180,000/190,000. If there are then yes you could in fact have a chance of getting a 2 bed place earning about 30K.

Another thing to note is that if you are going to be letting out a room in the place you can push up your income that way too. If you had a two bed place in DCC area you could probably expect 400-600 a month in rent for the other room. This would bring you your net income from 2165 to say 2600. Again 40% of this would be about 1000ish, and you could be looking at a borrowing budget of about 220,000 – 230,000 at that point.

Typically in DCC area though, a 2 bed place would be in the range 230 – 280 in my experience. So if you were looking for a two bed place in DCC area it may be at least possible in theory.

But there are so many unknown variables, do you have loans? Can you get a reasonably priced affordable place? What council area are you in? your age, etc

Rodent

Quick question...

Are the worth the risk at the moment, if developers are knocking 25% off the price of apartments and there is way over supply in this market.

Asked the council recently if they'd be cutting prices in line with market value and they said no, so chances are if you take one up the other blocks in the unit won't be that much more expensive and you won't get the hassle of the 20 year claw back... Am I talking bollox :eek:

jdivision

People have successfully challenged council's valuations in the past

texas star

Yep I did and was told to get an independent valuation and they reduced the percent of the clawback and the house price

JOJOC

Hi Texas Star

Can u tell me what council that was with as we are in the same position now with Dun Laoghaire Rathdown County Council.

Thanks

Mayo Exile

My mortgage provider (BoI) has just done their valuation on the property I am about to buy. Its a 2 bed apt in Dundalk Town. The valuation they gave was €220,000. However in the offer letter from the council received before Xmas the market value was given as €240,000. Actual purchase price is €182,000. Clawback is 24%.

Given the drop in market value do I have the right to haggle on the purchase price with the council? I have already given the council a deposit of €9,000.

texas star

Hi well for me I was with DCC,so Im not sure about the other councils.Good luck everyone

RIRI

Hi,

We got picked for an apartment with DCC before xmas & sent in the paperwork - we're yet to be given an appointment to view it.

In the mean time DCC offered us another apartment in a completely different development which we were able to view imiediately. We went to see it on Saturday but it really wasn't suitable for us and I refused it in writing yesterday.

My question is will the fact that we refused the second offer have any bearing on the first? i.e. can they unoffer it as it were?

Thanks for any help

Drapper

stephen p wrote: »

Sorry I should have explained the situation a bit better. I currently live in an affordable home and I know of someone who also purchased one but is renting it out fully. It sickens me that they would do this as there is people on the list waiting months even years for a place.

report him.

antodeco

Hi Folks,
It says that you need a p60, p21. Do you have to have both? I have a p60, but the hassle trying to get a p21 at the moment is unreal (issue with revenue.ie)

Thanks

RIRI

As long as your P60 covers the pervious 52 weeks (ie is for the full tax year) you don't need the P21.

Hope this helps

antodeco

RIRI wrote: »

As long as your P60 covers the pervious 52 weeks (ie is for the full tax year) you don't need the P21.

Hope this helps

Helps more than you know! Dont all p60's cover a full 52 weeks?

Daith

antodeco wrote: »

Helps more than you know! Dont all p60's cover a full 52 weeks?

Not if you've switched jobs during the year.

Caychadh

If you're applying to Fingal you will need to send them a P21, but they'll take the P60 for now if you tell them the P21's been applied for and will be with you soon.