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affordable housing- savings or salary?

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  • 15-01-2008 12:33am
    #1
    brendanyumo
    Closed Accounts Posts: 15 ✭


    How much of your own savings can you put towards the purchase of an affordable home? I have been told by a person in Dublin city council that you can only put €50k of your own money,the rest you have to borrow in a mortgage.Could this be right?


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    #2
    jdivision
    Registered Users Posts: 4,260 ✭✭✭jdivision


    You'll have to check their rules but I'd be surprised


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    #3
    seahorse
    Closed Accounts Posts: 1,164 ✭✭✭seahorse


    brendanyumo wrote: »
    How much of your own savings can you put towards the purchase of an affordable home? I have been told by a person in Dublin city council that you can only put €50k of your own money,the rest you have to borrow in a mortgage.Could this be right?

    Well I'd be surprised if that were true Brendanyumo. I don't know much about affordable housing and the procedures involved in buying it, but as far as I know the rules and regulations across the councils are loosely similar and I have heard that fingal county council will give you a max mortgage of 185k; yet they've built affordable houses and duplexes near where I live that are going for 280k, so in that case they'd have to expect people to have 95k stashed in their savings. I find that a bit hard to get my head around as presumably if a person has close to 100k in the bank they're not likely to be earning little enough to qualify for an affordable home anyway. *shrug*


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    #4
    jdivision
    Registered Users Posts: 4,260 ✭✭✭jdivision


    I think they're under a different affordable scheme seahorse where your earnings and therefore your mortgage limit is higher but could be wrong. brendanyumo even if they "only" let you pay e50k look for a mortgage from a financial institution where there is no penalty for early payment and then you can just pay down part of the mortgage off instead of giving it as a deposit to DCC.


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    #5
    seahorse
    Closed Accounts Posts: 1,164 ✭✭✭seahorse


    jdivision wrote: »
    I think they're under a different affordable scheme seahorse where your earnings and therefore your mortgage limit is higher but could be wrong.

    That might be the case jdivision because it doesn't seem to make much sense otherwise.


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