Affordable House

cassiedoll

hi folks,

well i have rang DCC and told them i am not taking the apartment.

The one thing i have to say that even if i was going to take this aparment, none of the AH lending institutions were very reasonable and i understand that with the current market climate.

For the one bed apart. Bank of Ireland were only willing to give me e160k so even if i was in a position were i only had my booking deposit and may another 5k to my name i would still have to come up with almost e45k.

First Active would only mortgage me up to e182k.

Ulster Bank were offering e180k and i am still awaiting a reply from Haven and IIB but i dont hold out much hope with them.

after going through various scenarios with the banks. First active would give me a mortgage of e230k for a 2 bed and Bank of Ireland (who were offering me the lowest mortgage for the one bed AH) would give me e220k for a 2 bed.

according to First Active i could pay the mortgage, taking into consideration my tax relief and if i rented a room.

I have spent hours on the internet comparing prices and my AH one bed is e215k and in Geraldstown there is a one bed for e200k.

I am going to shop around over the next few weeks/months and see what i can come up with cos' from what i can gather AH isnt the best option.

laurak265

The lending institutions obviously know that the apartment was seriously over valued! DCC are going by an old valuation i'd say and will prob have to bring the price down otherwise no one would be able to buy one! If the institutions wouldn't give you anymore then they wouldn't give anyone else it either!

Best of luck with everything

daisling

Laura is the house through Kildare count council?

laurak265

No through wicklow but i think its split half kildare and half wicklow with where the estate is! Blessington manor??

daisling

Hey me too and here is one in the eye for the begruggers out there I'm a single mum too. Ha Ha. :P It has been a long time waiting for these houses. Have you had any update when did the council contact you.

laurak265

Howdi neighbour!

Eh they rang me at the beginning of sept i think it was, to say they were doing evaluations on everyone cos they were ready to allocate the houses and just asked did i want to be evaluated this time round and i said yes. I haven't heard anything since but i'm sure it can't be anymore than another couple of weeks. I sent them my mortgage approval in principal and all.

have you heard from kildare??

daisling

Hi I am waiting to here from Wicklow about the ones on the Naas Road and Kildare on the Blessington Manor ones. There is a bit of a price difference on the two beds. 168,000 with wicklow and 210,000 with kildare. Kildare have no 3 beds and 3 beds with wicklow are 199,000. You should talk to kildare too give yourself the best chance. I think wicklow are deciding this week but I call so often I dont want to ring again. I have been waiting since december 2006. If you get any news let me know. I have seen in both houses and they are nice inside. Like you have no money for furniture, my son has breathing problems so have to get foors down then will do a trip to belfast. It is difficult to save and if I get a three bed my 35000 savings will all go on deposit as that will bring me to 36% of monthy pay. It is painful as I had banked on being able to spend some of it on the nice things.

laurak265

I live in wicklow so would i not have to deal with wicklow? I want a three bed and the 199k is what i was told my house would be so if kildare have no 3 beds i may stay with wicklow! I will be just putting down carpets everywhere, the cheapest ones and cheap second hand furniture! Down the line when i have a few quid i can change it all!

My bro works for ebs and he said i didn't need a deposit as the mortgage is for way less than the market value so why do you have to pay a deposit when i wouldn't have to!

daisling

The 35% rule the council wont approve you unless your monthly repayments including payment protection are equal or less than 35% of take home pay on their figures mine would not be on a mortgage of 199,000, so I would need to get a mortgage of 164000 to bring me inside. I do have mortgage approval for a higher amount but that is useless if you cant prove you can afford it to the council.

jdivision

laurak265 wrote: »

My bro works for ebs and he said i didn't need a deposit as the mortgage is for way less than the market value so why do you have to pay a deposit when i wouldn't have to!

They generally ask for a 3% deposit.
You have to prove you can save as part of the approval process so you should have the money to hand (unless you're paying major rent)

laurak265

I have savings and i save every month...They have a copy of my savings statement. I do also pay rent and childcare and a car loan which i have shown them. The car has to go to pay the mortgage but have my car loan repayment statement and the know the car is going so i think ill be ok that way. Oh i don't know its so hard to work out.

jdivision

Not having a go laura! Just that's the deposit I had to pay when I bought my place on the affordable list a few years ago! Chin up!

laurak265

jdivision wrote: »

Not having a go laura! Just that's the deposit I had to pay when I bought my place on the affordable list a few years ago! Chin up!

Oh i know your not. :pac:

Firetrap

Is it not a bit ironic that an affordable house has proven to be unaffordable? You can't get much smaller in the food chain than a one-bedroomed apartment unless you get a bedsit/

laurak265

I agree..but thats the price of bricks and mortar depending on your budget!

daisling

Laura have you spoken to WCC I called them and I am getting a provisional offer.

laurak265

No aisling i havent' heard anything since! I don't know if i have enough savings to go for it!

laurak265

Hi aisling i rang the council there! They said if i get my loan down then its a yes BUT the houses are not the manor they are for glending!!!! They have flooded twice since opening....6 months ago!! Did they tell you it is for the manor??

The_Conductor

laurak265 wrote: »

Hi aisling i rang the council there! They said if i get my loan down then its a yes BUT the houses are the manor they are for glending!!!! They have flooded twice since opening....6 months ago!! Did they tell you it is for the manor??

Regardless of the price- if its not suitable for you DO NOT BUY IT........
The fact that its flooded twice in the past 4 months, with over 8 inches in August- should be ringing a siren at you........

laurak265

Oh i totally agree...I'm not living there not even for free! I'll hold off until something else comes along! Its a council estate i think anyway with some affordable housing thrown in!! Don't quote me but i thats what i'm lead to believe!!

gamer

i think you could buy a 2bed older house,for 200k in dublin,in a working class area,like finglas ,the advantage is you would be near shops, you would not be in the middle of a large council estate,eg look for an old house 50 years ,good nick,that needs redecoration,the older council estates can be ok, cos most houses are now bought up,owned not rented,and theres not loadsa teens hanging round causing trouble/drinking,,but there are some council estates that are very bad,with alot of antisocial behavior,cars being robbed etc
eg some houses are going cheap,cos they are,old,badly decorated,outdated heating system,but redecoration,with tlc would bring them up to spec.WHEN people buy up the houses ,they tend to take care of them.

laurak265

My problem with Glending is that they built the housing estate on a marsh. It was offically opening during the summer and then it flooded twice and i mean flooded! Fire brigade spent 2 days pumping water out of them! People had just moved in and one woman said he wooden floor was floating on top of the water! I just don't want that. They are alse the most ugly house you have ever seen in your life and to top it off they are painted in rows of pastel colours!