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(Probable) First time buyer needs help!!

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  • 19-03-2009 11:25pm
    #1
    Mental Mickey
    Registered Users Posts: 10,642 ✭✭✭✭


    Hi Guys

    I have my name on the Affordable Housing List for South Dublin County Council. Last year I went to view a couple of properties in Adamstown(The Paddocks to be exact). After a lot of thought and advice from various people, I turned it down. Partly because it was (a) a bit too expensive, and (b) it wasn't really suitable for me(a disabled person). I would've had to do a lot of adaptations to the property before I moved in.

    I received a text message today from SDCC informing me of a viewing opportunity for apartments in St Edmundsbury, Palmerstown this Saturday! The properties(2 bedroomed apartments are valued at just under 198k. Could someone advise me as to what the monthly repayments are likely to be on a property of this value??

    Cheers.


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    #2
    irlrobins
    Registered Users Posts: 7,541 ✭✭✭irlrobins


    Mental Mickey wrote: »
    Could someone advise me as to what the monthly repayments are likely to be on a property of this value??

    That would depend on many factors. Interest rates, loan term, LTV, fixed or variable, etc.

    Assuming the property is worth 198K, then the max you'll probably be able to borrow would be limited to 92% LTV. This would be €182160. Borrowing this from AIB fixed for 1 year (APR 2.76%) would mean monthly payments of €641 in the first year and around €675 after that. Plus life insurance, payment protection charges on top of that.

    Of course, figures will vary from case to case. Best thing to do is to approach all the banks and find out what they are willing to lend at what rate/term/etc.


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    #3
    ~Trixiebelle~
    Registered Users Posts: 106 ✭✭~Trixiebelle~


    Mental Mickey wrote: »
    Hi Guys

    I have my name on the Affordable Housing List for South Dublin County Council. Last year I went to view a couple of properties in Adamstown(The Paddocks to be exact). After a lot of thought and advice from various people, I turned it down. Partly because it was (a) a bit too expensive, and (b) it wasn't really suitable for me(a disabled person). I would've had to do a lot of adaptations to the property before I moved in.

    I received a text message today from SDCC informing me of a viewing opportunity for apartments in St Edmundsbury, Palmerstown this Saturday! The properties(2 bedroomed apartments are valued at just under 198k. Could someone advise me as to what the monthly repayments are likely to be on a property of this value??

    Be very careful with affordable housing at the minute... talking from experience in the last few months, we ourselves have been offered an affordable house, house was valued at 330k and affordable price was 235.... In the last 2 weeks the houses have been reduced in value to 245k!! you may find you can buy without being tied to them and there clawbacks. and also its important to take note that with the council, if they cant sell under the affordable scheme they will rent as social housing... rightly or wrongly this decreases the value of the properties that surround them... happened in the housing estate i live.


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