Shared Ownership

Bee01

Hey,
I am interested in the Shared Ownership under SDCC.When i went to see them they tried to talk me out of it,saying that you can only borrow around the same amount that the bank would give you.
Does anyone know if this is true?,
Could anyone tell me how much you can borrow on a wage of around €23000 per year?
Thanks.

ricman

I THINK the usual loan is 3,or 4 times your income, depends on what loans you have out now, how much you have saved, do you save x amount per week.if you are going to bank x for a loan ,they like you to have savings there too.The more savings you have the better.

Bee01

Thanks for the replies.

Whisper87

Hi OP, i recently just moved into a new house bought through shared ownership...

My wage is not much higher than yours and i got €192000, for this i got a 2 bed house in ok condition! Some may say wait and save, but if you have your heart set on it, go for it! I'm glad i did, i might be in negative equity in a while, but this is my home long term so that does not matter to me!

You need €3000 deposit and depending on which local authority you go to, you can buy ANY house that falls in their area.
You are not restriced to looking at properties that are on the affordable housing list, you can look at all houses on the market!

After a year, you can buy the council out, so there's none of this business of getting someone to buy your "half" of the property.

If you need anymore info, i'll gladly give it!

Bee01

Thanks Whisper87,
Can i please ask you do you know what happens if we decide to sell the house and buy a new house,providing we could get a higher mortgage from the bank?,
Thanks a million.

ricman

AFTER you go on the full mortgage you can sell the property, provided the sale value covers the loan in full ,or you can pay off the mortgage early if you have the money to do so.
YOU can look at all private homes on the market,provided they are in good condition, under 200k approx, don,t limit yourself to social housing schemes.You can buy a private house in bray if its under value x.THE council will give you info re value ,limits, and what happens if you want
to sell in ten years.

m'lady

Hi there, can I ask it €3000 deposit all you need and do the council use the same criteria as the banks??

ricman

YOU have to pay for legal fees, you need to be working full time, earning under 35k single person, x2 for a couple.
They council get you a mortgage from bank x, after you apply if you qualify.ITS supposed to be 4 people on low income ,to get them housing, so i
don,t think its as strict as a bank.
UNLESS you were buying a very cheap house banks like you to have 20 per cent deposit, 20k, for a 100k house plus money 4 legal fees.
And you,ll probably need a survey done on the property by a surveyor be4 council will give you a mortgage.
MY advice is go in and ask them for all info, charges etc, i think its housing dept,wood quay that deals with these loans.IF the house is like 100 years old they prbly wont give you a mortgage on it.
SAY house is 200k, legal fees should be around 1200 euro.
MY advice is save x amount per week in say aib, build up a savings record.
But go to council this week, get info ,get the application forms.

D3PO

ricman wrote: »

UNLESS you were buying a very cheap house banks like you to have 20 per cent deposit, .

what a load of rubbish. The house value has no impact on the LTV the bank would expect you to have.

and stop plucking random numbers, because thats what the 20% is a random number you have come up with.

D3PO

ricman wrote: »

SAY house is 200k, legal fees should be around 1200 euro.
.

again another unsubstantiated comment. Legal fees are more linked to the house than the cost of the sale. A one million euro house could require less work than a 200k house due to issues found whilst conveyancing and could potentially end up with a smaller legal fee charged.

Ok thats stretching the limits of plausibility to the max but my point is house value does not equal approx legal fee

John Mason

ricman wrote: »

.You can buy a private house in bray if its under value x.THE council will give you info re value ,limits, and what happens if you want
to sell in ten years.

lol, in order to buy in bray you would have to apply for funding from wicklow county council and their max. limited used to be 160k, not a hope of buying a house in bray for this amount.

dublin city council used to give 200k, you could only buy within the dcc area. you must stay there for a year and after that you could get a mortgage, pay the council off and sell the property with no clawback - its a much better scheme then the affordable housing.

the legal fees are incorporated into the money you borrow, you will need to get a surveyors report and the house MUST have an inside bathroom.

you can additional 20k to the 200k they give.

the figures i have given were the limits in 2004

ricman

Well, say you want to buy a house in wicklow you,d apply to wicklow housing department.Obviously different areas are covered by different councils.
I meant you can buy any private dwelling if its under the valuation limits and is in good condition and has an inside bathroom.I,D presume it would be easier to apply to dublin city council, as their budget is higher than most councils and they cover a large area of dublin.

John Mason

ricman wrote: »

Well, say you want to buy a house in wicklow you,d apply to wicklow housing department.Obviously different areas are covered by different councils.
I meant you can buy any private dwelling if its under the valuation limits and is in good condition and has an inside bathroom.I,D presume it would be easier to apply to dublin city council, as their budget is higher than most councils and they cover a large area of dublin.

well, it depends dcc have a higher limit but you can also apply to south dublin county council, fingal county council, dun laoghaire rathdown county council and you only buy within the areas of the council you have the grant from - this can be done through every council in the country