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Affordable housing in DLRCOCO

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  • 25-05-2010 1:45pm
    #1
    greengirl31
    Registered Users Posts: 416 ✭✭


    Hi Folks,

    just wondering if anyone could clarify a couple of things for me ....

    First of all, has the clawback been dropped ?? and can you tell me what it is ??

    Also, do you have to be the occupier for the whole time or can you rent the property out after a certin amount of years.

    And Finally, is there an opting to "buy out" of the affordable housing deal. EG, could i - re-mortgage in a couple of years time to cover the full cost of the property.

    I'd love to not to be able to buy on the open market but it's just beyond my reach ...

    Thansk in advance

    A


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    #2
    ricman
    Closed Accounts Posts: 1,559 ✭✭✭ricman


    I THINK affordable housing is , nt much use,because the ordinary private houses have dropped to lower price levels eg 200k or lower.Say you are on 25k salary you can apply for a council mortgage if you are on the housing list ,for any home in the council,s area, under say 200k.And theres no clawback.
    ie any private home for sale on say daft.ie ,as long as its under a certain value.
    I DO not regard 250k apartments as affordable.See can you get a standard bank loan first be4 you go to a bank.
    under affordable housing you can go for a full mortgage afer 2 years ask your council for details.

    The council would arrange a mortgage for you for say a 130k 1bed apartment thats for sale on the open market .Look on daft ie dublin search under 160k.
    AFFORDABLE housing is limited to certain areas where the council owns property.


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    #3
    Sheep Shagger
    Moderators, Business & Finance Moderators Posts: 6,370 Mod ✭✭✭✭Sheep Shagger


    Clawbacks have been removed if. . .

    a) you sell a property for less than the 'market value' when you first purchased it, in this case any surplus you 'made' goes straight back to the council.

    b) you sell for less than the discounted price you actually paid for it. If this happened you would get all the proceeds, you'd just hope you have enough to clear the o/s mortgage.


    http://www.affordablehome.ie/Getting-Started/What-is-Clawback-.aspx


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