Shared Equity Scheme

TheMilkyPirate

I'm a novice at this but would it not just be better to increase the lending limit to 4.5x instead of all these schemes.

DubLad69

Very big difference between Dublin and Kildare. €450,000 limit for Lucan, but only €350,000 in Celbridge, which is just 2 minutes away.

TheMilkyPirate

TheMilkyPirate wrote: »

I'm a novice at this but would it not just be better to increase the lending limit to 4.5x instead of all these schemes.

Would I be correct in saying that the UK lending is 4.5x as a general rule?


And I believe they're looking at going to 95% mortgages soon (if they haven't already?).


To be honest, I think the current system is actually fine (minus all the meddling by govt.). 3.5x with exceptions to 4.5x seems like a decent way of doing it. The 4.5x exceptions shouldn't be as difficult to get, though, in my opinion. 90% mortgages seem fair enough to me.


They shouldn't be given to people who are clearly a disaster with their money, but there should be the option of going to 4.5x for most people if they are in any way decent looking, financially. The current system of it being pot luck whether you get an exception or not is a bit stupid.


90% mortgages should also be extended beyond first time buyers in my opinion, too. There should perhaps be a way of allowing people who already own a home, take advantage of the 10% deposit/90% mortgage, if they are planning to sell their current home when they purchase the new one. Although I don't think it's good to encourage people to buy multiple properties, I do think it's reasonable to help people change properties without them having to get caught up in the chain nonsense that often holds sales up, or have them sell their house and rent privately whilst looking for a new house.


EDIT: In the last paragraph I'm referring more to the people who buy a lovely house, and then realise the neighbours are scumbags, or things like that, and want to change house. Or if they want to downsize to a smaller property, or to a place closer to their parents or work or whatever. I don't think 10/90% should be for those who are just trying to get a buy to let.

thegreatescape

Smee_Again wrote: »

I haven't actually looked at the houses before but yeah, the 3 beds are quite small.

Tuath Housing have taken at least 26 houses in Dundoogan, it's also a little further out from both Blackrock and Dundalk than any other development so that could be keeping the price lower.

Tuath are acquiring 112 of the houses in Dundoogan, the estate doesn't have a good rep in its early phases so I'd imagine this is why prices are low.

Smee_Again

thegreatescape wrote: »

Tuath are acquiring 112 of the houses in Dundoogan, the estate doesn't have a good rep in its early phases so I'd imagine this is why prices are low.

It’s a huge development though isn’t it? Over 1000 houses I think. I remember looking at the plans and remarking that it’s a small town they’re building not an estate.

It’ll be interesting to see how it plays out, I only know it to walk past but you’re not the first to comment on it’s reputation.

thegreatescape

Smee_Again wrote: »

It’s a huge development though isn’t it? Over 1000 houses I think. I remember looking at the plans and remarking that it’s a small town they’re building not an estate.

It’ll be interesting to see how it plays out, I only know it to walk past but you’re not the first to comment on it’s reputation.

I'm sale agreed on a property at the moment but was looking at Dundoogan when I first started looking as I'm from the area, but have been told to avoid by several agents. It will be interesting to see how it plays out, if they're having difficulties selling the first few phases I'm not sure how they'll fare trying to sell the remainder.

tommyombomb

Emailed my local TD on this matter. This equity scheme seems like a good idea but it do more bad than good. Some will get going but most will be screwed over with increasing house prices until the whole thing collapses

Q&A

I wonder what the banks make of this?

If the bank has to foreclose who gets paid first the gov or the bank?

On the one hand banks won't complain if higher prices mean more business. At the same time they can't be too keen about the idea of syndicated loans and the issue and who gets paid first.

Dublinandy3

Assuming this passes all that it needs to, what is the expected ETA on this being live?

thegreatescape

thegreatescape wrote: »

I'm sale agreed on a property at the moment but was looking at Dundoogan when I first started looking as I'm from the area, but have been told to avoid by several agents. It will be interesting to see how it plays out, if they're having difficulties selling the first few phases I'm not sure how they'll fare trying to sell the remainder.

I actually took a little spin around (what's accessible) of the estate so far, earlier today, as I seen the price tags and was also interested in it. The 360 floor plan for the 3 bed semi showed tiny "double" bed rooms. Really bad start, although the ground floor layout seemed alright.


Anyway, when I got there it all looked a bit more beat in on top of each other than I expected. Roads are narrow, houses look narrow, loads of terraced houses that just look lost among each other. Everything just seemed smaller. It was like something out of Willy Wonka's factory.


Put me off, personally.

Fuzzy_Dunlop

TheMilkyPirate wrote: »

I'm a novice at this but would it not just be better to increase the lending limit to 4.5x instead of all these schemes.

That would probably be even worse in terms of increasing house prices. The limit is one of the only things keeping it somewhat same