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Shared ownership scheme - advice needed

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  • 01-10-2005 7:42pm
    #1
    aligator_am
    Registered Users Posts: 1,598 ✭✭✭


    Hey all,

    Just wondering if any of you could help me out here, and maybe clarify some stuff. I'm looking into the whole shared ownership thing with the south dublin council, but it doesn't really make things very clear on their site. Basically it says that you pay a deposit of a couple of grand, and then get a loan from them (up to a maximum of €165,000) which seems to me really unrealistic, but what I'm wondering is, can I add my own dosh onto that? say I want to add 10 grand on, does anyone know if that's allowed? or say for example I got a loan from a bank of 20 grand to bring the total collatoral up. Although the prospect of paying back both the bank and the council at the same time doesn't really appeal to me ye know?

    Has anybody been down this trip already? if so then I'd really appreciate any help or advice on the issue (and mods, sorry if this is the wrong place to post this, please move it if required)

    Thanks
    Al


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    #2
    Moonbeam
    Moderators, Education Moderators, Society & Culture Moderators Posts: 18,953 Mod ✭✭✭✭Moonbeam


    http://www.oasis.gov.ie/housing/buying_a_house_or_flat/shared_ownership.html

    Most of it is explained there.


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    #3
    aligator_am
    Registered Users Posts: 1,598 ✭✭✭aligator_am


    Thanks for that moonbeam, the one thing that I wasn't sure of after looking at that document though is this, it says that I must buy at least 40% of the property, does that mean that I need to have 40% up front? or is it that I need to commit to buying that 40% over a given time period?

    Has anyone on the boards bought a place through this scheme? if they have I'd really appreciate some advice on this.

    Thanks in advance
    Al


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    #4
    Irish-Lass
    Registered Users Posts: 363 ✭✭Irish-Lass


    when we first bought our house it was through the shared ownership scheme with Dublin City Council that was nearly 5 years ago we bought them out after a year.....which you could do then now you have to stay with them a minimum of 2 years.


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    #5
    Victor
    Registered Users Posts: 78,392 ✭✭✭✭Victor


    aligator_am wrote:
    it says that I must buy at least 40% of the property, does that mean that I need to have 40% up front?
    It means you must get a mortgage for at least 40% of the property and they will rent the other 60% to you, subject of course to the normal rules of the scheme you are joining.

    Some councils will even give you the mortgage or you might be able to shop around between the banks.


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