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    Key Post How "shared ownership" works

    Zen - I disagree, there are two schemes (but I don't know if they still exist in the same form as in the past): 1. Shared ownership - you were allowed to buy the house from the open market for the normal market price (I am on that scheme and I there is no mention about any affordable housing...
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    Key Post How "shared ownership" works

    Zen not really,.... Brendan mentioned that there are two different shared ownership schemes prior 2003 and post 2003, and I think the article may be related to the prior-2003 case only but I am not too sure as they don't mention that in the article at all. Also, the Clawback relates to a...
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    Key Post How "shared ownership" works

    another interesting article about the change in shared ownership... http://www.irishexaminer.com/ireland/cork-county-council-to-seek-repayment-break-for-shared-ownership-participants-405785.html
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    Key Post How "shared ownership" works

    some recent changes in shared ownership, may be of interest to some https://www.kildarestreet.com/wrans/?id=2016-05-24a.646
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    Advice on transferring AH to 100% mortgage with DCC

    Hi dingoxh You said DCC have given you an option to switch to 100% and that your loan term would reduce by 3 years? - do you mean here your full total loan would take less time i.e. 22 years, not as anticipated 25 years at the start of the shared ownership ? Note that according to the...
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    Key Post How "shared ownership" works

    below you will find the most recent (Februry 2013) question asked on shared ownership during Dáil Éireann Debate..., again, it confirms that outstanding equity reduces over time also that some change in legislation may come shortly ...
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    Key Post How "shared ownership" works

    Hi Brendan; I just assumed 7.5% to demonstrate that the shared ownership loan works roughly in the same way as any other commercial loan, I know it is not as simple but you have everything explained in this Thread...; my point was just to show that both mortgage equity and rent equity...
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    Key Post How "shared ownership" works

    Hi, - I started my shared ownership in January 2006: - mortgage equity was 83,200 - rented equity was 136,800 - total 220,000 - in December 2011 I asked council for the redeption figure, and I got: - mortgage equity € 69,722 - Rent equity €126,444 - total to pay 196,166 - as you see...
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    Key Post How "shared ownership" works

    In summary, basically you have two parts in you shared ownership loan that are called: Part 1: mortgage equity Part 2: rental equity Your monthy payments cover: 1. Repayment of the mortgage equity (in this case all payment goes to repay your initial mortgage equity and to cover interest)...
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    What was the actual procedure in taking out a "Shared Ownership" loan?

    Brendan, ...I wonder what the purpose of legal advice would be in that case? But €100 is fine. I wonder if the solicitors understood the contracts. This was just to sign the agreement in front of the independent person (solicitor), also he suppose to make sure that the purchaser...
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    What was the actual procedure in taking out a "Shared Ownership" loan?

    Brendan, 3) You get "provisional approval" as far as I remember, this approval is valid for a few months (I think it is 6 months) and you need to find the house within this period (if you do not have one yet). In my case I had my first house ready for inspection by them at the time of...
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    "Should I buy out the Council's share of a Shared Ownership?"

    Brendan, what you says here makas sens, but it is better to consider percentage proportion, for example: initial value 100%: - tenant's 40% - council's 60% after the price drop the proportion is still 40% to 60%, but now the shares are worth less, so both parties are responsible for the...
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    Key Post How "shared ownership" works

    Brendan, ... one comment on your statement below: "Not sure if this is correct or not. If the taxpayer subsidises people to buy their family homes through low interest rates, they don't really want them to become property investors." in my opinion this is not right in all cases, for...
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    Key Post How "shared ownership" works

    Brendan, It looks like the shared ownership scheme is not a bad deal at all; i must say that I was wrong on many aspects of the scheme until seeing your Thread. The scheme looks complex but if it works as you explained above then it is a good deal, the wording used by council causes a lot of...
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    Key Post How "shared ownership" works

    MPI covers council's share as well, i have the policy and in my case it covers in full (mortgage and rental part) from death and disability of principle and joint borrower, i can privide a copy of MIP policy if requyired to your priv email. skier
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    How Shared Owndership works

    I do not fully understand what exactly they mean by ..."updated annually in line with inflation"..., ...but i know from my own monthly payments that the rent is calculated as I described in my post in this Thread (28-07-2012 02:42 PM), rent is calculated based on the initial interest rate...
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    How Shared Owndership works

    Brendan, There could be the following options: 1. Shared Ownership (i.e. council buys half of the house and purchaser buys another half of the house by getting the mortgage for his half from the council). Purchaser is then obligated to pay mortgage for his half (at the variable rate very...
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    How Shared Owndership works

    you can't rent out the house, so if you need to move with your family to another place, for instance (1) due to new job, or (2) current house or flat is too small because you got 2 kids - you are stuck; you and your familly suffer and most likely in many cases the government has to pay...
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    How Shared Owndership works

    ... in addition to what bd1 described... it is important to mention that the rent paid to council increases by 4.5 % in July every year and is calculated based on th einitial rental equity; for instance, if the initilal rental equity (i.e. council's share worth at the time of house purchase, is...
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    Unsustainable Shared Ownership Mortgage

    from what i know now, there is some change in legislation to come, i know that from CCC people (I have contacted them myself and through ombudsman office) and also by checking Dail Eireann website, recently many TDs are asking minister about the shared ownership scheme (rent increase and other...
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