buy AH under shared ownership scheme??

yellowroses

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Hi there,

Can anyone tell me if an affordable house can be bought under the shared ownership scheme in cork? We cannot afford to buy an "affordable house" as we dont earn enough (hubby gets 25k p.a & im a new mum so not working). Our current rent is 1100 per month so we cant save up a deposit. Im wondering can we apply for an affordable house under the shared ownership scheme to get us on the property ladder? how would we do this? thank you
 
Yes you can!

The following is taken from www.affordablehome.ie
An Official Government Website!
They have lots of houses in Cork for Sale. Good Luck!

Where Can I Get a Mortgage for an Affordable Home?


You may get a mortgage from the following organisations.
  • Bank of Ireland
  • Educational Building Society (EBS)
  • IIB Homeloans
  • First Active
  • Ulster Bank
  • Haven Mortgages Ltd. is an additional lender that you can access through your mortgage broker.
You may also obtain a mortgage from your local authority up to a maximum of €185,000 (€235,000 with Dublin City Council). Contact your local authority for details.

If Your Mortgage is with a Bank or Building Society:

  • The local authority will give you a ‘Confirmation for Lender’ certificate, which describes the property and tells you the banks or building societies that may be willing to grant you a mortgage for your affordable home.
  • You can then take this certificate and apply for a mortgage with a bank or building society. The term of your bank or building society mortgage (the number of years you make repayments for) can be for up to 35 years.
If Your Mortgage is with the Local Authority:

  • The most you can borrow from a local authority is €185,000 (€235,000 with Dublin City Council). It is possible, however, to buy a home with a value of more than this by taking part in a shared-ownership-scheme)
  • The term of your local-authority mortgage can be for up to 30 years.
  • Your mortgage repayments cannot be more than 35% of your net income. If you are applying for a mortgage with someone else, the repayments cannot be more than 35% of your net income put together
 
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