Affordable Housing at Market Prices!!!

[JCL]

I was looking into possibly buying an apartment at Prospect Hill in Finglas. I have mortgage approval to comfortably cover the cost, 100% with EBS on the basis that the property is discounted by 20%. I have about 5% in savings.

When I called to arrange a viewing I was told that the apartments are being sold at market price. I was told the same for all properties in Dublin Docklands. As a result I am back to looking for a 15% deposit on a property priced at market value.

Maybe I am missing something obvious but what is the point of an Affordable Housing scheme that offers no improvement on what someone can independently get on the open market? To me this seems absurd, I hope someone can clarify?

 

[Questionable]

I was of the idea that the only benefit of buying such a property was that the banks would give you a higher % mortgage than if the property was being sold on the open market. What you say suggests otherwise though, I'm surprised.

 

[JCL]

I was of the idea that the only benefit of buying such a property was that the banks would give you a higher % mortgage than if the property was being sold on the open market. What you say suggests otherwise though, I'm surprised.

Absolutely; however on the basis that the asking price was reduced, so there is less chance of negative equity. If the price is not discounted youre on your own, which defeats the purpose of the whole thing.

Im struggling to understand how the government continues to fund units and pay staff that actually do not do anything close to what they say they do? If they are stuck with a backlog of overpriced homes, surely it would make sense to cut their losses and do what they were set up to; sell homes at a reduced price to that offered by the market?