oilpainting
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was that ment for me?....
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Are you living in Northwood by any chance!?
hi greeneah,did you know that your rent counts as your savings?i have recently moved into a lovely 2bed apt in fingal area,the red tape can be frustrating but we found that it was all worth it... all and all we were waiting for 1yr and a half for it to sort out,and it sped up when my boyfriends salary went up.... he did it on his own by the way as i was in college and didnt have a salary to combine!... but we are so happy with it and where we live there is a lovely community any questions welcomed xxx
You are in the exact same position as me. Remember there are various stages in the Affordable housing process. And that each Council seems to be able to run there schemes as they like, so DCC’s AH scheme will differ Fingals one. Here are the main steps that I can think of that relate to an Affordable housing transaction.
1) Decide where you would like to live (what council area to apply to)
2) Apply to be on the list of the relevant council/councils in the area/areas you want to live, they will all have various eligibility criteria, some more stringent then others
3) Wait for the councils Affordable housing scheme to come back with an offer of a property, this could take up to two years, at least with DCC, I will be two years on the list when I reckon I will be moving into my place in DCC.
4) Decide if you want to take the place you have been offered, again some councils will only allow you to reject so many places, make sure your decision to reject will not put you on the bottom of any lists for any given councils of an area that you really want to live in.
5) Figure out how you are going to finance the property, you can go to a set number of banks for an Affordable housing mortgage or alternatively you can apply for a shared ownership loan. Best advice is a normal mortgage if you can get it as a shared ownership loan is made up of half mortgage half interest only mortgage, other wise know as the “rent” element. This is something you could do now. Go to a bank and see what they will lend you. It will make it easier for you to know what you can roughly afford to spend if you were offered an affordable place, and if you can actually afford the affordable place, (sounds ridicules I know but it happens all the time that people cant get a loan to buy the place they have been offered)
6) Pay deposit and proceed with sale as in any normal process.
Remember applying for inclusion on an Affordable housing list in no way means you are under any legal/contractual obligation to buy anything that you may be offered while being on this list. Even if you are not sure affordable housing is for you, you should at least apply and get on the lists if only to give you further options/choices to buy. You may end up being able to buy on the open market by the time the Affordable housing offer is made, but of course this is just speculation as no on can accurately predict future property prices.
Remember as each councils scheme is different it is very difficult to get one defined AH process explained. You will have to research how your relevant council administers the AH in their jurisdiction.
Hi Starky
How r u? I want to ask you a question. as i am a first time buyer, i don't really know much about buying a AH. U seem know more about it ;-)
I got an offer from DCC. They said they would sent me an offer letter of the property, then i will have to sort out the mortgage. tax form etc. I just wondering that my annual salary is not that great, but i know friends who are mortgage brokers, and could get me the mortgage just enough for the property no problem. And i can afford paying the mortgage. So once i get all the forms that DCC needs plus the loan approval, will they sell me the property then? or what happens? Do they have to decide if i am suitable or not even i could get the loan?
Thanks a mil! much appreciated.