deposit for afforable housing

O

obi1ken2002

Registered User
Messages
10
Hi Ive just got a letter today stating that Ive been offered a house in Mile Stream and that they request a deposit of 7,000 euros. Does anyone know when this needs to be paid and do we get this deposit back? and why do the council so against getting a loan for this money when they can see from the bank statements that I dont have the dosh???? If I did id be able to go on my own for a mortgage!!

From VERY stressed buyer
 
You usually have 7 days to pay the deposit, the 3k will be taken away from the total price of the property.

Neil.
 
How long have you been on the list for Aff Housing. If you've been meeting the requirements of saving 600 per mth (single applicant) can you use this as your deposit?
 
Been on the list for about 6 months now.I assume you could use your 600 euros per mth as a deposit. Dealing with the council is such a head wreck how long have you been on the list for?
 
You weren't waiting too long for offers so :)... Do you mind me asking what list you were on?

We've just applied to Fingal so theres no chance of us hearing anything soon. I don't mind as it means we can bump up our savings.
 
If you're on the list 6 months that means you have minimum savings of €3,600. Is that right? Do you have any more money?

What is the price of the property? Is the 7k the full deposit or will you need more? Chances are you won't get a 100% mortgage at the moment so you'll need at least 3% of purchase price as a deposit.

If you proceed you'll need at least
7k deposit
2k solicitor
1.5k management company fee?

So all together the cash in your hand that you'll need is about 10.5k.
Make sure the council don't charge any extra fee (Dun Laoghaire Rathdown sometimes have a hidden charge of 2k! I don't think the other councils do though.)

My advice is talk to family and friends about your offer. You could be surprised at who would offer to hep you. Are you a member of a credit union? If your mortgage is comfortably covered by your salary you might be able to get a credit union loan?

Good luck!
 
Theres so much to do and think about isnt there? I can see now why people get so stressed!!!

I'll just have to see what the council have to say once we've filled in all the stuff for the EBS. We did have savings but then we decided to get married so that was the end of that so really we've about 1500 left so we just have to wait and see now.If we do get the house we'll have to cancel our holiday so that kinda pays the soilctor why do we have to pay managment fees?

Is anyone living in Ard Sionnach Shanakiel? I would love to know what its like.

Afforable Housing is starting to be less afforable!!
 
You probably don't have to pay management fees if it's a house. Councils differ.
 
Im on the Cork list and I have never heard about saving 600 euro a month, is this just for Dublin?
 
Some councils vary. For Fingal Co Co (Dublin) a single applicant must show they can save 600 Eur per mth and a joint application must show savings of 750 Eur per mth for 3 mths prior to applying for Aff Housing. The standard of savings has to be maintained whilst on the waiting list also.
 
CMR said:
Some councils vary. For Fingal Co Co (Dublin) a single applicant must show they can save 600 Eur per mth and a joint application must show savings of 750 Eur per mth for 3 mths prior to applying for Aff Housing. The standard of savings has to be maintained whilst on the waiting list also.
Click to expand...

yep thats how fingal co. co. do it in Dublin... plus you have to keep the savings up even after offer, until you sign for the apt/house. Dublin City Council is different. It doesnt require anything like that.
 
sd4... I got abit scared when I heard that pple were saving 600 a month but thanl god its not applied for us Cork pple.Ive checked this out Ive been offered a house and have had hardly no savings at all.... Has anyone been offerered a house in Ard Sionnach??
 
obi1ken2002 said:
Ive checked this out Ive been offered a house and have had hardly no savings at all....
Click to expand...
If you haven't been saving now then how will you be able to pay the monthly mortgage payments, maintenance fees, solicitors, furniture etc... I think you're going to get a rude awakening when you do!
 
When theres a will theres a way plus the rent we've been paying now is more than what the mortage is!!!!!!!!!!!!!!and family is a great thing!!!!11
 
They take your current rent payments into a/c as savings as far as I am aware.

and obi you are right. when the situation is there you just adapt to it simple as that. Like people who have unplanned pregnancies and wonder how they're going to afford to live. They just do. you manage.
 
You must log in or register to reply here.
Back
Top