The end of Shared Ownership Scheme as we know it is coming.
The Minister for Housing, Urban Renewal and Developing Areas Batt O’Keeffe T.D. announced the following!!!!
"We propose to examine the scope for introducing a new shared equity scheme to replace the current shared ownership option with the aim of offering new opportunities to eligible people to achieve their home ownership ambitions.”
However he doesn't state if the new shared equity scheme will be for everyone.
This is more information about an incremental purchase scheme however it is only for local authority tenants and prospective tenants, which will exclude most middle income earners!!!!
Income cut off point €30,000!!!!! Current Income for shared ownership scheme is €40,000 and this hasn't been increased for two years!!!!
The new scheme will be made available to existing and prospective local authority tenants to purchase new local authority housing. New local authority tenants would be given the opportunity, subject to meeting certain conditions, to become incremental purchasers rather than tenants. This offer would be kept open for up to five years. Local authorities could set aside a certain number of new properties for existing tenants to avail of the scheme (Tenant purchase would remain an option for existing tenants in respect of their current properties).
Under the scheme participants would take out a mortgage for a stake in the property and would buy out the remaining equity stake, at a subsidised rate, over a period up to 40 years. Flexibility is built in to allow for different mixes of repayment amounts and repayment periods.
The scheme would typically be applied to households due to be allocated local authority housing with incomes in the range €20,000 - €30,000. The typical repayment will be pitched at a point midway between what an individual would have to pay as a tenant under a differential rent and the cost of the house under an affordable scheme. The precise amount will depend on the particular mix of mortgage and repayment periods.
Anybody thinking of applying for the shared ownership scheme should get in fast before new scheme excludes most people on the average industrial wage!!!!!
The Minister for Housing, Urban Renewal and Developing Areas Batt O’Keeffe T.D. announced the following!!!!
"We propose to examine the scope for introducing a new shared equity scheme to replace the current shared ownership option with the aim of offering new opportunities to eligible people to achieve their home ownership ambitions.”
However he doesn't state if the new shared equity scheme will be for everyone.
This is more information about an incremental purchase scheme however it is only for local authority tenants and prospective tenants, which will exclude most middle income earners!!!!
Income cut off point €30,000!!!!! Current Income for shared ownership scheme is €40,000 and this hasn't been increased for two years!!!!
The new scheme will be made available to existing and prospective local authority tenants to purchase new local authority housing. New local authority tenants would be given the opportunity, subject to meeting certain conditions, to become incremental purchasers rather than tenants. This offer would be kept open for up to five years. Local authorities could set aside a certain number of new properties for existing tenants to avail of the scheme (Tenant purchase would remain an option for existing tenants in respect of their current properties).
Under the scheme participants would take out a mortgage for a stake in the property and would buy out the remaining equity stake, at a subsidised rate, over a period up to 40 years. Flexibility is built in to allow for different mixes of repayment amounts and repayment periods.
The scheme would typically be applied to households due to be allocated local authority housing with incomes in the range €20,000 - €30,000. The typical repayment will be pitched at a point midway between what an individual would have to pay as a tenant under a differential rent and the cost of the house under an affordable scheme. The precise amount will depend on the particular mix of mortgage and repayment periods.
Anybody thinking of applying for the shared ownership scheme should get in fast before new scheme excludes most people on the average industrial wage!!!!!