yellowroses
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I have just received a brochure from cork county council with all the houses that were previously affordable housing & are now being sold on the open market. The information on the front of the brochure says if you would like to buy you only need a 2000 euro deposit & then you will also receive 5k moving in allowance. However you must obtain your mortgage from a bank yourself.
How would this work? If the house is 160k & i am only paying 2k where does the rest of the deposit come from? The bank i presume will only give a 90% mortgage as the house is being sold on the open market. I cant figure it out, do the councils have a deal with the banks that you get a higher % mortgage??? Its very appealing as we could manage the 2k but not something like 16k. This info is highlighted & underlined on the brochure as a selling point to buying one of these houses ... ideas please? Thanks
How would this work? If the house is 160k & i am only paying 2k where does the rest of the deposit come from? The bank i presume will only give a 90% mortgage as the house is being sold on the open market. I cant figure it out, do the councils have a deal with the banks that you get a higher % mortgage??? Its very appealing as we could manage the 2k but not something like 16k. This info is highlighted & underlined on the brochure as a selling point to buying one of these houses ... ideas please? Thanks