Quick question re:Shared Ownership

E

evanne

Registered User
Messages
46
Hi Folks,
I've decided to look into shared ownership and have contacted my local council who have sent me the info. There is just one thing I'm not clear on (and apologies if this has already been answered) Is the process the same as if I was buying in the 'traditional' sense? ie: Bank is approached for money, bank do credit check etc etc and then say yay or nay?
or is it the council who look at your application, say yes, and then they approach the banks (as the buyer)?? I'm sorry if this is not clear....:eek:
 
Everything operates in the "traditional" sense, except you don't need to worry about the banking institutions. It is up to each Co. Council to determine whether you meed their criteria or not; and not all Co. Councils operate identical entry criteria; so contact yours to find out. Most of them have websites where their information is listed.
Good luck with it!


Ruth
 
Thanks for that Ruth. Have you any idea how the council determines how much you can borrow? I have rang my local council and they said the maximum loan available in my area is €185k. Provided my income is less than 40k (which it is) and that I'm a FTB (which i am) then I will qualify for shared ownership, but what they wouldn't or couldn't tell me is how they determine how much I would qualify for.. My earnings last year were €31k, I have little or no savings (€400 C.U) My car loan (HP) is €150 pm, and my rent is €325 pcm.

I am assuming that I wouldn't get the full amount (185k) so I'm just curious as to how they determine what they will give me. thanks for your help...
 
Hi Evanne
It's all simple... really! You qualify for the full loan because your earnings are less than €40k. The council have told you how much you can borrow -€185k. That is the maximum they are lending for any property you choose to purchase in your Co. Council area.

Go for it! and good luck with the hunting...

Ruth
;)
 
New here so unsure of posting practices etc so bear with me
I'm trawling everywhere looking for information re shared ownership and found this to be the best thread to post without starting another
Anyhows can anyone help

The said limit that the council offers is approx 275k which you are allowed to top up with a small amount exactly what can you buy for this amount
I'm hoping I might get onto the housing market in this way and out of the rent trap I'm in as I'm claiming LPA also but had hoped for a house of approx value 350k
Am I naieve in thinking this might work
I work part time so as to "exist" on paper as it were not that I earn anything as rent allowance takes back pretty much all of it euro for euro
Any advise on this minefield would be helpful
 
Determined said:
The said limit that the council offers is approx 275k which you are allowed to top up with a small amount exactly what can you buy for this amount
Click to expand...

That depends what part of the country you're in. In Dublin City you'd basically have to use the shared ownership scheme to purchase affordable housing (that's what I'm doing).
 
Brooklyn can I ask where you are and what amount is the ceiling on the sale price
I'm in Nrth Dublin City so curious
also do you have to pay 2x 50 euro to apply for shared ownership and affordable housing
tia
 
I'm in Dublin City too. The maximum loan is 250K. I'm not sure what the maximum house price is but I remember when I looked into it last year it was far below what any decent place goes for in the city these days.

I only had to pay the one €50 fee when I put my name on the affordable housing list.
 
Just to add to what Ruth said to the original poster:

€185k is the maximum. I have a similar income and car loan but substantial savings and Fingal has given me a loan of €135k. If I get offered a property worth more, I either come up with the rest of the money myself or my loan gets split to part affordable part shared ownership.
 
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