Shared Ownership Mortgage for Afforable Housing Apartment

[deciso]

Hi

I've just been offered an apartment (2 bedroom, large) in Seven Oaks Inchicore under the affordable housing scheme. The market value is 340K and I'm getting it for 241k. I was in with Dublin City Council yesterday regarding next stage (ie. getting the mortgage to buy it). They said that I have the option of using the shared ownership scheme to do this. They said I could also get a mortgage on my own. I may have difficulty in coming up with a deposit at this time under a normal mortgage as my SSIA doesn't mature until December 31st (19K worth). I earn 37K per annum and have a permanent civil service job with pension. I'm at a loss what to do in this situation whether to go to a broker/mortgage provider or take the shared ownership with the council. Obviously the lack of deposit required by the council is a big incentive. Any obs or suggestions about my situation would be most welcome

Thanks...

 

[deciso]

Thanks very much Jaybird for your advice. Really appreciate that inside info. I probably will go the shared ownership route as you say. In fact I don't think I have a choice due to lack of a deposit. But it doesn't sound like a Hobson's Choice situation which is really good to know. Jaybird would you recommend that I take as much a stake as I can get from the Shared ownership mortgage (ie. 75% limit?). Or is the 50/50 option just as good? You're right about the good deal I'm getting. I hope I'll get approval from DCC soon.

Thanks again....