Affordable housing

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constrictor

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My partner and I were offered to buy an apt in Dublin and we are trying now to get the loan. Has anyone got some good or bad experiences with the Affordable Housing? We've waited years to even be offerred one and now are scared of our lives that this price crash will hit as soon as we buy. We are both working freelance too so wondering how hard it would be to get the Whats the least u you need to earn each to get a 200 thousand euro mortgage. Is the Aff. Housing a good idea still?? Is it any easier to get the loan?
 
If you are buying an apartment for €200k which (I guess) is gonna be worth at least 300k (by todays market) then I dont think you have too much to worry about....
 
AFAIK most lenders will give about 4 or 5 times salary. I don't think you would have been offered a place if you had not met the requirements financially. As JohnJay said, you should not worry about a crash. Even if it does happen, you might well be one of those sitting in the best position. Good Luck with it.
 
Thanks for the replies!
I have about 2 weeks left to get mortgage appvl. Any ideas how long this should take? Going to meet the broker this week but would that work out slower than going directly yo the banks? The brokers are free, right? Also, does anyone know about filling a self Assessment form for a self employed/freelance situation and how long that takes to organise one of these? There's a lot of stuff in those long mortgage application forms that seems to be irrelevant to a freelancer's situation. Getting that filled out is a headache in itself....
btw, anyone know whats the average waiting time people are getting Aff. House offers? U wouldn't like to know when I put in my application....this is why i'm a little extra nervous for it to work out.....
lots of questions, sorry, if u can even answer one each, it'll help. Thanx :eek:
 
I think mortgage approval should take less than 2 weeks. Brokers are free. I think Rea charge but then give you back the commision they make on loan. Maybe you should look up the Revenue Commissioners site to check out self assessment. Also do a search on AAM. Good Luck.
 
I was told by my broker that you can only get a mortgage these days from EBS or DCC for Aff housing loans (which are more expensive than the others, which questions the 'affordable' part.)
Anyone any clarification or updating on that? I saw on iib homeloans site they have an 'Advantage' mortgage especially for Aff H. and I wonder has anyone got this one.
My friend who has a 'normal' mortgage with iib is paying over 800eu per month for her 2 bed apt, and if we get one with ebs it would cost us over 900eu for a one bedroom Aff H. mortgage. (similar year loans etc, by the way)...Am I missing something on the wordplay of 'Affordable'?
 
Perhaps your friend fixed the interest rate which is now working to his/her advantage??

Last time I read about affordable housing mortgages there was talk of the banks rowing in and doing them. Not sure of the position now though.
 
There are 4 possible places to get a mortgage for affordable housing:
EBS
ICS
IIB
DCC (shared ownership)
 
Yes, thats the choice I thought I had too...until the broker said its just EBS, he did say the others used to do it and stopped, but the DCC still give that previous list as the current choices alright.
 
Well I too got approved for affordable housing and got my mortgage through IIB within the last month.
 
How long is it before u get your first offer??How long does it all take and how many offers do you get??Has anyone recently got a house under this scheme??Any help would be appreciated......
 
I bought my affordable home through Bank of Ireland (product is called "Breakthrough Mortgage") and found the staff at O'Connell st branch to be excellent.

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Well, I got my approval from Fingal. I'm a bit disappointed, they have only approved me for €140k which is a lot less than I expected or can afford to repay. I have to wait now until they offer me something in that price range. I'm not very hopeful.

 
We originally bought our house through the shared ownership scheme with DLR in saying that it wasn't affordable housing and we paid full market value for the house so we were therefore not subject to any clawack etc when we sold it this yr. When we bought, no banks were doing 100% mtgs and we were very grateful for the opportunity to be able to purchase our own home, but when we remortgaged last yr with a retail financial institution we ended up paying 194k to buy the council out when we had bought for 190k, just something to remember if you decide to go the shared ownership route.
 
JOHN JAY
I rang fingal about that as well as we got provisional loan approval for 140K. She siad that once we get final loan approval, i.e. get offered a house that they bump up the limit to the max which is 185K. DOnt know their logic on this one but she siad its just the way its done. You should give them a ring and see what they say.
 
Quigley said:
JOHN JAY
I rang fingal about that as well as we got provisional loan approval for 140K. She siad that once we get final loan approval, i.e. get offered a house that they bump up the limit to the max which is 185K. DOnt know their logic on this one but she siad its just the way its done. You should give them a ring and see what they say.
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Thanks for that!

I'm hoping for a a payrise in a few weeks too, so that might help
 
fingal15 said:
How long is it before u get your first offer??How long does it all take and how many offers do you get??Has anyone recently got a house under this scheme??Any help would be appreciated......
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...we were waiting about 4 or 5 years...sorry, not motivating, I know! You get three offers. We got them all within a month...was very confusing dealing with that!
 
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