I'm an adult (get me out....) Tue 9th May

hi all,

Thought I would start a new thread to discuss last nights program. I didn't see the very first program in the series, but having read through the thread on it, doesn't seem as if I missed much.
I thought last nights episode was fairly good, more realistic anyway as there was no dig out from parents.
What I did find interesting is that she managed to find a house for less than 200k - I would qualify for the scheme but live in Galway, and unless I moved at least 20 or 25 miles out (not really feasible for work) then I wouldn't have a hope of finding even a 1 bed apartment for less than 250k in Galway.
The last time I checked what the max loan for Shared Ownership was in Galway was approx 3 years ago, and it was 130,000 euro - does anyone know if it has increased much since then?

On a lighter note, I found it quite amusing the way she was so anti-Athy - its a good job she didn't end up there, after saying there was no good looking guys in the town!

i suppose she showed the cash rich saving poor aspect of "our" generation with her jeep and jeans and €450 savings, that said she was good craic and sure isn't that the main thing.

I felt though that the shared ownership scheme was suggested to her but she didn't seem to grasp what it meant at all. While she was being told the details of the offer she got from the council she wasn't even listening to the terms of the offer.
Found it amusing her anti-Athy stance but don't know whether this is justifeid or not
Wonder how she will mange the repayments of 650+ out of her salary of 21,000 especially as she hadn't gotten rid of the jeep. With a young child to feed/clothe she might find it pretty tough. Thought she seemed to have gotten a nice house for her money though.

i thought she was very entertaining, but that she wasn't given enough info on the scheme by the presenter... apparently it's best if someone on the shared ownership buys out the council's share within 2 years (by remortgaging perhaps). As the market value of the house increases, so too does the percentage share of the council... she should have been told this..

Very little real info given regarding her capacity to repay €650+ p.m. based on her annual income of €21K+ (seeing as she was living rent-free with mammy).

Just wondering if she qualifies for single-parent allowance, which would prob pay the mortgage/rent.

Little concerned how the presenter was able to "swing" additional funds, through his contacts on Laoise Co. Co.

From an information point of view, for people in similar positions, there was very little.

As far as i can see, there is no link/info on the show on the RTE web-site.

I thought affordable housing would haven been her best bet, not shared ownership. No mention of the rent subsidy she would be eligible for either.

Also, what about her childcare costs, was granny minding the child for free? If so wasn't it very important she continued to live near granny, if not, that is a huge cost every week on top of mortgage repayments.

seems to me that this is a fly on the wall type programme with no real content and no advice for people in similiar situation! They spent more time discussing what the granny had put on the child in the morning that what the potential benefits/disadvantages there was to shared ownership! I'm 2years older than her but couldn't belive her attitude...the presenter quite rightly pointed out that she was approaching the whole thing in the same way you would the purchase of a new pair of jeans!! I think she thought she was just being given the 184/5K from the county council in the first place!! RTE could do without all the arty shots and camera angles and produce a factual programme which includes some generic info for others in a similiar situation!!

I have to say I was very envious of the house hunting section of the programme, As someone who has bid on each house we have seen sice Jan, it looked very nice to have a choice !!! And she seemed very peaceful and not all at her wits end .
I would agree with the other posters that the scheme was not explained very well, myself and my husband had no idea how much she was going to be paying out or how she would pay it back.

SarahMc said:

Also, what about her childcare costs, was granny minding the child for free? If so wasn't it very important she continued to live near granny, if not, that is a huge cost every week on top of mortgage repayments.

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I thought it a bit odd alright. After all she had debts of 20K to start with. Who was going to ind the child? How would she ever get out for a night if she was living so far away from her family? How would she pay all her bills? It struck me that if they had a one-year-later programme, she might well have gone under financially.

Did they say where the debts of 20k came from? Were they to do with the jeep? They could have done a bit better on explaining how much she was going to be paying back etc. and how much of that was rent and how much was mortgage.
Also, I thought it was strange that she was considering extending her mortgage by 5 years for the sake of 1000 euro - how crazy was that? I know she needed all she could get but surely it would make more sense to keep it at 25 years? I know she didn't go for that option in the end, but I thought there was no explanation of how much more interest she would be paying or anything.
The good points were it at least might have given hope to others out there on low salaries in those counties to check out shared ownership.
The downside was it didn't really give enough information about the scheme, nor about how the girl was going to pay out 650 euro a month when she's used to paying zero.

actually it made me think Eddie Hobbs did speak slowly to many of the people on his programme and at least you got the "cut to Eddie" explaining the topic.
I am ashamed to say i never even knew about the shared ownership scheme and I am no better off now after watching the programme. It struck me and de Hubbie that she seemed to have no idea of the 2 finance options given to her over the fone - as someone else said it was like she thought they were handing her out free money.
Mad

it wasn't so much that she was borrowing an extra 1000 for 5 years, just that under this option, it was 50:50 ownership between herself & council, whereas the 25 year option was 60:40 ownership in favour of council...

SarahMc said:

I thought affordable housing would haven been her best bet, not shared ownership. No mention of the rent subsidy she would be eligible for either.

Also, what about her childcare costs, was granny minding the child for free? If so wasn't it very important she continued to live near granny, if not, that is a huge cost every week on top of mortgage repayments.

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Is there a "rent subsidy" available to people buying through these affordable/shared schemes, or are you referring to the rent subsidy paid to private landlords?