Rules for Affordable Housing

[moneyhoney]

Are affordable housing schemes just for first time buyers? If I owned a house a few years ago but sold it, could I apply for affordable housing now?

Also, on the clawback, imagine the house is worth €300k & I buy for €200k (if those are realistic figures). What would I owe the council if I sold in, say, 2 years time?

Thanks.

 

[Phibbleberry]

Hi There,

You have to be a FTB (although I believe there may be one or two exceptions - widowed etc..don't quote me though...)

In terms of the clawback, if, using the figures you suggest, you sell in two years you will owe 33.3 % clawback....same if you sell in year four, eight or nine....after year ten, that 33.3 will drop by 3.33 precent every year til year twenty - if after that time, you sell - you incur no clawback...

A few other rules etc:

You cannot rent out an AH.
You cannot change lender with AH.

You will ALMOST CERTAINLY be done on the valuation...ie you will end up paying more clawback than you got discounted in the first place!!!!

Hope that helps!

 

[moneyhoney]

Thanks for the reply. It seems like not the best option for the shorter term really. Could you sell off your home cheap to avoid clawback??

 

[bytelive]

I'm pretty sure there are rules that won't allow for this.

 

[happygoose]

Presumably you can rent the house out after a certain period, 10 or 20 years?

 

[colsku]

Presumably you can rent the house out after a certain period, 10 or 20 years?

You're only allowed rent out a spare room in your apartment, and even then you still have to be living there.

 

[monos]

After 20 years you can do with as you please, move out, sell, rent it all out, as the house is then entirely yours, no clawback.

 

[Brooklyn]

You're only allowed rent out a spare room in your apartment

You might not even be allowed do that if you bought the apartment on the Shared Ownership Scheme.