Shared Ownership

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Hi

I'm considering aplying for the shared ownership scheme but it seems like there is a lot of form filling etc. to do. I just wanted to get a coupl of opinions from people who may know about it.

I am single, 24 and have a good job earning 42,000 gross a year. Last year however I was just below the threshold for the shared ownership scheme. Having looked at the qualifying guidelines it appears that income from the previous tax year is what is assessed, therfore my I would just about qualify.

My question is - if I am now exceeding the threshold and last year was only under it by a couple of hundered € do I really stand a chance of being accepted. I'm reluctant to get the ball rolling unless I have a reasonable chance of being accepted.

Anybody any ideas or previous experience with this?
 
Max purchase price with shared ownership scheme is 200K & whatever you put to it yourself...on that salary you will qualify for more than shared ownership scheme...no need to go down that route...contact a broker and see how much you can borrow on your own.

Shared ownership scheme you pay rent on the half you don't own and the rent is quite substantial...

Have a look at dubincity.ie or fingalcoco.ie and you'll get all the info there.
 
I've looked at the websites - the real attraction for me was that I won't have to save for a huge deposit.

You are probably right though, should wait a year and save - at lease then I'll own the whole property (well the bank will).
 
We bought our first house through shared ownership with South Dublin Co Co 5 years ago and were in the same situation as you. We qualified based on our previous years earnings but didn't qualify based on our then current salaries. We were approved for the full amount which was £120,000 at the time and then put £4,000 of our own money towards the house. We remortgaged after 12 months and bought the council out. Have you checked what the maximum amount is with each county council because if it is only €200K, you're probably going to have to put money towards it anyway which defeats the whole purpose.
 
Max loan is 230,000 - should be able to get something for that.

I need to get the form stamped by an inspector of taxes - anyone any idea the easiest way to get this done?
 
Probably have to go into your local tax office. I remember at the time we had to get a Tax Balancing Cert from the revenue which only took about 2 weeks.
 
Thanks for your help- I'll apply and see what happens.
 
Are you sure the max you can borrow is 230K? How many banks/brokers have you approached?

I got the same amount and I earn considerably less although I am borrowing over 39 years.

But I plan to pay more into the mortgage to reduce the term.

This is a buffer just in case interest rates go up.
 
I mean the max you can borrow under shared ownership is 230k - the max the house price can be is 250k (you contribute the rest yourself).

I know I could get more from banks but will have to save deposit too.
 
When did the borrowing amount change to 230K? Must have been recently as it was 200K up until Christmas although you could put what you wanted to it.

The advantage is you don't have to come up with the deposit which is great.

The dublin city and fingal forms has all the info with example calculations but last time i looked would have been a few months ago.

I'd contact the housing section directly to get the latest information and calculations as the online forms are often out of date. Dublin City are usually quite good with giving information.

BTW affordable housing scheme is going to be underwritten by BOI. Is the same going to happen for shared ownership scheme?

My uncle bought on this scheme about 6 or so years ago and it worked out well for him...though price of a 2 bed hse in Dublin was £110K at the time. Because house prices are gone up it is harder to use shared ownership scheme as the amount you can borrow has not gone up significantly.

Best of luck whatever route you go.
 
Seems it has just checked out:

[broken link removed]

'The maximum loan is €230,000. You may add verifiable savings of up to €38,000. However, the maximum house purchase price is €250,000. '

They'd definitely give you the max loan based on your salary.

I wonder what the interest rate is.
It will cost you more to borrow in this manner but you can always remortgage later. However if you've borrowed more than 92% I wonder how long you will have to wait to get down to that level.
 
Just filling in Shared ownership form and there is a question 'Please state why you are need of housing?'

I'm a private tenant , so I'm not really in need of housing - what should I put here.
 
Hi
Just been accepted myself, seem to be on around the same salary as you, also just below last year. I just put 'renting for x years, want to buy own home' as reason for application. One thing: if at all possible bring your application and all the bits into the corpo office and they will check through it before they take it off you. Then it's about 3 weeks until they recommend you for the scheme, and another 4 until you get official approval.
Hope this helps
 
I'm hoping to apply for the Shared Ownership and have a question if anyone could help me.

I've both a bank and credit union loan, not huge amounts, but do I HAVE to put them down on the application or would I be safe enough to skip putting down maybe one of them?

Thanks
 
Just filling in Shared ownership form and there is a question 'Please state why you are need of housing?'
Click to expand...
Did this a whle ago and asked the lady in the corpo what should I write when handing in the form and she simply stated 'cos you need housing', simple as that.
I've both a bank and credit union loan, not huge amounts, but do I HAVE to put them down on the application or would I be safe enough to skip putting down maybe one of them?
Click to expand...
You would be making a false declaration which is illegal. As you say they are not great amounts so there should be no problem.
 
I found that Fingal was very helpful in terms of the form, just explain to them you didn't fill out everything or ask them. They do need to know your exact finances so I would put the loans down, if they find out you were dishonest you'll be in a mess and it won't further your application. They are very helpful in general if they see that you are organised and have a saving history etc.
 
Does anyone know what the criteria are for being accepted for affordable housing scheme when you already have debts? I have a large bank loan (consolidation of a few years of living carelessly with loans, overdraft and credit card) which should be cleared within the next four years. A friend recently sent me all the info for the DLRR Part V affordable housing wondering why I didn't apply for it. Looking at the information they don't mention what kind of effect existing debts would have so I'm curious about that now. I wasn't planning on trying to get a house until after I'd cleared my existing debt - but if there's a chance I could get a house earlier and quit having to pay rent it might be worth it.
 
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