solicitor, mortgage protection, mortgage term

[AKA]

My friend got a more suitable affordable housing offer (after rejecting the first) which is great news:

• Would anyone be able to clarify if you arrange a solicitor and mortgage protection yourself?
• What is the max term mortgage you can take out as an AH buyer? - i.e. does shared ownership scheme restriction apply to AH scheme

Thanks

 

[Clongriffin]

My friend got a more suitable affordable housing offer (after rejecting the first) which is great news:

• Would anyone be able to clarify if you arrange a solicitor and mortgage protection yourself?
• What is the max term mortgage you can take out as an AH buyer? - i.e. does shared ownership scheme restriction apply to AH scheme

Thanks

If you are doing shared ownership you can only go with the council, so they organise their solicitor and mortgage stuff for you. All you do is sign. However if you are buying affordable housing and your going with your own bank, you arrange your own solicitor and the bank organise your mortgage protection.
max term loan with DCC is 35 years, either way, shared ownership or affordable housing...

hope this is of some help.

 

[Traceybere]

My friend got a more suitable affordable housing offer (after rejecting the first) which is great news:

• Would anyone be able to clarify if you arrange a solicitor and mortgage protection yourself?
• What is the max term mortgage you can take out as an AH buyer? - i.e. does shared ownership scheme restriction apply to AH scheme

Thanks

For the affordable housing you organise a solicitor and house and life insurance. Mortgage protection is optional (but would defo recommend)!!

The max mortgage terms varies from 35 to 40 yrs.

 

[Suzy]

Mortgage protection is compulsory with Banks( unless declined due to medical reasons) & as far as I know the max mortgage term for the ah is 35 years.

 

[Traceybere]

Mortgage protection isn't insurance is.

I'm in the middle of getting my mortgage - i need insurance but no protection

 

[AKA]

viewing, mortgage, LTV, council valuation, offset floors & tiles against clawback?

Thanks all.

There's a difference between mortgage protection and mortgage payment protection - http://www.askaboutmoney.com//showthread.php?t=4863 the latter is optional in a normal house purchase. However, it seems for other threads it may be necessary to go with the council. Will have to clarify with them. http://www.askaboutmoney.com/showthread.php?t=55820

My friend will prob go with the best tracker over the longest term for now but it depends on the following:

• Is there an ability to over pay the mortgage like a normal tracker when the house is fully furnished and if the owner has an increasing salary in coming years? Is there any benefit in doing this due to clawback? I think the clawback has no effect on this.
• Lender: do any of the lenders consider LTV of property value and not just the value you are offered the property at.
• Valuation - offered 2 bed apt in DCC. Looks like getting independent valuations will have to be carried out and a haggling process. We will have to do the figures thoroughly but fingers crossed it will work out as the location is not so bad. Hopefully the apt will be nice.
• Can home improvements be offset against the clawback - i.e. cost of floors, tiles, labour deducted from clawback figure - say €10K?

Buying an affordable house is more difficult than it needs to be. You have to be very sure that you are going with correct lender as at present you can't change. Most people that are buying affordable housing are those who need to be able to change lender and avail of lower rates etc.

All info appreciated.

 

[Suzy]

Mortgage protection isn't insurance is.

I'm in the middle of getting my mortgage - i need insurance but no protection

I presume its Mortgage Payment Protection your referencing to. The life policy that you affect to cover the mortgage in the event of your death is a Mortgage Protection Policy