Affordable Housing or buying your home from the council.
New Star Financial Management Ltd are able to arrange mortgage finance for the full cost of buying a property through the many affordable housing schemes around the country.
Affordable Housing is a Government designed scheme to greatly assist First Time Buyers to get on the property ladder. The scheme allows a person(s) to purchase an apartment or house for a lot less than its current value, which means requiring a smaller mortgage and in most cases not requiring a deposit.
To qualify for an affordable home, you should be a first-time buyer, have enough income to meet your mortgage repayments after you have paid all your other costs and earn between €25,000 and €58,000 if you are applying on your own and up to €75,000 between both of you if you are applying with someone else. (Please use this as a guide only) Please contact your Local Council for latest guidelines.
In order to apply, you need to contact the local authority in the area in which you want to live in. You can apply to more than one local authority. Local authorities include county councils, city councils, borough councils and town councils. All local authorities can provide you with application forms and should be able to assist you in completing them. They may charge an application fee so check with them first.
The following criteria applies:
- You are a first time buyer and in need of housing and your income satisfies the income test
- You are a tenant for more than one year of a home provided by a housing association under the Rental Subsidy Scheme and you want to buy a private house and return your present house to the housing association.
- You are registered on a housing waiting list with a local authority, or a local authority tenant or a tenant purchaser and you want to buy a private house and return your present house to the local authority
- You may apply online, there are a number of items that need to be submitted with the application, including the application fee, and therefore you will be contacted by the Housing Dept requesting the relevant documents before the application can be assessed.
Newstar FM Independent Mortgage Brokers. For more on affordable housing contact Tara at email@example.com