A MAJOR boost for aspiring Irish homeowners is on the way as an affordable housing scheme portal is set to open in just weeks.
The online application portal for Affordable Purchase Apartments in Dún Laoghaire-Rathdown will open at 12:00pm on Wednesday, July 23.
An affordable housing Scheme portal is set to open in just weeks[/caption]
Aspiring homeowners can get a newly built home in Dublin for a reduced price[/caption]
The scheme applies to Phase Two homes at Shanganagh Castle Estate, Co Dublin and it will close at 5pm on Wednesday, August 13.
Allowing people to buy newly built homes at a reduced price, it is aimed at buyers who need help bridging the gap between their mortgage and deposit to meet the full price of the home.
Purchasers will enter an Affordable Dwelling Purchase Agreement with Dún Laoghaire-Rathdown County Council.
They will receive funding in return for the Council taking an equity share – a percentage ownership of the property.
Buyers can choose to redeem this equity share at any time and there is no obligation to redeem it while they live in the home.
The price of the homes will be set by the council and it will be based on each applicant’s purchasing power.
Purchasing power is the total of maximum mortgage capacity which is four times their gross household income, a minimum deposit of 10 percent of the affordable price and any relevant savings.
And if purchasing power goes above 80 percent of the market value, the applicant is not eligible.
CRITERIA TO BE ELIGIBLE
To qualify, applicants must meet several criteria.
To start, they must be a first-time buyer, qualify under the Fresh Start Principle or own a home that is too small for their needs.
They must also have the legal right to reside in Ireland along with intending to live in the affordable home as their main residence.
Their purchasing power must not exceed 95 percent of the market value but there is an exception if these applicants cannot get a mortgage for that amount.
If applying with a partner, you must submit a joint application and those applying alone must show any other household members are financially dependent on you.
HOW TO APPLY
Applicants must register first online at www.dlrcoco.ie before completing the application and uploading the required documents.
These applications will be processed on a first come first served basis and can be accepted only through the online portal.
Photo ID is needed and can include a passport, EU/EEA driving licence or an ID form stamped by the Gardaí.
Non-EU applicants must provide a valid Irish Residence Permit showing their permission type.
PAYE employees need a salary certificate and Employment Detail Summary while self-employed applicants must submit audited or certified accounts, tax balancing statements and payment receipts.
Unemployed applicants must provide a statement from the Department of Social Protection for the last 12 months.
Applicants must show they have maximised their mortgage capacity if their approval is less than four times their income and proof of savings is needed with three months of statements for all accounts.
First-time buyers must provide Help to Buy approval or a solicitor’s affidavit confirming they have never owned a property.
Those qualifying under the Fresh Start Principle must also show proof of separation, divorce, bankruptcy or insolvency.
Once all applications are assessed, the Council will contact applicants to confirm eligibility and whether they will receive an offer.
