Shared Ownership abolished in Cork City

MRBEAVER

Cork City Council has ended the Shared Ownership scheme. Will other Councils follow their example?

gurramok

Well, when i went a while back to inquire for Fingal Council housing, i was told that shared ownership was being 'discouraged' and instead pointed me in direction of affordable housing!

Jonnie_Onion

I presume they'll still let you buy the affordable home through Shared Ownership?

They may as well abolish Shared Ownership on properties bought on the open market. For whatever reason, the maximum loan is far too small for current prices.

mentalson

gurramok wrote:

Well, when i went a while back to inquire for Fingal Council housing, i was told that shared ownership was being 'discouraged' and instead pointed me in direction of affordable housing!

afforrdable housing is often purchased through shared ownership. That's probably what they meant

mentalson

Jonnie_Onion wrote:

I presume they'll still let you buy the affordable home through Shared Ownership?

They may as well abolish Shared Ownership on properties bought on the open market. For whatever reason, the maximum loan is far too small for current prices.

No They no longer allow the purchase of affordable housing through shared ownership. They have shut down the scheme. You now need to get a mortgage from a bank for the full amount.

Shared Ownership was never really intended or used for purchasing on the open market. That is why the maximum loan was restricted. It was designed to be used in conjunction with affordable housing.

gurramok

mentalson wrote:

afforrdable housing is often purchased through shared ownership. That's probably what they meant

Yes, something like that, they dont allow it anymore is what i was told
Think its something to do with 'minimizing' potential debt burden on buyers