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Housing Notes
The following are important for both tenants and new applicants for social housing to Bray Town Council
Affordable Housing
If you are interested in applying for an Affordable Home, you should read the information below first. It is intended as a general guide, and if you require any further information we invite you contact the Council’s Housing Section on 01 2744900
Applying
You can use the same application form to apply for the scheme in any of the four Wicklow Local Authorities (although you must complete a form for each Authority you are applying to). To apply for Affordable Housing in Bray Town Council's scheme, you don't need to live in the area, but If you do then points will be awarded for how long you have been living here.
Accomodation
Currently, the Affordable Housing scheme in Bray will involve 1, 2, and 3 bedroom apartments.
When affordable units become available in Bray, all applications on file will be assessed in accordance with the Scheme of Allocation Priorities. If your circumstances change after you apply, you should notify Bray Town Council. As stated above, the units in the Bray area will be apartments. These dwellings are generally managed by a Management Company who charge an annual service/management charge. All owners of apartments are liable to pay for this charge The annual amount is determined by the Management Company and would cover, for example, something like the following: insurance of the building, maintenance of the common areas, maintenance of lifts (if provided), maintenance of apartment building, refuse charges, landscaping.
Borrowing & repayments
Note that you must have 3% of the purchase price saved as a deposit for your affordable home, so you may borrow up to 97% of the purchase price. Set out below is a guide to the amount that repayments would be on a monthly basis (assuming an interest rate of 4.5%) for various situations.
| Cost of affordable home | Less deposit (3%) | Mortgage required | Approx. monthly repayment at 4.5% (over 20-35 years) | |||
|---|---|---|---|---|---|---|
| 20 | 25 | 30 | 35 | |||
| €250,000 | €7,500 | €242,500 | €1,534 | €1,348 | €1,229 | €1,148 |
| €270,000 | €8,100 | €261,900 | €1,657 | €1,456 | €1,327 | €1,239 |
| €290,000 | €8,700 | €281,300 | €1,780 | €1,564 | €1,425 | €1,331 |
| €310,000 | €9,300 | €300,700 | €1,902 | €1,671 | €1,524 | €1,423 |
| €330,000 | €9,900 | €320,100 | €2,025 | €1,779 | €1,622 | €1,515 |
In determining how much you can afford to borrow to buy your affordable home, remember that your monthly mortgage repayment may not exceed 35% (about one third) of your net take home pay.
At present, you must get your mortgage from Bank of Ireland, the Educational Building Society (EBS), or IIB Homeloans.
After your application
If you are offered an affordable home a 'Provisional Offer ' document will be issued to you. You are strongly advised to seek independent legal advice before signing the 'Acceptance of Provisional Offer' form contained in this document.
If you accept the offer you will be then be given a 'Confirmation for Lender' letter which sets out details of the property and conditions of sale, and also the lending institutions that are willing to give you a mortgage to buy your home. You will have to present this letter to the bank or building society when applying for your loan.
Assuming that the lending institution is willing to offer you a mortgage, they will generally issue you with 'mortgage approval in principle' document. This is not legally binding and can be withdrawn or varied at the discretion of the lender. You should forward this to Bray Town Council.
Then, assuming all the details are agreed between you and the lender, a formal 'Loan Offer' will be issued to you by the lender. This should also be forwarded to the Council, accompanied by the contact details of your solicitor.
On receipt of this formal Loan Offer, a notice to sell the property to you will be put before the elected council members at their next meeting.
Once the members agree to dispose of the property to you, your file will be forwarded to the councils Law Agent who will liase with your solicitor and close the sale.