FAQ

Under the ‘Local Authority Affordable Purchase Scheme’, Cork County Council is making new homes available for purchase by eligible applicants at reduced prices. In return, Cork County Council will take a percentage equity stake in the Affordable Purchase home. The Council’s equity stake will be equal to the discount of the purchase price from the full market value of the home. For example, if an eligible applicant purchases a home at a 20% discount, Cork County Council will take a 20% equity interest in the home.

The main points of the scheme are as follows:

• The scheme is for first time buyers (along with some exceptions) who cannot afford to purchase a home at its market value.
• The scheme applies to new-build local authority houses and apartments.
• To participate in the scheme, applicants will be required to maximise their mortgage drawdown capacity (4 times a household income, from a participating bank).
• The maximum financial support available on each home will be established by Cork County Council.
• All purchasers will sign up to an ‘Affordable Dwelling Purchase Arrangement’ with Cork County Council. Under this arrangement the Council will take a percentage equity share in the dwelling, equal to the difference between the market value of the dwelling and the price paid by the purchaser, expressed as a percentage of the market value of the dwelling.
• The equity share required will not be less than 5% of the market value of the dwelling.
• The purchaser can buy out this equity share at a time of their choosing but there will be no requirement to do so.
• The Council may not seek realisation of its affordable dwelling equity for a 40-year period (other than for breach of the agreement).  However, the purchaser may choose to redeem or buy out the affordable dwelling equity at any time by means of one or a series of payments to the Council.
• If the purchaser chooses not to redeem the equity share while living in the home, the local authority can do so when the property is sold or transferred, or after the death of the owner.

Applications for the development at Allmans View, Bandon, Co. Cork will be accepted via an online application portal which will go live on 1st July  2024 at 12 noon. 

Applications may be made between 12 noon on 1st July 2024

In order to be eligible to apply for Affordable Housing at Almans View, Bandon, Co. Cork, applicants must satisfy the following criteria; 

• Each applicant must be a First-Time Buyer or meet the exceptions under the Fresh Start Principle or own a dwelling which, because of its size, is not suited to the current accommodation needs of the applicant’s household.
• To apply for a 2-bedroom townhouse property, gross household income for the preceding 12 months should be below €61,989 however, those with a higher income may also be eligible if their lender provides them with a maximum mortgage which is less than 85.5% of the market value of the dwelling.
• To apply for a 3-bedroom end of terrace property, gross household income for the preceding 12 months should be below €68,401 however, those with a higher income may also be eligible if their lender provides them with a maximum mortgage which is less than 85.5% of the market value of the dwelling.
• To apply for a 3-bedroom semi-detached property, gross household income for the preceding 12 months should be below €70,539 however, those with a higher income may also be eligible if their lender provides them with a maximum mortgage which is less than 85.5% of the market value of the dwelling.
• Each person included in the application must have the right to reside indefinitely in the State.
• The affordable home must be the household’s normal place of residence.
• Applicants’ purchasing power must not exceed 95% of the market value of the property.
   

While it is not a requirement, it is strongly recommended that applicants have their Mortgage
Approval in Principle prior to applying for Affordable Housing. If you have not already applied to a
lender for a mortgage at the time of your application, you should do so as soon as possible. You will
be required to have mortgage approval at the time of the assessment of your application –
note that this could be very shortly after submitting your application on the online portal.
A minimum deposit of 10% of the purchase price of the property will also be required so applicants
should ensure they have sufficient savings before applying. First time buyer applicants can avail of the
Help to Buy Scheme. This is operated by the Revenue Commissioners. For more information
please see; https://www.revenue.ie/en/property/help-to-buy-incentive/index.aspx. Please note that
co-habiting or married applicants must be jointly assessed for the mortgage for the property they are
applying for.
Applicants must maximise their mortgage capacity and should apply for a mortgage of four
times your gross household income. Applicants are also required to show that their
mortgage, plus savings, plus HTB if applicable is equal to or greater than the purchase price
of their selected property.

This can be done on the online portal application by self-declaration, and/or Revenue Help to Buy approval, obtained from the Revenue Commissioners is alternative documentary proof.

The Fresh Start principle applies for applications to State affordable housing and loan schemes. This means that the following categories of persons are eligible to apply for the Local Authority Affordable Purchase Scheme:

• Applicant(s) that previously purchased or built a residential property but is divorced/separated or otherwise and has left the property and divested themselves of their interest in the property are eligible. Where a couple was in a relationship but not married, and the relationship has ended, the Fresh Start Principle can apply.
• Applicant(s) that previously purchased a residential property but has been divested of this through insolvency or bankruptcy proceedings, are eligible to apply. However, a separate assessment of creditworthiness will be conducted by the underwriters.

A further exception may apply in the case of an applicant who own a dwelling which, because of its size, is not suited to the current accommodation needs of the applicant’s household.

The affordable purchase price will be calculated by Cork City Council based on the “purchasing
power” of eligible applicants. This calculation takes into account applicants maximum mortgage
capacity, HTB if applicable and savings. The higher an applicant’s purchasing power, the greater their
purchase price will be, and the lower Cork City Council’s equity share will be. All Affordable
properties advertised show a minimum and maximum purchase price, and the determined purchase
price for each applicant will be within this set price range. Note: applicants cannot choose to avail of
the minimum purchase price – each applicant’s purchase price is determined in accordance with their
gross household income and purchasing power.
The purchasing power of applicants will be calculated as the combined total of:
• Maximum mortgage capacity, i.e., typically 4 times gross household income, plus,
• A minimum deposit of 10% of the affordable purchase price including Help to Buy if
applicable, plus,
• Relevant savings**.
The following formula is used to calculate the price of an affordable home:
Gross Household Income (as determined by Cork City Council) *9/10, subject to the minimum purchase price of the property type selected by an applicant.

Example 1, Applicants A & B have a joint gross household income of €70,000 and have applied to purchase an
affordable home with a minimum purchase price of €281,000.
€70,000 x 4 = Mortgage Approval in Principle (€280,000)
€280,000/9*10 = Purchase Price is €311,110.
The applicants will need to demonstrate that they have their mortgage approval in principle of €280,000, plus their
deposit of €31,110 (which can be made up of a combination of savings and HTB if applicable).

Example 2, Applicants A & B have a joint gross household income of €62,000 and have applied to purchase an
affordable home with a minimum purchase price of €281,000.
€62,000 x 4 = Mortgage Approval in Principle (€248,000)
€248,000/9*10 = €275,555. Applicants need demonstrate they can at least meet the minimum purchase price of
€281,000. Therefore, in this case, the applicants will need their mortgage approval in principle of €248,000 plus an
additional €33,000, which can be made up of a combination of savings and HTB if applicable (€248,000 plus
€33,000 = €281,000, min purchase price. Please note that future /projected earnings / bonus etc are not taken
into account – Applicants must have sufficient finances in place at the time of assessment to show they can
meet their purchase price.

** All savings must be declared and must be provided to Cork City Council in the form of a
recent statement, which clearly shows the name and address of the account holder.
Screenshots are not acceptable. You can have the money to cover the deposit on the home and an
additional €30,000. Savings above €30,000 are reckonable towards the calculation of your purchasing

power. And, if this purchasing power goes above the maximum price set for each home, you
may not qualify for the scheme.

The application process will be via an online platform. The link to this platform is available at (Affordable Housing Application) and will be available and live from the 1st July 2024 at 12 noon. The system will allow for the input of all relevant data and the uploading all supporting documentation. As per the Affordable Housing Act, only one application, per couple/single person, per scheme, is allowed.

Step 1: REGISTERING:  Register with the online platform. You will need the following information: 

Your Full Name, a valid & active email address & a Mobile Phone Number. You will generate a registration verification number via text message, which you will enter to complete the set- up process.

Step 2: LOG ON: You will then be able to log on to the online platform to begin your application process. 

Again, as part of this login, you will generate a verification number via text message to your mobile device. You will then need to enter this six-digit code to log in.

Step 3: THE APPLICATION: You will be presented with 5 tabs, each of which will need to be completed.

Tab 1: Application

This tab will contain the general scheme information, such as scheme name, single or joint application, number of household members to reside in the house, type of property you are seeking etc.

Tab 2: Applicant A

This tab will contain the specifics of the principal applicant: name, date of birth, PPS number, Marital status, Nationality, contact telephone numbers and email, current address, county, Eircode, employment details, previous year’s gross income details, the option to add details of other dependent household members (name, date of birth, age) 

You will also be required on this tab to upload documents in relation to the following: proof of income e.g. salary cert/P60, proof of citizenship, proof of right to reside in Ireland, proof of buyer status i.e. Help To Buy, and proof of address.

Tab 3: Applicant B

This tab should be used where there is a secondary or joint applicant. The same details as above will be required.

Tab 4: Finance

All applicants will be required to provide evidence of ability to finance the purchase of their selected property, i.e. mortgage approval in principle letter and proof of savings i.e. statements for all bank & credit union accounts.

Tab 5: Declarations

You will need to agree to a number of declarations in relation to your application e.g. the information you submitted is true and accurate, etc. 

• Evidence of ability to finance the purchase: 

e.g. Provisional loan approval letter or online calculator showing the ability to potentially borrow purchase amount

• Consent form and declaration signed and dated by both applicants
• Proof of income: 

PAYE employees: Salary Certificate, Employment Detail Summary, or payslips (3 if paid monthly, 6 if paid fortnightly and 12 if paid weekly). 

Self-Employed: Documents for previous 2 years: – Audited/Certified Accounts, Tax Balancing Statement and Tax Payment Receipt

• Proof of Citizenship: Passport or Birth Certificate
• Proof of Right to Reside in Ireland: minimum GNI Stamp 4 (for all applicants)
• Photographic Identification– 

Any one of the following documents: –

Current Valid Passport, Driving Licence, National Age Card issued by An Garda Siochana, an identification form with a photograph signed and stamped by a member of An Garda Siochana

• Proof of Present Address dated within the last 3 months. 

Any one of the following documents: Current utility bill (gas, electricity, telephone, mobile phone, or internet bill), bank statement/credit union statement, document issued by government department that shows your address, Statement of Liability P21 from Revenue

• Proof of PPSN/Tax Registration Number – 

Any one of the following documents: – Statement of Liability P21, Tax Assessment, Notice of Credits from Revenue, Letter from Revenue Commissioners addressed to you showing PPSN, employee details from Revenue, Receipt for social welfare payment, Letter from Department of Employment Affairs and Social Protection addressed to you showing your PPSN, Medical Card, Drug Payment Scheme Card, Payslip, P45

• Evidence of savings/deposit

All accounts (bank, credit union or post office) in the applicant(s) name.

• Evidence of first-time buyers’ status

Confirmation of eligibility for Help to Buy Scheme (print out from Revenue portal (myAccount (PAYE applicants) ROS (Self-assessed applicants) confirming names of applicant(s) and maximum entitlement under the scheme.) (Note that applicants are considered first-time-buyers only if BOTH are buying their home for the first time)

 

The application process will be via an online platform. The system will allow for the input of all
relevant data and the uploading all supporting documentation. As per the Affordable Housing Act,
only one application, per couple/single person, per scheme, is allowed.
Step 1: REGISTERING: Register with the online platform. You will need the following information:
Your Full Name, a valid & active email address & a Mobile Phone Number. You will generate a
registration verification number via text message, which you will enter to complete the set- up
process.
Step 2: LOG ON: You will then be able to log on to the online platform to begin your application
process. Again, as part of this login, you will generate a verification number via text message to your
mobile device. You will then need to enter this six-digit code to log in.
Step 3: THE APPLICATION: You will be presented with 5 tabs. If you are a single applicant you will
need to complete 4 tabs and if you are a joint applicant, five tabs will need to be completed.
Tab 1: Application

This tab will contain the general scheme information, such as scheme name, single or joint
application, number of household members to reside in the house, type of property you are seeking
etc.
Tab 2: Applicant A
This tab will contain the specifics of the principal applicant: name, date of birth, PPS number, Marital
status, Nationality, contact telephone numbers and email, current address, employment details,
previous year’s gross income details, the option to add details of other dependent household
members (name, date of birth, age)
You will also be required on this tab to upload documents in relation to the following: proof of
income (Salary Cert and Employment Detail Summary), proof of citizenship, proof of right to reside
in Ireland, proof of buyer status i.e. Help To Buy, and proof of address.
Tab 3: Applicant B
This tab must be used where there is a secondary or joint applicant. The same details as above will be
required.
Tab 4: Finance
All applicants will be required to provide evidence of their ability to finance the purchase of their
selected property, i.e. mortgage approval in principle letter, Help to Buy amount if applicable and
proof of savings i.e. recent statements for all bank & credit union accounts.
Tab 5: Declarations
You will need to agree to a number of declarations in relation to your application e.g. the information
you submitted is true and accurate, etc.

Your application will be assessed, and Cork City Council will determine whether you qualify for an
affordable dwelling or not. When all applications have been assessed and eligibility has been
determined, we will contact all applicants to advise if they have been successful and if they will be
receiving an offer or not, depending on the number of properties available.

The types of properties available in Allmans View, Bandon development are are 3-bed end of terrace houses.

In cases where the number of applications exceeds the number of available dwellings, the Scheme of
Priority outlines the rules your Local Authority uses to decide which applicants will be offered dwellings.
This may include factors such as household size, residency in the local authority’s area, or an allocation
based on the order the applications are received.

A copy of a rental agreement, utility bill or other correspondence clearly dated is sufficient. Please
note, if uploading a utility bill etc, it is only the first page, which shows your name, address and date that
is required for each year. You do not need to upload each page of the bill itself.

No, the Local Authority Affordable Purchase Scheme and the First Home Scheme are both shared
equity schemes and you can only purchase your property using either the Local Authority Affordable
Purchase Scheme or the First Home Scheme. Applicants applying under Cork City Council’s Affordable
Purchase Scheme cannot use the First Home Scheme to finance their property.