The affordable purchase price will be calculated by South Dublin County Council based on the “purchasing power” of eligible applicants. This calculation considers applicants maximum mortgage capacity and the minimum price set for the home by the Council. The Applicant’s purchasing power must not exceed 95% of the market value of the property. The purchasing power of applicants will be calculated as the combined total of:
- Maximum mortgage capacity, i.e., 3.5 times gross household income, plus,
- A minimum deposit of 10% of the affordable purchase price, plus,
- Relevant savings**.
**If you have savings above a certain amount, you may not qualify for the scheme. You can have the money to cover the deposit on the home and an additional €30,000. Anything above this is added to your purchasing power. If this purchasing power goes above 95% of the market value of the home, you are not eligible for the scheme.
Affordable Purchase Price Example – Property with a Market Value of €300,000
The below examples show varying incomes and how they determine the affordable purchase price and the Council’s equity share of a property with a market value of €300,000. You can see the higher an applicant’s purchasing power is, the more they will contribute to the price and the less equity the Council will take.
(Income x 3.5)
|Purchasing Power |
(=Mortgage + Deposit)
|SDCC Contribution |