The affordable purchase price will be calculated by Fingal County Council based on the “purchasing power” of eligible applicants. This calculation takes into account applicants maximum mortgage capacity and the minimum price set for the home by the Council.
The purchasing power of applicants will be calculated as the combined total of:
- Maximum mortgage capacity, i.e., 4 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. And, if this purchasing power goes above the maximum price set for each home, you are not eligible for the scheme.
Affordable Purchase Price Example -Priory Fields
The below examples show varying incomes and how they determine the affordable purchase price and the Council’s equity share of a property at Priory Fields.
Mortgage Capacity (4*Income)
Deposit (10% of Purchase Price)
Maximum
Mortgage + 10%
Deposit
Local Authority
Contribution
Calculations shown are for illustrative guidance purposes only.