Brand new A3-rated one and two-bedroom apartments and three-bedroom houses in Dublin 7
To be considered for these Dublin 7 homes, you will need to qualify for the Affordable Purchase Scheme, or Fresh Start, and the Help to Buy scheme.
Montpelier in Dublin 7 is part of the Affordable Purchase Scheme, and is delivered by the developers Bartra and Dublin City Council, and is funded through the Government’s Affordable Housing Fund.
Through agents Hooke & MacDonald, a new phase, comprising one and two-bedroom apartments and three-bedroom houses, is being launched on November 25th.
The development is on the site of the old O’Devaney Gardens site, accessed via Montpelier Gardens, off Infirmary Road.
the open plan living room in the two-bedroom apartments
This phase comprises 99 units with apartments comprising the lion's share of the residences.
There are 88 apartments, of which 26 are one-bedroom, while 62 are two-bedroom in size. The development also consists of 11 three-bedroom houses.
Seventy per cent of the units will be allocated on a first-come, first-served basis of valid applications received. The remaining 30 per cent will be allocated on a lottery basis.
Those who qualify for the Affordable Purchase Scheme pay what is described as an affordable dwelling contribution (ADC), a monetary contribution, towards the cost of purchasing the house, which reduces the price the home purchaser pays.
The view towards the kitchen in the two-bedroom apartments
That price is the price after Dublin City Council’s affordable dwelling contribution is subtracted from the market value.
This is calculated using the applicant’s income, savings and the terms and conditions of the specific affordable housing scheme they are applying for.
So, if Dublin City Council takes a 20 per cent equity share, the purchaser will benefit from a 20 per cent discount on the open market price.
The ADC is represented as an equity share, a percentage share, in the home. This equity share is equal to the difference between the open market value of the home and the reduced price paid by the purchaser.
There are schemes located across Dublin City Council’s administrative area.
DCC is scheduled to deliver over 1,400 affordable purchase homes as part of its current housing delivery programme. You can read more about it here.
the kitchen in the two-bedroom apartments
To be eligible to apply for Dublin City Council’s Affordable Housing Schemes, applicants must be over 18 years of age.
If you are married, in a civil partnership or in an intimate, committed relationship with a partner and you intend to live in the affordable dwelling together, you must apply as a joint application.
Each applicant must be a first buyer or meet the exceptions under the Fresh Start Principle, in which you previously owned a home and have lost it through divorce, separation, insolvency or bankruptcy, or that you own a dwelling which is not suited to the current accommodation needs of the applicant’s household, due to its size.
the principal bedroom in the two-bedroom apartments
Each person included in the application must currently live in the Republic of Ireland and have the right to reside in the State indefinitely.
The address of the affordable home must be the household’s normal place of residence.
Applicants from a member state of the EU/European Economic Area can apply for an affordable home, provided they are living in Ireland for a minimum of three months.
Show units will be open for viewing in advance of portal applications opening; details will be posted on the Montpelier website.
the balcony of the two-bedroom apartment
How much do the apartments cost, after DCC contribution?
The price you will pay will depend on how much you and your spouse or partner earn. One-bedroom apartments, ranging in size from 51 to 54 square metres, will cost between €248,000 and €332,000.
There are two two-bedroom options. The two-bedroom, three-person apartments will cost between €320,000 and €392,000, while the two-bedroom, four-person apartments will cost between €326,000 and €414,000. These range in size from 67 square metres to 85 square metres.
The three-bedroom houses range between 114 and 116 square meters in size, and will cost between €378,000 and €473,000.
the living room of the one-bedroom apartments
How much do I/we need to earn?
Each scheme will have different income limits depending on the cost and location of the homes.
At Montpelier, the salary range of a single or combined application for one-bedroom apartments is €56,000 to €75,000.
For two-bedroom, three-person apartments, the range is €72,000 to €88,000, and for two-bedroom, four-person apartments, the range is €73,000 to €93,000.
Applicants for three-bedroom houses can have a single or combined salary range of €85,000 to €106,000.
If your salary or salaries are below this level, you can still apply, but you will need to have a higher deposit than 10 per cent.
The contribution by DCC will be between 5 per cent and 27 per cent. DCC’s equity in the property can be bought out at a later date.
the dining area in the one-bedroom apartment
In general, the income limit for an affordable dwelling is 85.5 per cent of the market value of the property divided by four.
Or, if an applicant’s income multiplied by four exceeds 85.5 per cent of the market value of the dwelling, but they are unable to secure a mortgage for this amount, they are also eligible once proof from a bank/financial institution confirming this is submitted.
Detailed eligibility information can be found on the DCC website in the Frequently Asked Questions section.
the kitchen in the open-plan living area of the one-bedroom apartment
What deposit do I need?
A 10 per cent deposit made up of a combination of savings and the Help to Buy Grant. The Help to Buy Grant can be up to the full 10 per cent deposit required, but it is limited to a maximum of €30,000.
The amount of your Help To Buy grant, which can be up to €30,000, will be based on the income tax you have paid over the last four years.
Revenue’s website will take you through the process and your eligibility.
How is my purchasing power calculated?
It will take into account maximum mortgage capacity, that is, four times your gross household income, plus a minimum deposit of 10 per cent of the affordable purchase price, plus relevant savings.
These are savings in excess of your deposit plus €30,000.
It is worth noting that if you have savings above a certain amount, you may not qualify for the affordable purchase scheme.
You can have the money required to cover the deposit for the home and an additional €30,000. Anything above this is added to your purchasing power.
And, if this purchasing power goes above 95% of the market value of the property, you are not eligible for the scheme. The DCC has a good explanation on this here.
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How do I know which property to apply for?
The property you choose must be within your affordability range and must also suit your household’s needs in line with the Scheme of Priority.
The Scheme of Priority states: “When a scheme is oversubscribed, applications with a household of two or more people will be prioritised for a three-bedroom house”.
This means that if you are a single applicant with no other household members, your application for a three-bedroom house will not be considered if the scheme is oversubscribed with eligible households.
the balcony in the one-bedroom apartments
When do I/we need to submit my application?
Applications for Montpelier need to be submitted via DCC’s online application portal, which opens on Tuesday, November 25th at 12 midday.
How do I apply?
The Affordable Purchase Scheme is an incentive where the local council, in this instance Dublin City Council (DCC), takes an equity share in the property.
First, you register for the scheme. Then you need to apply for a mortgage or the local authority home loan and have approval in principle.
Then check your eligibility for the Help to Buy Scheme and gather all required documentation in advance of the opening date of the relevant scheme.
Every council has different criteria. For this scheme at Montpelier, Dublin 7, that date is Tuesday, November 25th at 12 noon.
From the opening date, you will need to register on the online portal and submit all the required documentation. The online portal will remain open for three weeks.
DCC will assess the validity and eligibility of your application. Offers will be made in order of date and time of fully completed applications submitted.
At this point in the process, the council will calculate the equity share it will take, based on the applicant’s purchasing power.
It will notify the developer and/or selling agent of the successful applicants, who will then contact these applicants directly.
If you’re one of the successful applicants, you then pay your booking deposit to the developer and/or selling agent to secure your property and confirm your solicitor's details.
You apply for formal approval of the loan offer and forward this to DCC.
The contract of sale and affordable purchase agreement (ADPA) will then be issued to your solicitor.
You then need to arrange home and mortgage protection insurance. Once that is done, you can sign the contract of sale and ADPA with your solicitor.
When the property is complete, the developer will invite you to snag your new home. You can engage a building surveyor to carry out this work for you, or you can do it yourself.
You then contact your lender to request a draw-down of funds.
Affordable dwelling contribution funds are released, and your purchase can now proceed following receipt of Help to Buy Scheme funds (if applicable) and drawdown of lender funds.
To find out more, visit dublincity.ie, affordablehomes.ie and montpelierdublin.ie where you can download the brochure which features much of the above detail.
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