The Government has announced plans to enable local authorities to provide mortgages to first-time buyers at low interest rates.
Who is entitled to apply the mortgages?
First-time buyers that have had two insufficient offers or refusals for a mortgage from two lending institutions can apply for the loan.
The scheme will be reserved for borrowers with an annual gross income of no more than €50,000, or €75,000 for couples. Central Bank rules will apply so borrowers will be able to take a mortgage for 90 per cent of the property’s value.
What is the maximum loan a person can get under the scheme?
First-time buyers can get a loan worth up to €288,000.
Borrowers will be able to choose a fixed rate of 2-2.25 per cent over 25-30 years.
Will there be a limit on the price of a home one can buy or build?
The Government loan can be used to buy both for new and second-hand properties, or to build your own home.
Maximum market values of the property that can be purchased or self-built are:
When and where can a person apply?
You can complete a Rebuilding Ireland Home Loan application form through the website www.rebuildingirelandhomeloan.ie . Applications can be made from 1st February 2018.
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