First-time buyers of new and second hand homes (and self-build) may apply for a Rebuilding Ireland Home Loan up to a maximum of €288,000 over a maximum term of 30 years, Fingal County Council have said in a statement.
All applications will be assessed based on the applicant(s) current income, their existing loans and financial commitments. For sucessful loan applications an additional monthly mortgage protection insurance fee is levied. Certain conditions and criteria apply.
Applicants must prove that they have sought a mortgage from two lenders (banks or building societies) and have received inadequate funding offers or refusals from each before making an application for a Rebuilding Ireland Home Loan to Fingal County Council.
Conditions and Criteria:
1. First-time buyers (exceptions may apply e.g. for legally separated or divorced applicants)
2. Single applicant’s income must be less than €50,000
3. Joint applicants’ combined income must be less than €75,000
4. The primary earner on the application form must be in continuous employment for at least two years (this can be self-employment) and the second applicant must have at least one year’s continuous employment. Certain exceptions can be considered.
5. Aged between 18 and 70 years (i.e. loan term must cease by the time the borrower reaches 70 years of age).
6. Applicants must prove that they have sought a mortgage from two lenders (banks or building societies) and have received inadequate funding offers or refusals from each before making an application for a Rebuilding Ireland Home Loan to Fingal County Council.
7. All applicants will be interviewed by Fingal County Council before the application is forwarded to the Housing Agency for adjudication.
How to Apply:
Applicants must complete the Rebuilding Ireland Home Loan application form and return it to:
Loan Accounts Section, Housing Department, Fingal County Council, Grove Road, Blanchardstown, Dublin 15.
The Rebuilding Ireland Home Loan is a new Government-backed mortgage for first-time buyers. It will be available nationwide from local authorities from Thursday, 1 February 2018.
The loan can be used both for new and second-hand properties, or to build your own home. In line with Central Bank rules, a person or couple can borrow up to 90% of the market value of the property. Under the loan, they can choose a fixed rate of 2%-2.25% interest for 25 – 30 years, so they will have absolute certainty of their repayments over the lifetime of the loan.
For further information on the Rebuilding Ireland Home Loan you can visit rebuildingirelandhomeloan.ie.