REBUILDING IRELAND HOME LOAN
The Rebuilding Ireland Home Loan is a new initiative from the government to help first-time buys who have been turned down by the banks. It’s available to everyone who earns an income of under €50,000 (whether in employment or self-employed). If you are applying jointly, the income ceiling is increased to €75,000. If you are self-employed, your income will be based on a combination of your drawings and profits.
To apply, you will need to do the following:
- Download the application form from http://rebuildingirelandhomeloan.ie. The form will be available to download from 24th January 2018 (it says 1st February on the website, but apparently that’s a mistake)
- Phone your local council to make an appointment
- They will need 2 years accounts, so presumably 2017 and 2016
- Once you have completed the application, bring it along to your meeting with your local council and they will go through it to make sure everything is correct. They will discuss your options and a decision will take approximately 6 weeks
To be eligible you must:
- Be a first time buyer (either in Ireland or abroad)
- Aged between 18 and 70
- Have an annual gross income of not more than €50,000 for a single applicant or €75,000 for a joint application
- Be in continuous employment for a min of 2 years (for the primary applicant) or 1 year (for the secondary applicant
- If self employed, submit two years certified account
- You must have been turned down by two banks/building societies
- Live in the property as your normal residence
- The property must be no more than 175 square metres (gross internal floor area)
- Consent to an Irish Credit Bureau check
- The property cannot exceed the maximum market value applicable
The loans are available for 25 or 30 years, either fixed or variable as follows:
- 2% fixed for up to 25 years
- 2.25% fixed for up to 30 years
- 2.30% variable for up to 30 years (subject to fluctuate)
You must take out mortgage protection insurance from the local authority.
You can borrow up to 90% of the market value of a residential property and the maximum market values are set as follows:
€320,000 for properties purchased in Dublin, Cork, Galway, Kildare, Louth, Meath & Wicklow
€250,000 for properties purchased in the rest of the country
The number to call for more information is 051 349720 which is open from 8am to 5pm Monday to Friday, or call your local authority.
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