Mary welcomes the changes Minister for Housing Darragh O’Brien TD has made to the Local Authority Home Loan Mortgage scheme to help more low and middle income earners, who have been refused a mortgage from a commercial bank, to buy their own home with a secure, affordable, fixed low rate mortgage.
The changes will especially help single earners and people looking to make a fresh start following a divorce or separation.
The changes will make it easier for single people to avail of a State backed mortgage for a new, second-hand or self-build home. A ‘Fresh Start’ principle also applies which means that people who are divorced or separated and have no interest in the family home, or who have undergone insolvency proceedings, will be eligible to apply also
The income ceiling for a single applicant has been increased by €15,000 to €65,000 in counties Cork, Dublin, Galway, Kildare, Louth, Meath and Wicklow.
The Local Authority Mortgage interest rate has been reduced by 0.25%.
Income ceilings apply; single applicants cannot have income in excess of €65,000 and couples cannot have income in excess of €75,000.
The newly expanded Local Authority Home Loan scheme came into effect on January 4th.
For more information to make an application please click HERE.