The Local Authority Home Loan has been expanded to support both the purchase and renovation of vacant or derelict properties as well as new and second hand homes. Previously the loan only covered the purchase of habitable homes and did not cover the cost of renovation.
Now, first time buyers and fresh start applicants can receive a loan to fund both purchase and renovation works.
The loan is available for First Time Buyers and Fresh Start applicants. To qualify single applicants must earn no more than €70,000 gross and joint applicants no more than €85,000 gross.
The estimated value of the home after completion of the renovations must not exceed the current Local Authority Home Loan price limits. Details of Local Authority Home Loan Price Limits are available HERE.
A grant of up to €50,000 is available. If the refurbishment costs exceed the standard grant of up to €50,000, a top-up grant amount of up to €20,000 is available for derelict properties.
The loan is available as a fixed rate mortgage and a variable rate bridging loan. For the fixed rate annuity, the loan is offered at 4.00% fixed for up to 25 years (APR 4.07%) or 4.05% fixed for loans over 25 years and up to 30 years (APR 4.13%). For the variable rate bridging loan, the loan offers this at a 3.5% interest only variable rate for 2 years.
For more information, click HERE.
