Local Authority Home Loan
See an Easy to Read guide on The Local Authority Home loan here.
What it is:
A Local Authority Home Loan is a government-backed mortgage program designed to help first-time buyers and fresh start applicants in Ireland.
This is available nationwide and is facilitated by local authorities.
The loan is aimed at supporting people or families in purchasing a new or second-hand property, as well as those interested in self-build projects.
Who it’s for:
This program primarily targets two groups:
First-Time Buyers: If you have not owned a property before and are seeking financial assistance to enter the property market.
Fresh Start Applicants: If you have owned a home in the past with someone and now are divorced or separated and no longer have any interest in the home. Or if you owned a home previously but no longer have a financial interest in this home because you became bankrupt.
How it works:
Eligibility: To qualify for a Local Authority Home Loan, you must meet certain criteria. This includes being a legal resident of Ireland, that you will live in the home as your primary residence, and are within specified income brackets.
Loan Usage: The loan can be used for a number of purposes, including purchasing a new or second-hand property and self-build projects where you plan to construct your own home.
Loan Amount: The Local Authority Home Loan provides up to 90% of the market value of the property. The maximum loan amount is determined by the location of the property.
Government Backing: This mortgage is supported by the government, providing a level of security for both borrowers and lenders.
More information on the Local Authority Home Loan.