This week saw the new Local Authority Home Loan scheme come into operation, and a former mayor of Galway is encouraging the public to apply for it.
Independent Galway City East councillor, Noel Larkin, said the scheme will “assist single people to avail of a State backed mortgage for a new, second-hand or self-build home”.
The scheme is open to all first time buyers on low or modest incomes who cannot get sufficient funding from commercial lenders to purchase new or second-hand properties or to build their own home.
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A ‘Fresh Start’ principle will also apply 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.
Houses purchased under the scheme cannot have a value in excess of €320,000 in Dublin, Cork, Galway, Meath, Kildare, Louth, and Kildare.
Single applicants cannot have income in excess of €65,000 if seeking to purchase a home in the €320,000 house price areas; the income ceiling is €50,000 otherwise. The income ceiling for joint applicants is €75,000 across the State.
For more information see https://localauthorityhomeloan.ie
