Local Fianna Fáil Deputy, Robert Troy, is encouraging those looking to purchase a new or second-hand home or build their own home to consider applying for a Local Authority Home Loan.
A Local Authority Home Loan is a Government backed mortgage for creditworthy first time buyers (or those making a fresh start after a divorce, separation or bankruptcy ) and is available nationwide from all Local Authorities. It enables an applicant to borrow up to 90% of the value of the property where they have proof of insufficient mortgage offers of finance from two regulated financial providers.
“We want and we need people to know that there are options when it comes to buying a home and the Local Authority Home Loan is one of a number of measures which is available to help. In March this year Government made major improvements to the loan by increasing both the house price ceilings for all local authority areas and raising the income eligibility limits for applicants meaning it now applies to a wider base with more people eligible to apply.
“It is hard to buy a home in Ireland, no one is denying that, but there are real signs that the situation is improving and so it’s really important that people know there are several State backed measures to help them own a home.
“The Local Authority Home Loan is another tool in our armoury to help people, both young and not so young, to own their own home. I’d also encourage anyone considering buying a home to have a look at it or indeed the other State schemes such as the Help-to-Buy initiative, the First Home Scheme or the Vacant Property Grant,” Deputy Troy stated.
