Local Authority Home Loan

The Local Authority Home Loan is a Government-backed mortgage for first-time buyers which have replaced the previous Rebuilding Ireland Home Loan. It can be used to purchase a new or second-hand property or to finance a self-build.  The "Fresh Start" principle means that people who are divorced or separated and have no interest in the family home, or who have undergone personal insolvency or bankruptcy arrangement or proceedings or other legal process, will be eligible to apply.

You can borrow up to 90% of the market value of the property meaning the borrower will need to have a 10% deposit.  You must have an annual gross income of not more than €65,000 for a single applicant or not more than €75,000 for joint applicants.  Max property value capped at €320,000 for Cork meaning a max loan advance of €288,000 (90%).  There are two rate products available:  2.845% fixed for up to 25 yrs, 2.945% fixed for up to 30 yrs.

A website, www.localauthorityhomeloan.ie has been set up which gives full background on the scheme and has a list of frequently asked questions.

A National Help Desk has been set up to answer queries in relation to the scheme and their contact number is 051-349720 (8.00am – 5.00pm)

Further information can be found on Local Authority Home Loan Options.

Local Authority Home Loan - Cork County Council - Tel: 021 4285927