New affordable housing measures are to be introduced for first time buyers who have been refused finance. The Rebuilding Ireland Home Loan will be commenced by local authorities on Thursday, 1st February.
The Rebuilding Ireland Home Loan is a new Government-backed mortgage for first-time buyers and, as of the start of next month, those interested will be able to apply directly to Cork County Council.
To qualify, your annual gross income cannot exceed €50,000 as a single applicant, or €75,000 for joint applicants. There’s also a cap on the value of the home you can buy. In Cork, the maximum market value is €320,000.
Cork East Fine Gael TD and Minister of State at the Department of Justice, David Stanton said the loan can be used both for new and second-hand properties, or to build your own home.
In line with Central Bank rules, a person or couple can borrow up to 90% of the market value.
Under the loan, they can choose a fixed rate of 2%-2.25% interest for 25 – 30 years, so they will have absolute certainty of their repayments over the lifetime of the loan.
A Home Loan Calculator, which gives an indication of borrowing levels and repayment rates, is available at www.rebuildingirelandhomeloan.ie.
In addition to the Rebuilding Ireland Home Loan, the Government is also introducing an Affordable Purchase Scheme and Affordable Rental Scheme, further details of which are available at: http://rebuildingireland.ie/news/min-murphys-statement-on-affordable-homes/.
These three schemes will support people and families in our communities who are not eligible for social housing, but who also cannot afford to rent or buy their own home.
“Fine Gael in Government is committed to strengthening communities and building a sustainable future. These measures will facilitate the construction of thousands of new homes and ensure that these are more affordable whether renting or buying,” said Minister Stanton.
