Home loan arrangeer4/3/2024 ![]() Have a deposit of at least 10% of the property’s market price or purchase price, whichever is less.Have a satisfactory credit record (a Central Credit Register enquiry will be made to check your credit record.).These new increased limits came in on 1 March 2023 and apply nationwide. Have a gross annual income of less than €70,000 for single applicants and €85,000 for joint applicants.Provide evidence of insufficient offers of finance from two regulated financial providers, for example, a bank or building society.Be a first-time buyer or a 'fresh start' applicant, see above.To qualify for a Local Authority Home Loan you must: Note: The Local Authority Home Loan cannot be used by fresh start applicants to buy their former partner’s share of their family home. ![]() People who have gone through personal insolvency or bankruptcy.People who are divorced, separated, or whose relationship has ended and who have no financial interest in the family home.The Local Authority Home Loan is available to first-time buyers and ‘fresh start’ applicants. You cannot get a Local Authority Home Loan to purchase a home under the First Home Scheme. Your local authority can help you with specific information about this. For example, the purchase price of your home under these schemes is considered when checking if you qualify for the loan, rather than the market price. There are specific conditions if you are getting the loan to buy a home under one of these schemes. You can use the Local Authority Home Loan to buy your local authority home under a Tenant Purchase Scheme or to buy a home under the Local Authority Affordable Purchase Scheme. You can use the Home Loan Calculator on the Local Authority Home Loan website to get an estimate of how much you can borrow and what your repayments will be. You need to show that you can afford your monthly mortgage repayments, which must be less than one-third of your household income. Write to the local authority to ask them to do this reassessment. If you got approval in principle for a loan under the previous limits, but haven’t bought your home yet, the local authority can reassess your approval amount under the increased limits that came in on 1 March 2023. €275,000 in Carlow, Cavan, Donegal, Kerry, Laois, Leitrim, Longford, Mayo, Monaghan, Offaly, Roscommon, Sligo, Tipperary.€300,000 in Clare, Kilkenny, Limerick, Waterford, Westmeath, Wexford. ![]() The maximum market values increased on 1 March 2023 and are now: The maximum market value is different depending on where your home is located. You can borrow up to 90% of the market value of the property you are building or buying.
0 Comments
Leave a Reply.AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |