Department Of Housing To Implement Major Improvements To The Local Authority Home Loan

412

The Department of Housing is implementing major improvements to the Local Authority Home Loan, which sees more people being able to apply for the State-backed mortgage. Prices of homes eligible for a Local Authority Home Loan have been increased nationwide as have the income limits of those eligible to apply for a loan. Individuals who wish to purchase a house or to build a house but cannot get a loan from a private lending institution may be eligible for a housing loan from the local authority.

From today the improvements to the Local Authority Home Loan take effect meaning more people will be eligible for a State backed mortgage. Income limits for single applicants are increased so that those earning up to €70,000 can now avail of the State-backed mortgage.

From today the house price limits for the scheme are increased –  in county Tipperary the limit is €275,000, in County Limerick it is €300,000 and in county Cork it the house price limit is €330,000

Income limits for all applicants in each local authority area are now €70,000 for all single applicants nationwide and €85,000 for joint applicants nationwide.

Full details can be found on the website https://localauthorityhomeloan.ie/