Local Authority
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This is a Government backed mortgage provided to first time buyers and Fresh Start applicants through local authorities. The Local Authority Home Loan scheme is for the purchase of new or second-hand residential properties and for self-builds. It also includes the purchase of homes through State schemes such as the Tenant Purchase Scheme and Affordable Housing Schemes, with the exception of the First Home Scheme.
People who have undergone personal insolvency/bankruptcy proceedings will also be eligible to apply for the Local Authority Home Loans Scheme.
The Local Authority Home Loan has put in place an expedited application process for Tenants who have received a Notice of Termination for their current rental property and are looking to purchase either their current rental property or another property, as their principal private residence.
A "Fresh Start" principle also applies to the Local Authority Home Loans scheme. 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. The Fresh Start means that applicants who are divorced, legally separated/separated or the relationship has ended and have no financial interest in the family home are eligible to apply under this scheme. In addition, applicants who have undergone personal insolvency/bankruptcy proceedings will also be eligible to apply for the Local Authority Home Loans Scheme.
The Local Authority Home Loan is available nationwide from all local authorities. The loan is a normal Capital and Interest-bearing mortgage which is repaid by direct debit on a monthly basis. You can borrow up to 90% of the market value of the property.
For further information and to see if you are eligible to apply, please go to www.localauthorityhomeloan.ie
