Local Authority Mortgages threshold raised for buyers in Louth
The maximum market value of the property that can be purchased has been raised to €345,000
The Local Authority Mortgages threshold has been raised for buyers in Louth.
The Department of Housing announced that buyers in Louth can now apply for State-backed mortgages on homes valued up to €345,000, an increase €15,000.
Buyers can borrow up to 90% of the market value of the property from and can be used to purchase new and second-hand homes.
Single applicants earning up to €80,000 can also apply for the mortgage.
Interest rates vary from 4% for 25 years and 4.05% for 30 years.
Minister for Housing James Browne said the new threshold will support more people on moderate incomes.
“Raising the income thresholds and property price thresholds ensures the Local Authority Home Loan remains an effective support for people who are ready to buy but face challenges accessing finance. These changes reaffirm the Government’s commitment to widening access to sustainable homeownership.
“Supporting people on moderate incomes to realise their ambition of becoming homeowners is a key objective of our Housing Action Plan, Delivering Homes, Building Communities. By increasing both property price ceilings and the single income limit, we are ensuring more people can access a secure mortgage and take an important step towards homeownership.”
Thresholds have been raised nationwide with Dublin, Kildare and Wicklow having its limit increased to €415,000 from €360,000.
€375,000 – increase from €330,000 for Galway City, Cork City, Meath and Cork County;
€345,000 – increase from €300,000 for Clare, Kilkenny, Limerick, Waterford, Westmeath and Wexford and an increase from €330,000 for Galway County and Louth;
€310,000 – increase from €275,000 for Carlow, Cavan, Donegal, Kerry, Laois, Leitrim, Longford, Mayo, Monaghan, Offaly, Roscommon, Sligo and Tipperary.
Funded by the Local Democracy Reporting Scheme.