Louth County Council

Almost one third of Rebuilding Ireland Home Loan applications in Louth declined

Government backed mortgage scheme

Donard McCabe

Reporter:

Donard McCabe

Almost one third of Rebuilding Ireland Home Loan applications in Louth declined

Almost one third of Rebuilding Ireland Home Loan applications in Louth declined

Louth County Council have received 56 loan applications to date, under the Rebuilding Ireland Home Loan Scheme.

The Council have informed the Dundalk Democrat that of the 56 applications, 23 (41%) have been approved and 18 (32%) have been declined. The remaining applications, say Louth County Council, are being processed.

The 23 approved applications represent 41% of the total applications. Nationally, 31% of the applications have been approved, indicating perhaps that faster progress on this programme is being made in Louth.

The national figure of 31% is according to Freedom of Information data, collated by Fianna Fáil Housing spokesperson Darragh O’Brien.

The Rebuilding Ireland Home Loan Scheme, is a Government backed mortgage for first time buyers, made available through local authorities. The loan can be used to purchase a new or second hand property, or to build a home.The loan is a normal Capital and Interest-bearing mortgage which is repaid by direct debit on a monthly basis.

With regards to the approved loans in Louth, two loans with a value of €538,000 have been issued to date, according to Louth County Council. A further four are with solicitors awaiting completion, with a total value of €788,500.

The loan is a normal Capital and Interest-bearing mortgage which is repaid by direct debit on a monthly basis. Up to 90% of the market value of the property may be borrowed, with a maximum market value of €320,000 in County Louth.

Nationally, €17m has been paid out to date, on 134 drawn down loans. Around 2,105 applications have been received in total, with 656 being approved.