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29 Sept 2022

Income ceiling increases for Louth applicants to Home Loan scheme

Newly expanded Local Authority Home Loan scheme launched today

Income ceiling increases for Louth applicants to Home Loan scheme

Income ceiling increases for Louth applicants to Local Authority Home Loan scheme

Louth applicants to the newly expanded Local Authority Home Loan scheme announced today, are set to benefit by an increase to the income ceiling for a single applicant by €15,000 to €65,000.

The Minister for Housing, Local Government and Heritage Darragh O’Brien, TD has today announced the newly expanded Local Authority Home Loan scheme. 

The Scheme is open to all First Time Buyers and to Fresh Start applicants on low or modest incomes who cannot get sufficient funding from commercial lenders to purchase new or second-hand properties or to build their own home.

Houses purchased under the scheme cannot have a value in excess of €320,000 in Louth. Louth is one of six counties, including Dublin, Cork, Galway, Meath and Kildare, where the house cannot have a value in excess of €320,000. The maximum value in other counties is €250,000.

While the income ceilings for single applicants in Louth, along with Dublin, Cork, Galway, Meath and Kildare have increased to €65,000, the income ceiling for joint applicants is €75,000 nationwide.

The Local Authority Home Loan, similarly to previous local authority loan products, assists borrowers in securing an affordable, long-term fixed rate mortgage to purchase a home of their own. Applicants for the Local Authority Home Loan must have been unable to obtain sufficient financing from a commercial lender.

Commenting on the newly expanded scheme today, Minister O’Brien said that “the new regulations will make it easier for single people to avail of a State backed mortgage for a new, second-hand or self-build home.

A ‘Fresh Start’ principle also applies which means that people who are divorced or separated and have no interest in the family home, or who have undergone insolvency proceedings, will be eligible to apply also."

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