Housing: Local Authority Loans
Local authority loans for home purchase and improvement
If you cannot get a mortgage from a building society bank etc, to purchase or build a house you may be eligible for a loan from your local authority.
Do I Qualify?
- If you can show the local authority that you are unable to get a loan from a bank or a building society
- in need of housing
- Earning under €50,000 as a single applicant and under €75,000 as joint application
- The primary earner must be in continuous employment for at least two years (this can be self employment) and the second applicant must have at least one year (certain exceptions can be considered)
- a local authority tenant or tenant purchaser who wishes to buy a private house and to return your present house to the local authority
- a tenant for more than one year of a house provided by a voluntary body under the Rental Subsidy Scheme who wishes to buy a private house and return your present house to the voluntary body.
How much will the repayments be:
The interest rate on local authority house purchase loans is variable (i.e. moves up or down) in line with movements in building society variable mortgage rates. The current (May 2011) interest rate is 3.25%. At this interest rate your repayment will be €5.67 per month over 20 years for each €1,000 borrowed. In addition, a charge (0.56% currently) is made to meet the cost of mortgage protection insurance to protect the interests of the surviving family by paying off the loan in the event of the death of the borrower of the borrower's spouse.
Contact details for Housing
Ballina Office (096) 76100
Ballinrobe Office (094) 9541111
Belmullet Office (097) 81004
Castlebar Office (094) 9024444
Claremorris Office (094) 9362954
Swinford Office (094) 9251495
Westport Office (098) 50400