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Housing: Mortgage Allowance

Mortgage Allowance Scheme

An allowance of up €11,428 is payable over a 5 year period to tenants or tenant purchasers of local authority housing or tenants of housing provided under the voluntary housing Rental Subsidy Scheme to assist them to purchase or have a private house built with a mortgage.

Do I Qualify?

If you are:
- a local authority tenant or tenant purchaser who wishes to buy a private house and to return your present house to the local authority, or
- 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.

You may apply for a mortgage allowance

How much is the Allowance?

The allowance will normally come to a total of €11,428. It is paid directly to the lending agency and reduces your mortgage payments in each of the first five years - by €3 555 in the first year, €2,793 in the 2nd year, €2,032 in the 3rd year, € 1,778 in the 4th year and €1,270 in the 5th year. The allowance paid in any year cannot exceed the amount of the mortgage repayments. If for instance, your mortgage repayments in the first year came to €3,174 the allowance would be € 3,174.

Generally, you will still have mortgage repayments to meet even taking into account the mortgage allowance.
For example, on a mortgage of €100,000 over 20 years from your local authority, interest is variable and is currently (May 2011) 3.25%  (excluding mortgage protection @ 0.5615 %), the mortgage allowance would reduce your monthly repayments (before income tax relief on mortgage interest) in the first year from about €738 to about € 442 per month.
If you are unable to obtain a mortgage loan from a bank or a building society, you may qualify for one from the local authority - ask your local office for details of their house purchase loans. 

If you plan to build a new house, you may be able to obtain a site at low cost from your local authority in addition to the mortgage allowance.

Contact details for Housing

Rental Accomodation Scheme (RAS) Central Housing Office - Swinford
College House
Station Road
Swinford
(094) 9251495

Ballina Municipal District Offices
Ballina Civic Offices
Arran Place
Ballina
(096) 76100

Claremorris Municipal District Offices
Kilcolman Road
Claremorris: (094) 9372310

Ballinrobe Housing Office:
Kilmaine Road
Balinrobe: (094) 9541111

West Mayo Municipal District Offices
Belmullet Civic Centre
Church Road
Belmullet
(097) 81004

Westport Housing Office

Altamount Street
Westport
(098) 50400

Castlebar Municipal District Office
Áras an Chontae
The Mall
Castlebar
094 9024444

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