Fingal County Council have begun accepting applications for the House Purchase Loan Scheme for first-time buyers launched by the Department for Housing Minister Eoghan Murphy last week. Buyers can use the loan to purchase new or second hand properties and can borrow up to 90% with fixed repayments over a thirty year period at 2%. Full details of the scheme are laid out below.
Local Cllr Malachy Quinn (SF) has welcomed the announcement by Fingal County Council that applications are opened for the Home Purchase Scheme for First Time Buyers
Cllr Quinn said:
"As a member of the Fingal housing strategic policy committee, I have continuously lobbied for a break for people who are above the threshold for social Housing but unable to secure favourable loan agreements from the banks."
"The scheme offered by the council will go some way to address this issue, but the building of affordable housing & social housing remains a vital component. With proposals in place for mixed tenure developments in Donabate, Hacketstown in Skerries as well as Castlelands in Balbriggan - an opportunity for development of sustainable communities in Fingal can only be a positive move by the council"
Full statement from Fingal County Council and details on how to apply
Fingal County Council has opened applications for the House Purchase Loan Scheme for first-time buyers launched by the Department for Housing Minister Eoghan Murphy last week.
Single applicants earning up to €50,000 a year and joint applicants earning a combined €75,000 a year are eligible to purchase a housing loan from Fingal County Council on properties valued up to €320,000.
Buyers can use the loan to purchase new or second hand properties and can borrow up to 90% with fixed repayments over a thirty year period at 2%.
Applications for the House Purchase Loan Scheme can be made through the Fingal website at: http://fingal.ie/housing/payments_and-_loans/loans/rebuilding-ireland-home-loan/
Chief Executive of Fingal County Council, Paul Reid said: “We welcome the Rebuilding Ireland Home Loan Scheme which allows us to offer further support to first time buyers looking for a home in Fingal. The scheme plays a part in addressing one element of the Housing Crisis and will benefit buyers who don’t qualify for social housing but who also do not earn enough to access the housing market.”
Fingal County Council’s Director for Housing Margaret Geraghty explained the benefits the scheme will have for Fingal residents: “The introduction of the House Purchase Loan Scheme will be significant for middle-income earners who otherwise are finding it extremely difficult to buy a house. It offers residents sustainable and realistic interest rates on their mortgage. These remain fixed at 2% over the entire course of the repayments. This not only makes it easier for first time buyers to access the housing market but also helps them to manage their mortgage payments.”
Mayor of Fingal, Cllr Mary McCamley also welcomed the beginning of the scheme’s application process: “This will be hugely beneficial to Fingal residents who are currently stuck in the private rental sector. The scheme allows people to buy their first home in an area of their choice without having to sacrifice their quality of life or struggle with unmanageable debt.”
Fingal County Council has extensive experience in this area having administered 1500 Housing Loans in the past. Fingal has been the best performing local authority in relation to repayment of housing loans for the past four years according to the National Oversight and Audit Commission.
Further details of lending criteria and requirements can be found on Fingal.ie