Local Authority Home Loan
The Local Authority Home Loan and the Local Authority Purchase and Renovation Loan are both Government backed mortgages which are available from your local authority.
The Local Authority Home Loan is available for first time buyers and fresh start applicants who are unable to obtain sufficient funding from a commercial bank. It can be used to purchase a new or second-hand property, or for self-build. A Local Authority Home Loan can provide an eligible applicant with a mortgage of up to 90% of the market value of the property. The maximum market value of a property purchased under this scheme is €415,000 in the greater Dublin area.
The Local Authority Purchase and Renovation Loan is available for the purchase and renovation of derelict and non-habitable homes. The property must be eligible for the Vacant Property Refurbishment Grant, whether derelict, non-habitable or simply vacant. The maximum purchase price, borrowing amount and end of works value of a vacant or derelict property, eligible for the Vacant Property Refurbishment Grant, is also €415,000.
Income limits for both schemes are as follows:
- single applicant may have an annual gross income of not more than €80,000
- joint applicants may have an annual gross income of not more than €85,000
How to apply:
The Local Authority Home Loan application is available here and a checklist of additional documentation that may be required by South Dublin County Council is available below.
The Local Authority Purchase and Renovation Loan application form is available here
A completed form, together with supporting documentation, should be returned to;
Loan Accounts and Sales Scheme Section,
Housing Department
South Dublin County Council
County Hall
Tallaght
Dublin 24
Further information relating to both schemes is available at www.localauthorityhomeloan.ie
MORTGAGE PROTECTION INSURANCE
It is a mandatory requirement of South Dublin County Council that all applicants qualify for and have the approved Local Authority Mortgage Repayment Protection Plan (MRPP) Group Insurance Scheme in place before a loan can be issued.
Entry Criteria for the MRPP Group Scheme
At the point of joining the MRPP Scheme the borrower(s) must meet with the following;
- Has attained the age of 18 years but not 70 years
- Was at work, and
- Has not been prescribed, taken or been advised to take and medication or treatment for pre-existing medical conditions in the last 12 months for a period of more than 3weeks (colds, influenza, backache, and oral contraceptive pill may be ignored) and
- Was not under the care of a consultant or specialist, or due to attend a hospital follow up or awaiting any medical referral, medical investigation, medical test results, surgical procedure or consultant, specialist or hospital appointment and
- Not been declined for Life, Disability or Private Medical Insurance and
- Continues to reside in the property covered by the agreement.
https://www.cornmarket.ie/lgma-mortgage-protection-insurance/
Warning:
YOUR HOME COULD BE AT RISK IF YOU DO NOT KEEP UP PAYMENTS DUE ON A MORTGAGE OR ANY OTHER LOAN SECURED ON IT.
If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.
If you are worried about missing a repayment, please contact the Debt Management Unit at dmuhousing@sdublincoco.ie
A breakage fee may apply should you repay a fixed-rate loan early.
