What is the Local Authority Home Loan Scheme?
Formerly the Rebuilding Ireland Home Loan, the programme was revamped in January 2022 and changed to the Local Authority Home Loan Scheme.
It consists of a mortgage that is backed by the government at a reduced interest rate and can be used to obtain up to 90% funding of the market value of properties.
This help to buy housing scheme is only for first-time buyers and can be used in conjunction with the Help to Buy Scheme. However, the Local Authority Home Loan Scheme can be used for both new and second-hand properties.
As with the Affordable Housing Scheme, there are exceptions to the definition of first-time home buyers for individuals who are divorced and have no stake in the previous property. Individuals who have had to file for bankruptcy are also eligible for this scheme.
For more information on this Scheme please visit: https://localauthorityhomeloan.ie/ , which will cover:
Warning
If you do not keep up your repayments you may lose your home.
Warning
The Cost of your monthly repayments may increase
Warning
This new loan may take longer to payoff than your previous loans. This means you may pay more than if you paid over a shorter term
Warning
Purchasing this product may negatively impact on your ability to fund future needs