What Is the Mortgage Allowance Scheme?
The Mortgage Allowance Scheme is meant to enable social housing tenants to get a mortgage or directly purchase a house. It is an allowance of up to €11,450 which will be paid to the mortgage lender over a period of five years in order to reduce the mortgage repayments for that period.
It can be applied against mortgages from commercial agencies, such as banks, or mortgages sourced from a local authority.
For more information for this Scheme, please visit: https://www.gov.ie/en/service/b66ea-mortgage-allowance-scheme/ , 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