Moloney & Associates Solicitors Limerick

Solicitors Limerick First Time Buyers Rebuilding Ireland Home Loan

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Rebuilding Ireland Home Loan - First Time Buyer Mortgage

The Rebuilding Ireland Home Loan Scheme is not one I had never heard of until this week when a client advised me she was using the scheme to fund the purchase of a house in here in Limerick City. It is administered by each Local Authority where the property to be purchased is located. So if you're buying within the boundaries of Limerick City or County you'll be applying to Limerick City & County Council.  The interest rates on offer are extremely competitive.  If you've tried to obtain a First Time Buyer mortgage from one of the mainstream banks and failed, then you should most certainly be looking at this scheme.  Some of the key acceptance criteria are as follows;

To be eligible for a Rebuilding Ireland Home Loan you must:

  • be a first-time buyer
  • be aged between 18 and 70 years
  • be in continuous employment for a minimum of two years, as a primary applicant or be in continuous employment for a minimum of one year, as a secondary applicant
  • have an annual gross income of not more than €50,000 as a single applicant or not more than €75,000 combined as joint applicants
  • submit two years certified accounts if self-employed
  • provide evidence of insufficient offers of finance from two banks or building societies
  • not be a current or previous owner of residential property in or outside the Republic of Ireland
  • occupy the property as your normal place of residence
  • purchase or self-build a property situated in the Republic of Ireland of no more than of 175 square metres (gross internal floor area)
  • purchase or self-build a property which does not exceed the maximum market value applicable for the county in which it is located
  • consent to an Irish Credit Bureau check

If you are successful with your application and you've gone sale agreed on a property then i'll be happy to act as your Solicitor on your Rebuilding Ireland Home Loan.   

For more information take a look at their website:

http://rebuildingirelandhomeloan.ie/about/