Local authority mortgages

Information

If you are unable to get a loan from a building society or bank, you may be eligible for a mortgage from your local authority.

The loan can be up to 97% of the price of the house subject to a maximum loan of €220,000 and subject to repayments which are no more than 35% of the household net income (i.e. income after tax and PRSI).

A local authority mortgage will be an annuity mortgage with variable interest rates so repayments will go up and down with general interest rates.

Rules

You may be eligible for a local authority mortgage if you can show the local authority that you cannot get a loan from a bank or building society and you are:

• A first time buyer and
• Your income satisfies the income test - see below

The income test

Single income household

• If your gross income (before tax) in the last income tax year was €50,000 or less, you are eligible.

Two income households

• If your combined gross income (before tax) in the last income tax year was €75,000 or less, you are eligible

How to apply

Contact your local authority.