Home Choice Loan


Home Choice Loan is a mortgage for first-time buyers who cannot get a mortgage or sufficient finance from a bank or a building society. It provides access to credit for first-time buyers who can afford to purchase on the open market and can afford to repay a mortgage.

A Home Choice Loan is the same as a normal capital- and interest-bearing mortgage and is repaid on a monthly basis.

Four designated local authorities provide Home Choice Loans on behalf of all local authorities.


Who can get a Home Choice Loan?

To qualify for a Home Choice Loan you must:

  • Be a first-time buyer (some exceptions may apply, for example, if you are divorced)
  • Earn more than €35,000 as a single applicant or over €45,000 combined income as joint applicants
  • Be in continuous employment for at least 2 years (if self-employed you must be able to submit 2 years' certified accounts)
  • Have proof of being unsuccessful in securing a sufficient mortgage from 2 banks or building societies to buy a home
  • Be aged between 18 and 70

What property can you buy?

Home Choice Loan is available for the purchase of a new or second-hand property or to build your own home. The property must comply with building and planning regulations and must be:

  • Acceptable for mortgage purposes
  • Located in the Republic of Ireland
  • For sale on the open market
  • A residential property that you will live in
  • Covered by Home Bond, Premier Guarantee or equivalent (new properties only)
  • No larger than 175 square metres


Home Choice Loan will provide up to 92% of the market value of a property up to a maximum of €285,000. This means that you can borrow up to €285,000, depending on your income, up to a maximum of 92% of the value of the property purchased.

Your mortgage term can be for a period up to 30 years.

A Home Choice Loan may not be increased in the future. However, you can refinance your Home Choice Loan by switching it to another bank or building society.

Interest rate

Home Choice Loan has only one interest rate, which is variable variable – see the FAQs on the Home Choice Loan website for the current rate.

How to apply

To apply for a Home Choice Loan you must first contact a Home Choice Loan authorised broker in your area to see if you are eligible for a Home Choice Loan. If you are eligible and have a property you want to buy you should complete an application with your broker. Your broker will submit your application to a centralised Home Choice Loan assessment service.

Your mortgage broker will be told of the decision. If you are successful, you will need to get an authorised valuer to assess the value of the property you want to buy. You will also need to appoint a solicitor to undertake the legal conveyance work.

Once the valuation is agreed, and all other requirements satisfied, a loan offer will be issued by one of the 4 designated local authorities.

Four designated local authorities operate the scheme on behalf of all other local authorities. The 4 designated local authorities are:

  • Dublin City Council
  • Cork City Council
  • Kilkenny County Council
  • Galway County Council

Where to apply

Contact a Home Choice Loan authorised broker in your area to see if you are eligible for a Home Choice Loan.

More information is available from the Home Choice Loan website.

Page edited: 3 April 2014