What Is A Rebuilding Ireland Home Loan?
A Rebuilding Ireland Home Loan is a new Government backed mortgage for first time buyers. It is available nationwide from all local authorities from 1st February 2018. As a first time buyer you can apply for a Rebuilding Ireland Home Loan to purchase a new or second-hand property, or to build your own home. The loan is a normal Capital and Interest-bearing mortgage which is repaid by direct debit on a monthly basis. You can borrow up to 90% of the market value of the property.
Maximum market value of the property can be purchased or self-built using a Rebuilding Ireland Home Loan in Leitrim is €250,000.
Am I Eligible for a Rebuilding Ireland Home Loan?
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
Eligibility is subject to submission of a complete Rebuilding Ireland Home Loan application form and confirmation by your local authority.
What Are The Interest Rates?
A Rebuilding Ireland Home Loan offers three interest rate products:
- 2% fixed for up to 25 years (APR 2.02%)
- 2.5% fixed for up to 30 years (APR 2.27%)
- 3.0% variable (subject to fluctuation) for up to 30 years (APR 2.32%)
All interest rates are exclusive of Mortgage Protection Insurance (MPI) which is a requirement of borrowing. Eligible borrowers are required to partake in the local authority collective MPI scheme. MPI is payable monthly, in addition to loan repayments.
Where Can I Get Further Information?
Further information is available from the Rebuilding Ireland National Call Centre Telephone: 051 349720 (8am to 5pm – Monday to Friday) or alternatively you can contact the Finance Department of Leitrim County Council on 0719620005 Ext. 310
Or you can visit the Rebuilding Ireland Home Loan web site by clicking HERE
How do I apply?
- If you think you are eligible for a Rebuilding Ireland Home Loan and can afford the repayments on the amount you need to borrow, you can obtain a copy of the Rebuilding Ireland Home Loan application to print out or download by clicking HERE
- You must complete all sections of the application form and provide the supporting documents described in the applicant checklist.
- Your application form must be signed by all applicants and submitted to the Finance Department of Leitrim County Council. When you have completed your application you should contact your the Finance Department to arrange to submit your application in person, as posted applications are frequently not completed correctly and have to be returned.
The contact details for Leitrim County Council Finance Department are:
Leitrim County Council Finance Department
Áras An Chontae,
St. Georges Terrace,
Carrick on Shannon,
Telephone: 071 9620005 Ext. 310
Fax: 071 9621982
- Your application will be assessed and you will be advised of the decision in writing. Lending criteria, terms and conditions apply.
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