Home Choice Loan (local Authority Mortgage)

Question 1

What is the Home Choice Loan (Local Authority Mortgage)?

Answer 1

A government-based loan provided by four designated local authorities, available to first-time buyers who are unable to obtain a loan from a commercial lending agency

Question 2

For who is the Home Choice Loan available?

Answer 2

First-time buyers who are unable to obtain a loan from a commercial lending agency

Question 3

Describe the loan offered.

Answer 3

It can be up to 92% of the price of a new or second-hand house, or the pricing of building a new home

Question 4

What is the maximum loan provided?

2

Answer 4

320000 euro in Dublin, Louth, Kildare, Galway, Meath, Wicklow

250,000 euro in the rest of Ireland

Question 5

How is the loan repaid?

Answer 5

It is repaid monthly for a period of up to 30 years

Question 6

How do you qualify for the Home Choice Loan?

5

Answer 6

You must earn 50,000 or less as a single applicant

Must earn 75,000 or less as a joint applicant

Be in continuous employment for a minimum of two years

Provide evidence you could not obtain sufficient finance from two banks or building societies

Deposit of at least 10% saved

Question 7

How much do you have to earn as a single applicant to qualify for the Home Choice Loan?

Answer 7

50,000 or less

Question 8

How much do you have to earn as a joint applicant to qualify for the Home Choice Loan?

Answer 8

75,000 or less

Question 9

For how long do you have had to been in employment to qualify for the Home Choice Loan?

Answer 9

A minimum of two years

Question 10

What do you have to provide evidence of in order to qualify for the Home Choice Loan?

Answer 10

Evidence you could not obtain sufficient finance from two banks or building societies

Question 11

How much of a deposit do you need to have saved in order to qualify for the Home Choice Loan?

Answer 11

10%

Question 12

Write a note on the Home Choice Loan.

5

Answer 12

First time buyers unable to obtain a loan

Loan offered can be 92% of the price

Maximum loan depends on location (320,000 or 250,000)

Loan is repaid monthly over a period of 30 years

Qualify - earn over … - employment - evidence - deposit

Question 13

Where in Ireland is the maximum loan 320,000 euro?

6

Answer 13

Wicklow 
Meath 
Galway 
Dublin 
Louth 
Kildare

Question 14

Where in Ireland is the maximum loan 250,000?

Answer 14

Everywhere other than Wicklow, Meath, Galway, Dublin. Louth or Kildare