Mortgage Allowance Scheme Flashcards Preview

Home Economics: 13.7 - Housing > Mortgage Allowance Scheme > Flashcards

Flashcards in Mortgage Allowance Scheme Deck (8)
Loading flashcards...
1

Who is the mortgage allowance scheme available to?

Social housing tenant who wish to take out a mortgage to buy or build a private house

2

What is the purpose of the mortgage allowance scheme, i.e. why was it designed?
(2)

To ease the transition from rented social housing to paying a mortgage

To ensure mortgage repayments can be met

3

What is the max allowance?

11,450 euro

4

To who is the allowance paid?

To the lending agency

5

Who pays the allowance?

The Department of Housing, Planning, Community and Local Government

6

How is the allowance paid?

It is paid directly to the lending agency over a five-year period on a reducing scale

7

What is the minimum mortgage that can benefit from this scheme?

A mortgage of 38,092 euro

8

Write a note on the mortgage allowance scheme.
(5)

Social housing tenants who wish to take out a mortgage to buy/build a private house

Ease the transaction from rented social housing to paying a mortgage

Ensures that mortgage repayments are met

Allowance of up to 11,450 euro

Paid by the Department of Housing, Planning, Community and Local Government to the lending agency over a five year period on a reducing scale