Flashcards in Mortgage Allowance Scheme Deck (8)
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
What is the purpose of the mortgage allowance scheme, i.e. why was it designed?
To ease the transition from rented social housing to paying a mortgage
To ensure mortgage repayments can be met
What is the max allowance?
To who is the allowance paid?
To the lending agency
Who pays the allowance?
The Department of Housing, Planning, Community and Local Government
How is the allowance paid?
It is paid directly to the lending agency over a five-year period on a reducing scale
What is the minimum mortgage that can benefit from this scheme?
A mortgage of 38,092 euro