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Flashcards in Mortgage Allowance Scheme Deck (8)
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1
Q

Who is the mortgage allowance scheme available to?

A

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

2
Q

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

A

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

To ensure mortgage repayments can be met

3
Q

What is the max allowance?

A

11,450 euro

4
Q

To who is the allowance paid?

A

To the lending agency

5
Q

Who pays the allowance?

A

The Department of Housing, Planning, Community and Local Government

6
Q

How is the allowance paid?

A

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

7
Q

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

A

A mortgage of 38,092 euro

8
Q

Write a note on the mortgage allowance scheme.

5

A

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