Dáil Éireann debate -
Tuesday, 19 Jun 2001

Vol. 538 No. 3

Written Answers. - Shared Ownership Loans.

Jack Wall

Question:

270 Mr. Wall asked the Minister for the Environment and Local Government if, further to Parliamentary Question No. 395 of 12 June 2001, there is an upper maximum limit of £100,000 on shared ownership loans; if so, if he will consider raising this limit to ensure that applicants can obtain housing in areas where the limit prevents them seeking a shared ownership loan due to the fact that the cost of the house exceeds the £100,000 limit in use by the local authorities; and if he will make a statement on the matter. [18044/01]

Minister of State at the Department of the Environment and Local Government (Mr. Molloy)

Under the shared ownership scheme, applicants are required to purchase at least 40% of the value of the dwelling and to rent the remaining share from the local authority. While the maximum loan which may be advanced by a local authority in respect of the share of the dwelling being purchased is £100,000 the cost of the dwelling being purchased may, of course, exceed £100,000, subject to the borrower's income being sufficient to meet the financial commitments involved.