Pa Daly
Question:344. Deputy Pa Daly asked the Minister for Housing, Local Government and Heritage his views on the €250,000 limit which applies on Rebuilding Ireland home loans in view of increased building costs. [52113/21]
View answerTuesday, 2 November 2021
Questions (344)
Written answers
My Department operates the Rebuilding Ireland Home Loan, which is targeted at first time buyers who wish to own their own home, have access to an adequate deposit and have the capacity to repay a mortgage, but who are unable to access a mortgage sufficient for them to purchase their first home.
The loan enables credit worthy first time buyers to access sustainable mortgage lending to purchase new or second-hand properties or to build their own home in a suitable price range.
With a Rebuilding Ireland Home Loan you can borrow up to 90% of the market value of a residential property. Maximum market values of the property that can be purchased or self-built are:
- €320,000 in the counties Cork, Dublin, Galway, Kildare, Louth, Meath and Wicklow, and
- €250,000 in the rest of the country.
This limits the amount that can be borrowed to no more than €288,000 in the counties Cork, Dublin, Galway, Kildare, Louth, Meath and Wicklow and no more than €225,000 in the rest of the country. From an analysis of the scheme to date, the majority of loans advanced are for second hand homes. There are no plans at present to change the house price limits.