Vol. 557 No. 5
221 Mr. R. Bruton asked the Minister for the Environment and Local Government the present deposit requirements, interest rate charges, rental subvention rates, mortgage ceilings and capital limits in respect of the shared ownership scheme and the affordable housing scheme; and if he proposes to change these in 2003. [22990/02]
The minimum deposit required under the shared ownership scheme is €1,270. In the context of the termination of the first-time buyer's new house grant, the minimum deposit required under the affordable housing scheme has been reduced from 5% to 3%. The variable interest rate is 4.3% for both schemes and a five year fixed rate of 5.3% is available under the affordable housing scheme only. Mortgage protection insurance at a rate of 0.67% is also payable. The maximum housing loan which a local authority may advance is €130,000 and this may relate to the purchased equity of a shared ownership house. My Department has not set a limit on the cost of houses which may be purchased under either scheme. Local authorities should have regard to local circumstances in operating the schemes, including determining maximum price limits. These issues are best determined by local authorities.
A rental subsidy is available under the shared ownership scheme and a mortgage subsidy under the affordable housing scheme. The subsidy, which is related to household income in the preceding tax year, is as follows:
|
Household IncomePer Annum |
Subsidy PayablePer Annum |
|
€13,000 and under |
€2,550 |
|
€13,001to €15,500 |
€2,300 |
|
€15,501 to €18,000 |
€2,050 |
|
€18,001to €20,500 |
€1,800 |
|
€20,501 to €23,000 |
€1,550 |
|
€23,001 to €25,500 |
€1,300 |
|
Over €25,500 |
Nil |
