Dáil Éireann Debate, Tuesday - 27 June 2017
603. Deputy Donnchadh Ó Laoghaire asked the Minister for Housing, Planning, Community and Local Government the number of local authority mortgages approved and granted in each of the years 2013 to 2016. [29657/17]
Amharc ar fhreagra604. Deputy Donnchadh Ó Laoghaire asked the Minister for Housing, Planning, Community and Local Government his plans to increase the number of mortgages provided by local authorities. [29658/17]
Amharc ar fhreagraI propose to take Questions Nos. 603 and 604 together.
There are currently two house purchase loan offerings available to lower income first-time buyers from local authorities.
The first is a standard annuity mortgage available from all local authorities. A first-time buyer unable to get adequate loan from a building society or a bank, may be eligible for a mortgage from the local authority concerned to purchase a new or second hand property or build their own home in cases where the gross income (before tax) is €50,000 or less for a single income household or €75,000 or less in the case of a double income household. The loan can be up to 97% of the price of the house subject to a maximum loan of €200,000. The second option for first-time buyers unable to secure adequate loan finance from a bank or building society to purchase a new or second-hand property or build their own home is the Home Choice Loan. Home Choice Loan provides up to 92% of the market value of a property purchased, subject to a maximum loan amount of €285,000.
Information on the number of local authority loans approved and issued from 2013 to end Q3 2016 is available on my Department's website at http://www.housing.gov.ie/housing/statistics/house-prices-loans-and-profile-borrowers/local-authority-loan-activity.
I am currently examining the Home Choice Loan Scheme and am also considering how local authority mortgages can be better publicised to ensure that credit worthy households who may be unable to source adequate loan finance from commercial lenders but could be eligible for one of the local authority mortgages, are made aware of the opportunity.
