Following a review of the two existing local authority home loan schemes, the House Purchase Loan and the Home Choice Loan, I am introducing a new loan offering, known as the Rebuilding Ireland Home Loan, with effect from tomorrow, 1 February 2018. The new loan will enable credit worthy first time buyers to access sustainable mortgage lending to purchase new or second-hand properties in a suitable price range. The low rate of fixed interest associated with the Rebuilding Ireland Home Loan provides first time buyers access to mortgage finance that they may not have otherwise been able to afford at a higher interest rate.
As with the previous local authority house purchase loan offerings, the properties that may be purchased with a Rebuilding Ireland Home Loan must have a gross internal floor area of 175 square metres or less which is equivalent to 1,884 square feet. This property size limit more than adequately provides, in terms of property size, for the range of accommodation needs of first time buyers and I have no plans, at this time, to revisit this provision.
Detailed information on the new mortgage is available on the dedicated www.rebuildingirelandhomeloan.ie website, from the information centre at 051 349720, or directly from local authorities.