The Rebuilding Ireland Home Loan is mortgage for first-time buyers and has been available nationwide through local authorities since 1 February 2018.
Under the scheme a letter of loan offer is valid for a period of 6 months from date of issue, subject to terms and conditions contained set out in the letter. However, the interest rate for the loan is determined by the date of draw down of the loan and this may change within the 6-month validity period.
Where a loan has been approved for building a new house, in accordance with normal practice the loan would be drawn down in tranches, depending on certain works, certified by an Architect, being completed. It would be expected that the applicant would be in a position to draw down the first tranche within the six month period. However further tranches may be drawn down after that period.
The local authorities are the statutory bodies responsible for approving and issuing mortgages under the scheme. Each authority has a credit committee, which is responsible for making the final decisions, within its area, regarding loan applications.