Wednesday, 18 December 2019

Ceisteanna (470)

Brendan Smith


470. Deputy Brendan Smith asked the Minister for Housing, Planning and Local Government his plans to improve the criteria for the home loan scheme particularly the requirement of a 10% deposit; if some provision can be made to lessen this demand for applicants that have a good track record in renting private property; and if he will make a statement on the matter. [53827/19]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Housing)

The Rebuilding Ireland Home Loan Scheme is designed to enable credit worthy first-time buyers to access sustainable mortgage lending to purchase new or second-hand properties. The low rate of fixed interest associated with the Rebuilding Ireland Home Loan provides first-time buyers with access to mortgage finance that they may not otherwise have been able to afford at a higher interest rate.

To support prudential lending and consistency of treatment for borrowers, a Loan to Value ratio of 90% applies to the Rebuilding Ireland Home Loan as per the Central Bank's prudential lending guidelines. Therefore, in order to avail of the loan, applicants must have a deposit equivalent to 10% of the market value of the property.  There are no plans to change this criterion.

For prospective purchasers of newly-built properties, the availability, through the Revenue Commissioners, of the Help to Buy Initiative for first-time buyers may provide additional assistance to prospective applicants for the Rebuilding Ireland Home Loan.

Further information, including a Frequently Asked Questions section, is available on the Rebuilding Ireland Home Loan website at