Dáil Éireann Debate, Tuesday - 21 February 2023
307. Deputy Danny Healy-Rae asked the Minister for Housing, Local Government and Heritage the funding or schemes available for first-time builders who qualified for a mortgage but, due to the increased costs of building, are unable to complete their home with the mortgage allocated and now find they have an incomplete house and no access to further funds; and if he will make a statement on the matter. [8464/23]
Amharc ar fhreagraBoth my Department's Local Authority Home Loan and the Help to Buy tax rebate managed by the Revenue Commissioners are currently available to eligible applicants for the purpose of constructing a self-build home.
The lending ceilings and underwriting practices for self-build projects are a matter for individual commercial mortgage providers within the wider regulatory framework of the Central Bank macro-prudential rules.
In relation to the Local Authority Home Loan, this Government-backed mortgage is available for self-build projects. If cost overruns do occur on a build financed by the Home Loan, there is scope for a Local Authority to re-assess the project and potentially advance more funding to complete the build. This further funding is subject to the maximum loan amounts and the limit of 90% of home value set by the Housing Loans Regulations 2021.
