Council Mortgage
We will consider applications for loans to persons proposing to acquire or construct a house to be used for their own occupation.
Amount of Loan
The maximum sum which may be advanced shall not exceed €220,000 or 97% of the value of the house exclusive of the amount of any grant under any enactment, whichever is less.
Before applying for a Council Loan
Before a person approaching the Council about a loan you must first of all apply to two Financial Institutions. (We will not consider any person for a loan unless they have been refused a loan by two Financial Institutions and have produced documentary evidence to this effect.)
We will then consider the application in the normal way.
House Purchase Loan Application
Mortgage Allowance Scheme
An allowance may be payable to purchasers surrendering a house rented from a Local Authority or a Voluntary Housing body. This allowance reduces mortgage repayments.
For the first 5 years of the loan as follows:
- €3,555 in the first year,
- €2,793 in the second,
- €2,032 in the third year,
- €1,778 in the fourth year and
- €1,270 in the fifth year.
Mortgage protection insurance will be arranged by us for which the purchaser will pay a rate of 0.598% of the amount outstanding on the loan. Tax relief at source on mortgage interest paid will apply in the normal way as with Mortgage holders generally.
Mortgage Subsidy Scheme
A subsidy is available to purchasers with a household income (gross) less than €28,000 in the preceding tax year. This subsidy is paid to the local authority and reduces the monthly payments due on the mortgage.
