Financing the purchase

The tenant purchaser will be responsible for raising the necessary finance to purchase.  You have the option of applying for a loan to the Council or to a bank or building society. 

Current interest rates on a Council loan.  The current variable rate at present is 2.25%, with mortgage protection at the rate of 0.5615%.  It should be noted that this rate varies up or down as interest rates generally change. The fixed rate at present is 4.4% with mortgage protection at the rate of 0.5615%.  A loan at this can be fixed for the first five years. Please note mortgage protection insurance is compulsory with a Council mortgage and the same applies to a mortgage with a bank or building society.  Building societies and banks consider loan applications from tenants purchasing their houses outright on the same basis as if you were applying for a loan for a private house.  Laois County Council offer mortgages over 20, 25 or 30 years.  It should be noted all mortgages would have to be paid before the applicant reaches the age of 65.

Example of monthly loan repayment on a mortgage of €100,000 with mortgage protection:

Loan Amount: €100,000

Term: 30 years

Variable Rate 2.25% plus mortgage protection of 0.5615%

 €429.04 per month

Can a Tenant Contest a Local Authority Valuation ?

Yes, but a valuation certificate from a qualified valuer must be submitted to support your claim.  In the event of a significant difference between the authority’s original valuation and that submitted by the tenant, the Council may refer to the matter to the Valuation Office.

Houses Not for Sale Houses provided for and occupied by elderly persons, maisonettes and flats.

For further information on the scheme, please contact:

Mary B White,Housing Department,(057) 8664248 or email mbwhite@laoiscoco.ie