Shared Ownership Loan FAQ's
1) How do I apply for a Shared Ownership Loan?
2) For a Shared Ownership House loan where can I purchase a property?
3) I want to pay off my Shared Ownership Loan, Home Improvement Loan or Mortgage. What should I do?
4) Can a non E.U. national apply for shared ownership loan approval?
5) Can my loan approval be extended or renewed?
6) For a Shared Ownership Loan who chooses the valuer? Laois County Council or the house buyer?
7) For a Shared Ownership Loan can I get a higher loan approval?
9) With a Shared Ownership Loan can I purchase a house for over €200,000?
10) Can I get a re-mortgage from Laois County Council for the Shared Ownership Scheme?
12) Where is the public counter for the Shared Ownership Scheme?
13) How will my Shared Ownership loan amount be determined?
14) How long does it take to receive my Shared Ownership loan approval?
15) Can I apply for a shared ownership with my father/brother/friend etc?
16) When can I change to a 100% mortgage as part of the Shared Ownership Scheme?
18) I have a shared ownership loan what does mortgage protection cover for this?
1) How do I apply for a Shared Ownership Loan?
The Shared Ownership Scheme is designed to enable persons on low to middle incomes who would not otherwise qualify for a mortgage to obtain a house of their choice. The purchase is financed by part mortgage and part rental equity. The applicant is required to take at least 40% mortgage of the purchase price and rent the reminder from Laois County Council. The maximum loan is €185,000 and the maximum purchase price is €220,000.
2) For a Shared Ownership House loan where can I purchase a property?
You may purchase a property within DCC's functional area. A map of this area is provided with each shared ownership loan application and is available on request at the public counter. Other Local Authorities also operate the shared ownership scheme.
3) I want to pay off my Shared Ownership Loan, Home Improvement Loan or Mortgage. What should I do?
Submit a request for this information in writing to the Accounts Section. Loans Sales & Grants stating your name address and account number. A redemption figure will be posted out.
4) Can a non E.U. national apply for shared ownership loan approval?
Yes. Provided they have full refugee status or current leave to remain status ( a green card). Applications from Asylum seekers will not be accepted.
5) Can my loan approval be extended or renewed?
Your loan approval lasts for six months and can be extended for another six months on production of three current payslips. After this it will be necessary to make a new application
6) For a Shared Ownership Loan who chooses the valuer? Laois County Council or the house buyer?
Laois County Council
7) For a Shared Ownership Loan can I get a higher loan approval?
Unless your income is sufficient to meet loan repayments for the particular amount requested you will not be given such loan approval.
8) For a Shared Ownership House Loan what social welfare benefits can be included for income purposes?
The following benefits can be reckoned for loan approval purposes: Lone Parents Benefit, Deserted Wives Benefit and Family Income Supplement may be considered. All other benefits including Children's Allowance, back to Work, unemployment assistance and disability benefits are not accepted.
9) With a Shared Ownership Loan can I purchase a house for over €200,000?
Yes. The maximum purchase price is €220,000, however the maximum loan is €200,000
10) Can I get a re-mortgage from Laois County Council for the Shared Ownership Scheme?
No
11) Under Shared Ownership when I have selected a property, how does Laois County Council's valuer place a value on it?
The valuer values the dwelling based on location, condition and general market value of the area. If the Valuer values the house at a lower price, this is the maximum price at which the purchase will be made. The valuers price is not negotiable.
12) Where is the public counter for the Shared Ownership Scheme?
Housing Department, Laois County Council, Aras Chill Dara, Naas, Co. Laois
13) How will my Shared Ownership loan amount be determined?
The amount of the loan for which you are approved is dependent on your currently weekly/monthly income.
14) How long does it take to receive my Shared Ownership loan approval?
About six weeks however this timeframe depends on when the applicant submits all relevant documentation.
15) Can I apply for a shared ownership with my father/brother/friend etc?
Yes. However for any couple who are not married, or co habiting, it will be necessary to submit confirmation from a solicitor that both parties understand the implications of taking out joint house purchase loan.
16) When can I change to a 100% mortgage as part of the Shared Ownership Scheme
You must have a shared ownership mortgage for three full years before applying to transfer to a full mortgage. This is subject to you showing evidence of sufficient income to afford the increased loan repayments. The mortgage can be obtained from Laois County Council or from another lending agency
17) Can I have a statement of my account/interest statement on my Shared Ownership Loan, Home Improvement Loan or Mortgage with Laois County Council?
If you contact the Accounts Section and provide your name, address and account number, a statement will be posted out to you.
18) I have a shared ownership loan what does mortgage protection cover for this?
If you use a Shared Ownership Loan, only the mortgage part of your loan is covered by the scheme.
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