Housing Loans

 

Making home ownership more affordable for first time buyers:

What is Rebuilding Ireland Home Loan?

The Rebuilding Ireland Home Loan is a new Government backed mortgage for first time buyers.  It is now available nationwide from all Local Authorities from the 1st February, 2018.

As a first time buyer you can apply for a Rebuilding Ireland Home Loan to purchase a new or second – hand property, or to build your own home.

The loan is a normal Capital and interest – bearing mortgage which is repaid by direct debit on a monthly basis. You can borrow up to 90% of the market value of the property.  Maximum market value of the property that can be purchased or self built are €250,000.

 

Am I eligible?

To qualify for a Rebuilding Ireland Home loan you must:

  • Be a first time buyer
  • Be aged between 18 and 70 years.
  • Be in continuous employment for a minimum of two years, as a primary applicant.   Be in continuous employment for a minimum of one year, as a secondary applicant.
  • Have an annual gross income of not more than €50,000 as a single applicant, or not more than €75,000 combined as joint applicants.
  • Submit two years certified accounts if self employed.
  • Provide evidence of insufficient offers of finance from two banks or building societies
  • Not be a current or previous owner of residential property in or outside the Republic of Ireland.
  • Occupy the property as your normal place of residence
  • Purchase or self build a property situated, in Monaghan of no more than of 175 square meters (gross internal floor area).
  • Purchase or self build a property which does not exceed the maximum market value applicable for County Monaghan.
  • Consent to an Irish Credit Bureau and / or a Central Credit Register search.

 

What are my interest rate options?

Rebuilding Ireland Home Loans offer three rate products:

  • 2.745% fixed for up to 25 years (APR 2.78%)*
  • 2.995% fixed for up to 30 years (APR 3.04%)*

Rates are subject to change. Mortgage rates are set on the date of drawdown of your loan.

*These rates, while correct at time of print, are subject to change and dependent on market conditions.

PLEASE NOTE: All rates are exclusive of Mortgage Protection Insurance (MPI), which is a requirement of borrowing.  Eligible borrowers are required to partake in the local authority collective MPI scheme. MPI is payable monthly, in addition to loan repayments.

 

If you choose a fixed interest rate:

Your monthly repayments remain the same for the full fixed rate loan period, making budgeting easier – but during the fixed rate period, you may be liable for a breakage fee if you pay off all or part of your mortgage.

 

How much can I borrow?

With the Rebuilding Ireland Home Loan, you can borrow up to 90% of the market value of a residential property. Maximum market values of the property that can be purchase or self built are €250,000. This limits the amount that can be borrowed to no more than €225,000.

 

A Home Loan calculator is available on:

www.rebuildingirelandhomeloan.ie which will give you an indication of how much you can borrow and the estimated repayments.

 

How do I apply? 

1. If you think you are eligible and can afford the repayments on the amount you need to borrow, you can complete the Rebuilding Ireland Home Loan application form:

Rebuilding Ireland Home Loan Application form

Gaeilge Rebuilding Ireland Home Loan Application form

Additional information can also be found at www.rebuildingirelandhomeloan.ie

2. You must complete all sections of the application form and provide the supporting documents described in the applicant checklist.

3. Your application form must be signed by all applicants and submitted to Monaghan County Council.  Applicants are strongly advised to submit their applications in person, as posted applications are often not completed correctly and have to be returned.

4. You must complete the following HPL1 Form and return it with the completed Rebuilding Ireland Home Loan Application Form.

(In light of the Covid-19 emergency, if you are unable to arrange to have a HPL1 form completed as a temporary alternative arrangement if requested Monaghan County Council will undertake this on your behalf.)

5. Your application will be assessed and you will be advised of the decision in writing.

Further information is available at any of the following:

Data Protection

Mortgage to Rent Scheme Privacy Notice

Rebuilding Ireland Home Loan Privacy Notice

Mortgage Subsidy Scheme

Mortgage Allowance Scheme

Mortgage Repayment Protection Plan