A local TD is encouraging those looking to purchase a home or are taking on a new build to consider applying for a Local Authority Home Loan.
A Local Authority Home Loan is a Government backed mortgage for creditworthy first time buyers or those making a fresh start after a divorce, separation or bankruptcy and is available nationwide from all Local Authorities.
It enables an applicant to borrow up to 90% of the value of the property where they have proof of insufficient mortgage offers of finance from two regulated financial providers.
Fianna Fail TD for Cavan-Monaghan, Deputy Brendan Smith says he wants and he needs people to know that there are options when it comes to buying a home and the Local Authority Home Loan is one of a number of measures which is available to help.
Maximum values of the property that can be purchased or self-built are €275,000 for counties in the Shannonside Northern Sound region, while income limits are set at €70,000 for all single applicants and €85,000 for all joint applicants.
