Written answers

Tuesday, 2 November 2021

Department of Housing, Planning, and Local Government

Housing Policy

Photo of Pa DalyPa Daly (Kerry, Sinn Fein)
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344. To ask the Minister for Housing, Planning, and Local Government his views on the €250,000 limit which applies on Rebuilding Ireland home loans in view of increased building costs. [52113/21]

Photo of Darragh O'BrienDarragh O'Brien (Dublin Fingal, Fianna Fail)
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My Department operates the Rebuilding Ireland Home Loan, which is targeted at first time buyers who wish to own their own home, have access to an adequate deposit and have the capacity to repay a mortgage, but who are unable to access a mortgage sufficient for them to purchase their first home.

The loan enables credit worthy first time buyers to access sustainable mortgage lending to purchase new or second-hand properties or to build their own home in a suitable price range.

With a 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 purchased or self-built are:

- €320,000 in the counties Cork, Dublin, Galway, Kildare, Louth, Meath and Wicklow, and

- €250,000 in the rest of the country.

This limits the amount that can be borrowed to no more than €288,000in the counties Cork, Dublin, Galway, Kildare, Louth, Meath and Wicklow and no more than €225,000in the rest of the country. From an analysis of the scheme to date, the majority of loans advanced are for second hand homes. There are no plans at present to change the house price limits.

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