Limerick TD and Minister Patrick O’Donovan has welcomed the decision by the Government to launch a new local authority mortgage scheme to be called Rebuilding Ireland Home Loan.
“This is a scheme aimed at people who have been refused access to a mortgage by two financial institutions and have particular levels of income for houses under a certain cost. In Limerick the maximum cost of the property will be €250,000 and people can earn up to €50,000 as a single applicant or €75,000 for a couple.”
Patrick O’Donovan added “The scheme announced by the Government is for first time buyers with a deposit and is for all domestic housing properties, including self-build homes. Rates of interest will be charged on a fixed basis for the duration of the loan at between 2% and 2.5%.”
“I believe that this is very good news for many Limerick people who want to own their own home, but at present can’t access a mortgage. I have been pushing for a number of years for an introduction of a scheme like this and I am glad that the Government have been clear that they are not capping the number of people that will be able to access the scheme.”
He added “as a Government we are committed to introducing new measures that will address the current housing shortages both public and private. It’s clear that the steps we’ve taken, are having an effect in terms of numbers of houses under construction, numbers of planning permissions, numbers of commencement notices, numbers at work in construction and the numbers of those we can provide a solution for. However I accept we need to continue to work on this issue facing the country and this mortgage scheme is another element of that.”
The new scheme will open in February and further details on it can be found on the Rebuilding Ireland website www.rebuildingirelandhomeloan.ie, or from Patrick O’Donovan’s constituency office on 069 – 77998
