To be eligible for a house purchase loan applicants must:
- Be First Time Buyers and neither applicant can be a previous owner or current owner of a property.
- Be aged between 18 and 70 years
- Be earning under €50,000 in the previous tax year as a single applicant or in the case of a joint application both incomes should not be greater than €75,000 in the previous tax year.
- Be in continuous permanent employment (this can be self employed) for at least two years in the case of the primary earner and in continuous permanent employment for one year in the case of a second applicant
- Of good credit standing with a satisfactory credit record (a credit check will be carried out before loan approval is granted)
- Have an indefinite right to remain in Ireland either through nationality or refugee status (Stamp 4)
- Have been refused by two lending agency’s for mortgage approval and be able to show evidence of refusal
- Be in a position to provide a 3% deposit on the property i.e. on a loan of €220,000 applicants must have a minimum deposit of €6,600.
- Provide proof of marital status (if divorced, legal documents must be submitted)
- Application fee €40.00
If you meet all of the above criteria you will be eligible to submit an application.
Please note: Social Welfare payments will only be considered in the case of secondary earner provided evidence of the long term nature of the payment is confirmed by the department of Social and Family Affairs