Rebuilding Ireland Home Loan is a new Government backed mortgage for first time buyers. It is available nationwide from all local authorities from 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 values of the property that can be purchased or self-built is €250,000 in Tipperary
A Rebuilding Ireland Home Loan offers three rate products:
- 2% fixed for up to 25 years (APR 2.02%)
- 2.25% fixed for up to 30 years (APR 2.27%)
- 2.30% variable (subject to fluctuation) for up to 30 years (APR 2.32%)
To be eligible for a Rebuilding Ireland Home Loan you must:
- be a first-time buyer
- be in continuous employment for a minimum of two years, as a primary applicant or 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
- provide evidence of refusal or 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 the Republic of Ireland of no more than of 175 square metres (gross internal floor area)
- purchase or self-build a property which does not exceed the maximum purchase price ceiling of €250,000 for county Tipperary
- consent to an Irish Credit Bureau and/or a Central Credit Register search
A website has been set up which gives full background on scheme and has list of FAQ. – www.rebuildingirelandhomeloan.ie
A National Help Desk has been set up to answer queries in relation to the scheme and their contact number is 051-349720 ( 8.00a.m. – 5.00p.m.)