A 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 are:
- €320,000 in the counties Cork, Dublin, Galway, Kildare, Louth, Meath and Wicklow, and
- €250,000 in the rest of the country (including Laois).
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%)
First Time Buyers of new and second hand homes (and self-build) may apply for a Rebuilding Ireland Home Loan for a maximum term of 30 years, subject to lending terms and conditions, and who meet the following eligibility criteria:
1. First Time Buyers (exceptions may apply e.g. for legally separated or divorced applicants)
2. Single applicant’s income must be less than €50,000
3. Joint applicants’ combined income must be less than €75,000
4. The primary earner on the application form must be in continuous employment for at least two years (this can be self-employment) and the second applicant must have at least one year’s continuous employment. Certain exceptions can be considered.
5. Aged between 18 and 70 years (i.e. loan term must cease by the time the borrower reaches 70 years of age).
6. Applicants must prove that they have sought a mortgage from two lenders (banks or building societies) and have received inadequate funding offers or refusals from each before making an application for a Rebuilding Ireland Home Loan to Laois County Council.
The maximum loan-to-value ratio is 90%.
The maximum mortgage loan in each case will be determined by the local authority in accordance with lending terms and conditions, loan-to-value limit and subject to the purchaser’s ability to repay.
All applications will be assessed based on the applicant(s) current income, their existing loans and financial commitments. For successful loan applications an additional monthly mortgage protection insurance fee is levied.
How to apply:
Applicants must complete the Rebuilding Ireland Home Loan application form and return it to:
Housing Department, Laois County Council, Áras an Chontae, Portlaoise, Co. Laois. R32 EHP9
***Covid-19 : HPL1 Temporary Process***
Applicants for the Rebuilding Ireland Home Loan should note that in light of the Covid-19 emergency, a temporary alternative arrangement has been put in place that will remove the need for them to obtain a physically completed HPL1 form from Revenue, either in person, by post or via Revenue’s online systems ROS/MyAccount. Instead, the applicant can request that the Local Authority undertake an electronic process to obtain the information from the Revenue Commissioners. Persons who wish to avail of this option should contact Laois County Council and request that the relevant HPL1 information be obtained on their behalf by the Council.
Applicants must prove that they have sought a mortgage from two lenders (banks or building societies) and have received inadequate funding offers or refusals from each before making an application for a Rebuilding Ireland Home Loan to Laois County Council.
For more information including a loan calculator please click HERE
Helpline for enquiries 051 349720