The Government backed Mortgage Scheme for First Time Buyers is being rolled out at the moment. We have applied for accreditation under this scheme and we hope to have this in place in the next week or so.
Does it bring a lot to the table?
Not really, as it is not offering anything that isn’t on offer from other banks except maybe the odd bad credit case may get through.
Basic criteria;
- The loan is provided by several local authorities for First Time Buyers who cannot get sufficient finance from a bank or building society.
- The max loan to 92% of purchase price or €285,000.
- The term is 30 years.
- Available for newly build houses only.
- Earnings must exceed €40,000.p.a.
- Applicants must be in permanent employment for at least two years. Self employed applicants must have two years certified accounts.
- Applicants must have letter of decline from a bank or building society.
- The loan is not available for affordable houses.
