Government Affordable Housing Scheme

 

         

 

What is Home Choice Loan?

Home Choice Loan is a mortgage provided through a number of local authorities for First Time Buyers.

It will provide up to 92% of the market value of a property purchased. The maximum loan amount will be €285,000.  The loan is a normal Capital and interest bearing mortgage  which is repaid on a monthly basis. The mortgage term will be for a maximum of 30 years.

Available for first time buyers who wish to purchase a new property or build their own house.

The Loan will only have one interest rate. The rate is currently set at 4.95% variable.  APR 5.1%.  The cost per thousand is €5.34 per month over a 30 year term.

Example: €200,000 Home Choice Loan will cost you €1,068 per month at the current interest rate.

 

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How does it work? Summary

The Home Choice Loan is a normal Capital and Interest repayment mortgage.

You can borrow up to €285,000 depending on income, to a maximum of 92% of the value of the property purchased.

Your mortgage term will be for a maximum of 30 years.

You may only buy a newly built home.

 

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Who can apply?

To qualify for a Home Choice Loan applicants must:

• be a first time buyer (some exceptions may apply );
• earn more than €40,000 as a single applicant and over €50,000 combined income as joint applicants;
• be in permanent employment for two years; If self-employed be able to submit two years certified accounts;
• provide evidence that they could not obtain sufficient finance from two banks or building soceties.

 

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FAQ

Here are some questions to help you decide if Home Choice Loan is suitable for you.

 

Q. What is Home Choice Loan?

A. Home Choice Loan is a mortgage provided through a number of local authorities for First Time Buyers who can not get sufficent finance from a bank or building society.

Home Choice Loan will provide up to 92% of the market value of a property purchased, to a maximum of €285,000.  The loan is a normal Capital and interest bearing mortgage  which is repaid on a monthly basis.

The mortgage term will be for a maximum of 30 years.

Home Choice Loan will only be available for new homes.

 

 

Q. How does it work?

A. The Home Choice Loan is a normal Capital and Interest repayment mortgage.

You can borrow up to €285,000 depending on income,  to a maximum of 92% of the value of the property purchased.

Your mortgage term can be for a period up to 30 years.

You may only buy a newly built home.

 

 

Q. What is the interest rate?

A. Home Choice Loan will only have one interest rate. 

The rate is currently set at 4.95% variable.  APR 5.1%.  The cost per thousand is €5.34 per month over a 30 year term.

Example: €200,000 Home Choice Loan will cost you €1,068 per month at the current interest rate.

 

 

 

Q. Who can Apply?

A. To qualify for a Home Choice Loan applicants must:

• be a first time buyer (some exceptions may apply);
• earn over €40,000 as a single applicant and over €50,000 combined income as joint applicants;
• be in permanent employment for two years; If self-employed be able to submit two years certified accounts;
• provide evidence via a broker that they could not obtain sufficent finance from two banks or building societies.

 

 

Q. How do I apply?

A. Home Choice Loan will be available in the coming weeks.

Applicants will apply for Home Choice Loan via a nationwide network of authorised mortgage brokers.

Details of authorised brokers will be made available shortly on this site.

 

 

 

Q. What kind of property can I buy?

A. You may only buy a newly built home.  The property must:

• be acceptable for mortgage purposes
• be in the republic of Ireland
• be for sale on the open market
• be a residential property
• be covered by Home Bond, Premier Guarantee or equivalent.

 

 

 

Q. Can a Home Choice Loan be used for the purchase of affordable housing?

A. No. Home Choice Loan is a market designed mortgage to provide access to credit for first time buyers who can afford to purchase on the open market and can afford to service a mortgage, but are unable to get a sufficient mortgage amount from a bank or building society

 

 

 

Q. Can a Home Choice Loan be increased in the future?

A. No, it cannot be increased.

 

 

 

Q. Can I refinance my Home Choice Loan by switching it to another Bank or Building Society?

A. Yes you are allowed to refinance your Home Choice Loan with a Bank or Building Society

 

 

For more information call 1850 700 777.