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Know Your Rights: Local Authority home loans

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Question: I want to buy a house, but can’t get a mortgage with the bank. What other options do I have for finance?

Answer: You may be able to get a local authority home loan to buy a home if you’ve been unable to get the funds you need from a bank.

The Local Authority Home Loan is a Government-backed mortgage with reduced interest rates. The interest rates are fixed for the full term of the loan, so you have the same repayments for the lifetime of the loan. You can use the loan for new or second-hand properties, or to build a home.

How do I qualify for the loan?

To get this loan, your income must be below a certain level and you must have been in continuous employment for a set amount of time. You must also meet some other criteria.

You must:

Be a first-time buyer or ‘fresh start’ applicant
Be aged between 18 and 70
Have proof that you haven’t been able to get the mortgage funding you need from two banks or building societies
Have a deposit
Have a satisfactory credit rating
Live in the property once you have bought or built it

What is the maximum market value of a property for this loan?

The home you are buying or building must be below a certain market value (price). The maximum market value of the property depends on where the property is located.

€320,000 in Cork, Dublin, Galway, Kildare, Louth, Meath and Wicklow
€250,000 in the rest of the country

You can borrow up to 90% of the market value of the property and you may be able to get the Help to Buy incentive to help with your deposit.

What are the interest rates?

The interest rates are fixed for the full term of the mortgage and are currently:

2.495% for up to 25 years
2.745% for up to 30 years

You apply to your local authority for the Local Authority Home Loan.

Read more about the Local Authority Home Loans on citizensinformation.ie or phone Kerry Citizens Information Service 0818 07 7860 (Monday to Friday, 10am to 4pm), the national phone service on 0818 07 4000 (Monday to Friday, 9am to 8pm), or log on to www.citizensinformation.ie.

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Massive increase in numbers using local bus services

Passenger numbers on local link buses across Kerry have increased by 1727% from 2020 to 2023 according to local Green Party Candidate for Killarney Diarmaid Griffin. This is the highest […]

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Passenger numbers on local link buses across Kerry have increased by 1727% from 2020 to 2023 according to local Green Party Candidate for Killarney Diarmaid Griffin.

This is the highest increase nationally and is due to the investment by the Department of Transport during this government term.

“This service was lacking in former times, especially in rural areas and is a welcome addition to the countryside and villages of Kerry.’ says Green Party Candidate for Killarney,” said Griffin.

“While in the past, a taxi was the only option for those not cycling or driving. Now a service to Killarney is available every Friday morning from my townland of Barleymount. This is just one example of the network of bus routes criss-crossing the county thanks to local link.”

“This project is a notable success as the figures show. Investment in public transport helps alleviate congestion, increases community cohesion and reduces rural isolation. This is all welcome news for the locality,”

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Two weeks to go to Killarney Musical Society’s production of ‘Michael Collins A Musical Drama’There is less than two weeks to show time for the cast of Killarney Musical Society’s production of ‘Michael Collins A Musical Drama’

Killarney Musical Society held its official launch on Sunday where cast members appeared in full costume ahead of the March 5 – 7 performance at the INEC Arena. The launch was […]

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Killarney Musical Society held its official launch on Sunday where cast members appeared in full costume ahead of the March 5 – 7 performance at the INEC Arena.

The launch was followed by a full rehearsal and director Oliver Hurley was also there to lend a hand.

“We were delighted to introduce our lead characters to you. We had Abbey Theatre players Brigid Delia and Michael, who are the narrators throughout the musical drama. Eamonn De Valera , Harry Boland, Joe Emmett, Arthur Griffith, Cathal Brugha, volunteers and of course the beautiful Kitty Kieran were in full costume,” said KMS PRO Linda O’Donoghue.

“Mother Ireland and her five graceful dancers were fabulous. Our director and choreographer Oliver, our musical director Michael Young and the full cast of 64 were there. The singing was powerful. The music in ‘Michael Collins – A Musical Drama’ is distinctly Irish. People will definitely enjoy it.”

TICKETS
Get your tickets in the INEC box office, online at universe.com or at the pop-up ticket office in the Laurel’s Pub, Market Cross from 12 pm to 4 pm between February 29 and March 2.

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