Louth Local Authorities provides different types of House Purchase loans. These loans include:-
The same application form is used for all the House Purchase Loans. The form sets out who is eligible to get a loan.
| | Yes | No |
Are you a first time buyer? There is a legal description of a first time buyer in the Housing Regulations. Housing (Local Authority Loans) Regulations 2009 (S.I. 145 of 2009) | | |
| Are you aged between 18 and 70 years of age? | | |
| Are you single and earning €50,000 or less per year? | | |
You do not own a house or property? If you do own a house or property you won't qualify for a loan. | | |
| In the case of a joint application, is the total income of both applicants €75,000 or less per year? | | |
You or the other applicant do not own a house or property? In the case of a joint application, neither applicant may currently own a house or property. | | |
Have you been in continuous employment for the last two years (this can be self employment)? In certain circumstances exceptions to this policy will be considered. | | |
In the case of a joint application, has the second applicant been in continuous employment for the past year? In certain circumstances, exceptions to this policy will be considered. | | |
| Do you intend to the property you want the loan for to be your normal place of residence? | | |
| Is the property situated within County Louth? | | |
| Is the property in good condition? | | |
| Does the property have good marketable title? | | |
| Does the propery have a gross internal floor area of 175 square metres (1,850 square feet) or less? | | |
Will the property cost less than €220,000? €220,000 is the maximum loan amount available. Note: The property cannot exceed a value as determined by the local authority. This also applies to a property purchased under Shared Ownership. | | |
The maximum loan-to-value ratio is 97%. Do you have enough savings to make up the 3% difference? For example, if the cost of the property is €100,000, the council will lend €97,000 and you need to have the other €3,000 saved up. | | |
Do you have the capacity to repay the loan? The maximum loan term is 30 years. Repayments must be made at monthly intervals. Loans are given based on your capacity to repay. The council will look for information on your income and expenditure. They will use this information to decide if you could manage to repay the loan. | | |
| Do you have a credible savings record? | | |
| Do you have good credit standing with a satisfactory credit record? | | |
| Have you been refused a loan by 2 different banks or building societies? | | |
The application form requires details of: - marital status, dependents
- current & prevous employments
- other borrowings, savings
- details of property proposed for purchase and;
- any other information requirements that the council may need from time to time
Can you provide these details? | | |
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