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House Purchase Loan

Applicants must prove that they have sought a mortgage from at least two lenders (banks or building societies) and have received inadequate funding offers or refusals from each before making an application for a House Purchase Loan to Louth Local Authorities.

Application form should be returned to:

Louth County Council
County Hall
Millennium Building
Dundalk
Co Louth
Phone No 042-9335457

 Who is eligible for House Purchase Loans?

To be eligible for a house purchase loan, the applicant(s) must be:

1. A first time buyer (as defined by Section 92B of the Stamp Duties Consolidation Act, 1999 (as amended) i.e. a person, (or, where there is more than one buyer, each of such persons)):

• who has not on any previous occasion, either individually or jointly, purchased or built on his/her own behalf a house (in Ireland or elsewhere) and
• where the property purchased is occupied by the purchaser, or a person on his behalf, as his/her only or principal place of residence and
• where no rent, other than rent under the rent-a-room-scheme, is derived from the property for five years after the date of the current purchase.

1. Aged between 18 and 70 years;
2. Earning under €50,000 as a single applicant and under €75,000 as joint applicant; and
3. In the case of the primary earner on the application, in continuous employment for at least two years (this can be self employment) and the second applicant must have at least one year.

Certain exceptions can be considered.

Key Criteria

• Neither applicant can be a current owner of property.
• The property must be situated in County Louth and must have a gross internal floor area of 175 square metres or less, be in good condition and have good marketable title.
• The property cannot exceed a value as determined by the local authority.  This also applies to a property purchased under Shared Ownership.
• The applicants must occupy the property as their normal place of residence
• The maximum loan amount is €220,000.
• The maximum loan term is 30 years and must be repaid by an annuity of principal and interest combined.  All payments shall be made at monthly intervals.
• The loan is repaid at a variable interest rate.

(THE PAYMENT RATES ON THIS HOUSING LOAN MAY BE ADJUSTED BY THE LENDER FROM TIME TO TIME)