Affordable Housing FAQs
Where can I get a mortgage for an affordable home?
You may get a mortgage either from the Local Authority or from the following organisations:
- Bank of Ireland
- Educational Building Society (EBS)
- IIB Homeloans Ltd.
- First Active
Check www.affordablehome.ie for any updates on the above.
If you choose a mortgage with a Bank or Building Society and the Local Authority offers you a home:
1. The Local Authority will give you a 'Confirmation for Lender' certificate, which describes the property and tells you the Banks or Building Societies that may be willing to grant you a mortgage for your affordable home; and
2. You can then take this certificate and apply for a mortgage with a Bank or Building Society. The term of your Bank or Building Society mortgage (the number of years you make repayments for) can be for up to 35 years.
If you choose a mortage with the Local Authority:
1. The most you can borrow from a Local Authority is €185,000
2. The term of your Local Authority mortgage can be up to 30 years; and
3. Your mortgage repayments cannot be more than 35% of your net income. If you are applying for a mortgage with someone else, the repayments cannot be more than 35% of your net income put together.
