Affordable Housing FAQs

How long can a mortgage last?

A mortgage can last from 15 years to 35 years.  The number of years the mortgage lasts is called the term.  With a shorter term, you have higher monthly repayments but, because you pay the mortgage over a shorter period, you pay less interest in total.  With a longer term, you have lower monthly repayments but you pay more interest in total.

Cost of affordable home	Less deposit (3%)	Mortgage over 25 yrs	Approximate monthy repayment (an interest rate of 4.5%)
€ 160,000	€ 4,800	€ 155,200	€ 860
€ 180,000	€ 5,400	€ 174,600	€ 970
€ 220,000	€ 6,600	€ 213,400	€ 1,185

Note: This is an example only and the interest rate may change.  Your monthly mortgage repayments can go up or down depending on interest rates and the conditions of your mortgage agreement.  You must pay legal fees, which may be about €2,000.  To buy an affordable home you will need a deposit and enough money to cover legal fees and other costs.  Remember to make sure that after you make your monthly mortgage repayment you still have enough money left to pay all your other bills.  A management charge may apply to some affordable homes.

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