WEX­FORD’S RE­AC­TION TO THE RE­BUILD­ING IRE­LAND ‘IT GIVES A REAL, AF­FORD­ABLE CHANCE TO BUY’

Gorey Guardian - - NEWS - By DAVID TUCKER

WEX­FORD County Coun­cil chief ex­ec­u­tive Tom En­right says he ex­pects there will be strong in­ter­est in the new loan scheme when it goes live on Fri­day.

And he says he hopes those ben­e­fit­ing from the scheme will va­cate scarce rental ac­com­mo­da­tion, free­ing up dozens of prop­er­ties for those strug­gling to find rental ac­com­mo­da­tion for them­selves and their fam­i­lies.

‘An in­ter­est rate of be­tween 2 per cent and 2.25 per cent, fixed for the en­tire loan pe­riod of up to 30 years means that for the first time in a long time, those with a mod­est in­come now have a re­al­is­tic and af­ford­able op­por­tu­nity of home own­er­ship,’ said Mr En­right.

Wex­ford County Coun­cil said the Re­build­ing Ire­land Home Loan Scheme pro­vided a re­al­is­tic and af­ford­able op­por­tu­nity for home own­er­ship to hun­dreds of low and middle-in­come earn­ers in County Wex­ford.

The Scheme of­fers loans of up to 90 per cent of the pur­chase price/ build cost.

Ap­pli­cants must be over 18 years of age and have a gross in­come of not more than €50,000 for a sin­gle ap­pli­cant or €75,000 as joint ap­pli­cants.

The house can be new or sec­ond hand. Ap­pli­cants can also self-build a prop­erty. The pur­chase price / build cost can­not ex­ceed €250,000 and the floor area can­not ex­ceed 175 sq. me­tres.

Cathaoir­leach of Wex­ford County Coun­cil John He­garty said he wanted to en­cour­age all those who as­pire to own their own home to give this in­no­va­tive loan scheme strong con­sid­er­a­tion.

‘Ap­pli­cants should make early con­tact with Wex­ford County Coun­cil’s Mort­gage De­part­ment to de­ter­mine their el­i­gi­bil­ity and to ex­am­ine the abil­ity of the Scheme to meet their par­tic­u­lar cir­cum­stances and hous­ing needs,’ he said.

The scheme re­quires ap­pli­cants to pro­vide a de­posit of 10 per cent of the pur­chase price/ build cost.

Mr En­right ac­knowl­edged this may pose a chal­lenge for some ap­pli­cants, and says the Coun­cil will ex­am­ine the pos­si­bil­ity of de­vel­op­ing a scheme, pos­si­bly in part­ner­ship with lo­cal credit unions, that may help ap­pli­cants to bridge this funding gap.

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