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

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.