KNOW YOUR RIGHTS

REBUILDING IRELAND HOME LOAN

Question : My partner and I have been unable to get a mortgage to buy our own home. Will we be eligible for the new Rebuilding Ireland Home Loan?

Answer : The new Rebuilding Ireland Home Loan provides mortgages to first-time buyers at reduced interest rates (2%—2.3%) to buy new or second-hand properties or to build a home. You can choose to fix the rates for the full term of the mortgage, so you have the same repayments for the whole time you are repaying the loan.

To qualify for a loan under the scheme:

You must be a first-time buyer aged between 18 and 70 years of ageYour income cannot be more than €50,000 (€75,000 for joint applicants)You must have a deposit of at least 10% of the purchase price of the propertyYou must have evidence of two insufficient offers or refusals for a mortgage loan by two banks or building societiesYou must have a satisfactory credit rating The main applicant must have been in continuous employment (or self-employed) for at least two years The property must not be over 175 square metres. If you are buying in Cork, Dublin, Galway, Kildare, Louth, Meath or Wicklow, the maximum market value of the property cannot be more than €320,000; in all other parts of the country, the value cannot exceed €250,000. You also need to show that you can afford the monthly repayments, which must be less than onethird of your monthly household income. You can use the Home Loan Calculator on rebuildingirelandhomeloan.ie to work out how much you can borrow. The Rebuilding Ireland Home Loan is available nationwide from local authorities. You must make an appointment with your local authority to submit your application form and supporting documents in person. You can also call the Rebuilding Ireland Home Loan help desk at (051) 349 720 for more information. Further information is available from the Citizens Information Centre below.

Killarney–0761 07 7820 Email: killarney@citinfo.ie Tralee–0761 07 7860 Email: tralee@citinfo. ie e Caherciveen–0761 07 7780 Email: caherciveen@citinfo.ie Kenmare–0761 07 7810 Email: kenmare@citinfo.ie Killorglin–0761 07 7830 Email: killorglin@citinfo.ie Listowel–0761 07 7840 Email: .listowel@citinfo.ie Phone Centre No: 0761 07 4000

Caherciveen C.I.C, The Library, New Market Street, Caherciveen, Co. Kerry T: 0761 07 7780 Email:caherciveen@citinfo.ie