More homebuyers in Waterford now eligible for State-backed mortgage

Increases to house prices and income limits for the Waterford area, announced under the Local Authority Home Loan scheme, were welcomed recently by Minister for Mental Health and Older People, Mary Butler TD.

The announcement, made last week by Minister for Housing, Local Government and Heritage, Darragh O’Brien TD, saw ‘significant improvements’ made to the Local Authority Home Loan.

Taking effect from March 1, the new measures will see more people in Waterford now eligible for a State-backed mortgage and prices of homes eligible for a Local Authority Home Loan - income limits of those eligible to apply for a loan are being increased.

“I am encouraged that more single people and couples in Waterford will be able to apply for this State-backed loan as a result of these significant increases. The ‘Fresh Start Principle’ also applies whereby people who are divorced or separated and have no interest in the family home, or who have undergone insolvency proceedings, can also avail of the loan,” Minister Butler said.

Income limits for people in Waterford have also increased from €50,000 and €65,000 to €70,000 for all single applicants and from €75,000 to €85,000 for all joint applicants.

“The changes reflect the reality of today’s housing market, and we will continue to keep the Local Authority Home Loan under review to ensure it remains a genuine and relevant support for people who want to own their own home,” Minister Butler added.

Since February 2018 over 3,300 people have gotten on the property ladder through the Local Authority Home Loan and its predecessor, the Rebuilding Ireland Home Loan. Supporting home ownership is a key objective for this Government and the increase in eligible house prices, coupled with the increase in income limits, will mean more people can access the loan in Waterford.