Wexford County Council will consider applications for loans to purchase, build or improve a house, provided the applicant meets the loan criteria. The amount of the loan will be determined by the purchasers’ ability to repay.
The House Purchase Loan is available for first time buyers and is for a maximum loan-to-value ratio (LTV) of 97%. Applicants must be first time buyers as defined in the Housing (Local Authority Loans) Regulations 2009 (S.I. 145 of 2009).
- Neither applicant can be a current owner of property.
- The property must be situated in the Republic of Ireland and must have a gross internal floor area of 175 square metres or less, be in good condition and have good marketable title.
- The property cannot exceed a value as determined by the local authority. This also applies to a property purchased under Shared Ownership.
- The applicants must occupy the property as their normal place of residence
- The maximum loan amount is €220,000.
- The maximum loan term is 30 years and must be repaid by an annuity of principal and interest combined. All payments shall be made at monthly intervals.
- All loans will be advanced based on the applicant’s capacity to repay using net income ratio calculations. Repayments on the mortgages advanced should not exceed 35% of after tax disposable income.
- Single applicants must not be earning greater than €50,000 per annum. The combined income of joint applicants must not be greater than €75,000 per annum. Applicants must have a credible savings record.
- Applicants must be of good credit standing with a satisfactory credit record. A credit check will be carried out on behalf of Wexford County Council.
- The primary earner on the application must have at least two years continuous employment (this can be self employment) and the second applicant must have at least one year. In certain circumstances exceptions to this policy will be considered.
- The application form must provide details of marital status, dependents, current & previous employments, other borrowings, savings, details of property proposed for purchase and any other information requirements that may be determined from time to time.
- A non-refundable application fee of €60.00 applies.
House Purchase/Construction Loans
Applicants who are unable to obtain finances from the Commercial Lending Agencies, who are within the income limits above or who are tenants of local authority dwellings shall be eligible for loans under the Scheme, subject to an assessment of the applicant’s repayment ability. The maximum mortgage loan in each case is to be determined by the local authority in accordance with the credit policy subject to the €220,000 limit, LTV limit, and subject to the purchaser’s ability to repay.
House Purchase/Construction Loan - Application Form Link
Housing Repair Loans
Local authority loans are available to owner-occupiers in Ireland for the carrying out of necessary works to improve, repair or extend their existing houses.
You may be eligible for a local authority home improvement loan if you can show the local authority that you cannot get a loan from a bank or building society and:
- Your house needs improving, repairing or extending due to overcrowding and your income satisfies the income test above, or
- You are registered on a housing waiting list with a local authority, or
- You are a local authority tenant or a tenant purchaser and you want to buy a private house and return your present house to the local authority,
- You are a tenant for more than one year of a home provided by a housing association under the Rental Subsidy Scheme and you want to buy a private house and return your present house to the local authority.
- Note that the income test only applies to the first category; if you are covered by the second, third or fourth category you are exempt from the income test.
The maximum improvement loans are:
- 38,000 euro (or 50,000 euro on offshore islands) - or
- 15,000 euro where there is no mortgage.
The rate of interest charged on Improvement Loans is variable. This loan is for structural works only.
If you ae a tenant or tenant purchaser of a local authority house who intends to surrender your existing house to the authority or tenant for more than one year of a home provided by a housing association under the Rental Subsidy Scheme and you want to buy a private house and return your present house to the local authority, a tapered 5 year allowance of up to €11,450 may be available to you, subject to you taking a minimum mortgage of €38,092.14.
The allowance is paid directly to the lending agency and your mortgage payments are reduced in each of the first five years as follows:
|Per Year||€||Per Month||€|
The allowance paid in any year cannot exceed the amount of the mortgage repayments.
If you are buying a house under the Shared Ownership Scheme you are not eligible for the Mortgage Allowance Scheme.
The house must be suitable to your needs, meet certain minimum standards and be acceptable to the local authority
PLEASE NOTE: LOANS ARE ADMINISTERED BY WEXFORD COUNTY COUNCIL ON A COUNTY WIDE BASIS.
Wexford County Council
Tel. (053) 9196004
Fax: (053) 9196050
- Loan Application Form (PDF Document, 487 KB)