Housing Loans
Overview
Wexford County Council recognises that increasing house prices have pushed many people out of the housing market.
The following Schemes are part of Wexford County Council's continuing efforts to facilitate home ownership and to make housing more accessible to first time buyers.
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.
Loan Schemes and Subsidies Available
- House Purchase/Construction Loans
- Affordable Housing Loans
- Housing Repair Loan
- Shared Ownership Scheme
- Serviced Sites & Site Subsidies
House Purchase/Construction Loans
Applicants who are unable to obtain finances from the Commercial Lending Agencies, who are within certain income limits or who are tenants of local authority dwellings shall be eligible for loans under the Scheme, subject to an assessment of the applicants repayment ability. A non-refundable application fee of €60.00 applies.
Loans are available at 95% of the cost of the house to a maximum of €185,000.
House Purchase/Construction Loan - Application Form
Mortgage Allowance
If you already live in a local authority house or are a tenant of a house provided under the Voluntary Housing Rental Subsidy Scheme and will be surrendering your house, a tapered 5 year allowance of up to €11,450, may apply to you, subject to you taking on a minimum mortgage of €38,000.
| Per Year | € | Per Month | € |
|---|---|---|---|
| 1 | 3,560 | Year 1 | 297.00 |
| 2 | 2,800 | Year 2 | 233.00 |
| 3 | 2,040 | Year 3 | 170.00 |
| 4 | 1,780 | Year 4 | 148.00 |
| 5 | 1,270 | Year 5 | 106.00 |
| 11,450 |
All Schemes are subject to applicants meeting the following criteria
Applicants should be:
- Persons in need of housing who satisfy the income test.
Single Income Households €40,000 gross income in last income tax year. Double Income Household Eligibility determined by a formula which takes account of the gross income of the principal earner and the subsidiary earner where two and a half times the income of the principal earner plus once the income of the subsidiary earner does not exceed €100,000.
Or
- Tenants of one year's standing of houses provided by approved housing bodies under the Rental Subsidy Scheme who intend to return their houses to the voluntary housing body.
And/Or
- Tenants and tenant purchasers of local authority houses who intend to surrender their existing houses to the authority.
Applicants under these schemes should meet the above criteria but must also have been refused by two other Lenders before applying to Wexford County Council.
Affordable Housing Loans
The maximum mortgage in each case will be determined by Wexford County Council. The loan will not exceed 97% of the sale price and account will be taken of the purchasers ability to repay. Applicants must demonstrate savings to cover the deposit on the affordable house and legal fees from their own resources.
Loans taken out under this Scheme are offered at a fixed rate option for 5 years which will then convert to a variable interest rate option, or alternatively a variable rate option for the full term of the loan. If the gross household income does not exceed €28,000 in the preceding tax year, applicants may qualify for an Affordable Housing Mortgage Subsidy towards the loan instalments.
The maximum loan term is 30 years.
Properties acquired under this Scheme are subject to claw back if sold within a certain period
Affordable Housing Application Form
Mortgage Subsidy
| Household Income (p.a.) | Subsidy |
|---|---|
| €13,000 and under | €2,550 |
| €13,001 - €15,500 | €2,300 |
| €15,501 - €18,000 | €2,050 |
| €18,001 - €20,500 | €1,800 |
| €20,501 - €23,000 | €1,550 |
| €23,001 - €25,500 | £1,300 |
| €25,501 - €28,000 | €1,050 |
| Over €28,000 | Nil |
Mortgage Allowance Scheme
If you are at present a tenant of Wexford County Council or a Voluntary Housing Body and wish to buy or build, and will be surrendering your house you may qualify for up to €11,450 over the first 5 years provided that you avail of a mortgage of at least €38,000.
PLEASE NOTE: The allowance or the allowance plus income tax relief on mortgage interest cannot, in any year, exceed the amount of the loan charges due.
Housing Repair Loans
Wexford County Council will consider applications for loans for persons proposing to execute works for reconstruction, repair or improvement to houses, provided that the house will be fit for human habitation after the proposed works are completed, the proposed works are necessary for the purpose of providing suitable housing accommodation and that the house is suitable for reconstruction, repair or improvement. Loans are subject to income limits and repayment ability.
Shared Ownership Scheme
You can approach Wexford County Council to see if you qualify under the Shared Ownership Scheme. This is a scheme which facilitates access to full home ownership in two or more stages, to persons who cannot afford full ownership immediately.
The applicant initially acquires a share (approximately 75%) and rents the remainder from Wexford County Council, with an undertaking to acquire the remaining equity within the period of the mortgage. Rent on the Council's equity (i.e. Council's portion of the property) is at 4.3% per annum, applicants with a yearly income of less than €28,000 in the preceding tax year may be eligible for a Shared Ownership Subsidy on the rent element - see chart below.
A deposit of at least €1,270 must be paid by the applicant to Wexford County Council which will go towards their share of the house.
Shared Ownership Subsidy
Households with a gross income not exceeding €28,000 in the previous tax year will qualify for an annual subsidy towards the rent as follows:
| Household Income | New Subsidy (p.a.) for shared ownership post 2006 |
|---|---|
| €13,000 and under | €2,550 |
| €13,001 - €15,500 | €2,300 |
| €15,501 - €18,000 | €2,050 |
| €18,001 - €20,500 | €1,500 |
| €20,001 - €23,000 | €1,550 |
| €23,001 - €25,500 | €1,300 |
| €25,501 - €28,000 | €1,050 |
| Over €28,000 | Nil |
| New Tapering | |
| €28,001 - €29,000 | € 500 |
Serviced Sites & Site Subsidies
If you purchase your own site, for the purpose of housing yourself, and are an eligible applicant, you may qualify for a site subsidy. Each application for site subsidy is individually assessed and payment will be made on production of contract documents relating to the site purchase.
Land owned by Wexford County Council adjoining Social Housing Schemes will be developed as private sites. If you are an eligible applicant and wish to build your own home, you may qualify to purchase a Subsidised site.
Subsidised Sites and Affordable Housing Application Form
PLEASE NOTE: The Urban Authorities of Wexford Corporation, Enniscorthy U.D.C. and New Ross U.D.C. are also addressing the area of Affordable Housing within their functional areas.
Contact Details:
Loans and Grants Section,
County Hall,
Wexford.
Tel. (053) 9176392, 9176275
