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How do I apply for the new Government Backed First Time Buyer Mortgage Scheme

How do I apply for the new Government Backed First Time Buyer Mortgage Scheme

Rebuilding Ireland Home Loan is a new Government backed mortgage for first time buyers. It is available nationwide from all local authorities from 1st February 2018.

As a first-time buyer you can apply for a Rebuilding Ireland Home Loan to purchase a new or second-hand property, or to build your own home. The loan is a normal Capital and Interest-bearing mortgage which is repaid by direct debit on a monthly basis.

You can borrow up to 90% of the market value of the property.

Maximum market values of the property that can be purchased or self-built are:

€320,000 in the counties Cork, Dublin, Galway, Kildare, Louth, Meath and Wicklow, and

€250,000 in the rest of the country.


Am I eligible?

To be eligible for a Rebuilding Ireland Home Loan you must

  • be a first-time buyer
  • be aged between 18 and 70 years
  • be in continuous employment for a minimum of two years, as a primary applicant or be in continuous employment for a minimum of one year, as a secondary applicant
  • have an annual gross income of not more than €50,000 as a single applicant or not more than €75,000 combined as joint applicants
  • submit two years certified accounts if self-employed
  • provide evidence of insufficient offers of finance from two banks or building societies
  • not be a current or previous owner of residential property in or outside the Republic of Ireland
  • occupy the property as your normal place of residence
  • purchase or self-build a property situated in the Republic of Ireland of no more than of 175 square metres (gross internal floor area)
  • purchase or self-build a property which does not exceed the maximum market value applicable for the county in which it is located
  • consent to an Irish Credit Bureau check

Eligibility is subject to submission of a complete Rebuilding Ireland Home Loan application form and confirmation by your local authority.

What Rates are available?

2% fixed for up to 25 years (APR 2.02%)

2.25% fixed for up to 30 years (APR 2.27%)

2.30% variable (subject to fluctuation) for up to 30 years (APR 2.32%)

  • All rates are exclusive of Mortgage Protection Insurance (MPI) which is a requirement of borrowing. Eligible borrowers are required to partake in the local authority collective MPI scheme. MPI is payable monthly, in addition to loan repayments.
  • If you choose a fixed interest rate product:

Your monthly repayments remain the same for the full fixed rate loan period, making budgeting easier – but during the fixed rate period, you may be liable for a breakage fee if you switch to a variable rate or pay off all or part of your mortgage.

  • If you choose a variable interest rate product:

You have the flexibility to make lump sum repayments, increase your repayments or make early repayments – but your monthly repayments could rise or fall over the life of your mortgage.


As Financial Advisors we can give advice on which product is most suitable for you.

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