What do people think of Home Choice Loan

mrsk

Registered User
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Just wondering what people think of the new Home Choice Loan
The Home Choice Loan looks like it is set to replace the Shared Ownership Scheme.

With many affordable homes now cheaper on the private market the Budget looks like it is helping the developers yet again by bringing out this restrictive product. Why else is it only for new homes.

Home Choice Loan will provide up to 92% of the market value of a property purchased, to a maximum of €285,000. The loan is a normal Capital and interest bearing mortgage which is repaid on a monthly basis.
With the Home Choice Loan
You may only buy a newly built home. The property must:
  • be acceptable for mortgage purposes
  • be in the republic of Ireland
  • be for sale on the open market
  • be a residential property
  • be covered by Home Bond, Premier Guarantee or equivalent
Does anybody know if this spells the end of the shared ownership scheme?

Is anybody still interested in the Shared Ownership Scheme? I personally would like to see the loan limits and income limits increased!
 
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