Has anyone applied for the Local Authority/Home Choice Loan at 3.25% for FTBs?

Brendan Burgess

Someone mentioned this to me in passing the other day, and I had forgotten all about it. Although their mortgage rate is the lowest, I had not included it in the Mortgage Rates table.

  • First time buyers only
  • Up to 92% mortgage - So a smaller deposit needed than from the banks
  • A mortgage rate of 3.25% - around 1% cheaper than most lenders
Why are they not being snowed under with applicants?

2015: no loans
2014: 2 loans
2013: no data
2011 &2012: 13 loans

Home Choice Loan
Is a Government backed mortgage for First Time Buyers.

Home Choice Loan is now available through authorised mortgage brokers.

Home Choice Loan is a mortgage for First Time Buyers and is provided nationwide by four designated Local Authorities.

First time buyers can apply for a Home Choice Loan to purchase a new or second hand property or build their own home.

Home Choice Loan provides up to 92% of the market value of a property purchased. The maximum loan amount is €285,000. The loan is a normal Capital and interest bearing mortgage which is repaid on a monthly basis.

Home Choice Loan offers one variable interest rate. The rate is currently set at 3.25% variable. APR 3.30%.

Who can apply?
To qualify for a Home Choice Loan applicants must:

  • be a first time buyer (some exceptions may apply );
  • earn over €35,000 as a single applicant and over €45,000 combined income as joint applicants;
  • be in continuous employment for a minimum of one year; If self-employed be able to submit two years certified accounts;
  • provide evidence via a broker that they could not obtain sufficient finance from two banks or building societies.