What is Home Choice Loan?
Home Choice Loan is a mortgage provided through a number of designated Local Authorities for First Time Buyers who cannot get sufficient finance from a bank or building society. Galway County Council is the designated Local Authority for the North West.
Home Choice Loan will provide up to 92% of the market value of a property purchased/erected. The maximum loan amount will be €285,000. The loan is a normal Capital and Interest bearing mortgage, which is repaid on a monthly basis.
The Mortgage term will be for a maximum of 30 years.
Home Choice Loans are available for the purchase of new or secondhand houses or for the construction of a new house.
Who can Apply?
To qualify for a Home Choice Loan applicants must:
- Be a first time buyer (some exceptions may apply);
- Earn more than €35,000 or €45,000 in the case of joint applications;
- Be in permanent employment for two years; if self-employed be able to submit two years certified accounts;
- Have proof of being unsuccessful in securing a sufficient mortgage from a bank or building society to buy a home.
More Information
Further information on Home Choice Loan can be found on www.homechoiceloan.ie or by calling LoCall 1890 252842.