Am I eligible?
In order to qualify for the Local Authority Purchase and Renovation Loan you must:
- Be a first time buyer or Fresh Start applicant.
- Be within the income limits for borrowers
- as a single applicant have an annual gross income of not more than €70,000 (gross)
- as joint applicants have an annual gross income of not more than €85,000 (gross)
- be eligible for the Vacant Property Refurbishment Grant.
- pass the standard creditworthiness assessment under the Local Authority Home Loan, which has requirements around income sustainability, employment and creditworthiness, as well as other personal eligibility requirements.
- Meet the assessment for borrower creditworthiness. Your repayment capacity will be capped at 35% of net disposable income.
- intend for the home to be your Principal Private Residence (i.e. it cannot be used for rental properties)
- be unable to source sufficient financing from commercial lenders to be eligible.
- be able to provide additional evidence if you were denied financing for project specific reasons.
- Be able to demonstrate project viability. You must be able to satisfactorily demonstrate, with professional analysis, as appropriate, that the property will comply with the applicable building regulations once the renovations are complete and the end value of the works are within the house price and loan to value limits. The amount of financing sought must match the scheme lending criteria for the type of renovation proposed.
Note: if you have already purchased your own home and do not have a mortgage on this property you will be allowed to apply for funding to renovate the home, on the condition that the LAPR has first charge on the home in question.