A newly updated Local Authority Home-Loan Scheme comes in to effect from today.

The scheme is aimed at helping people on low or modest incomes get on the property ladder.

These new regulations will make it easier for single people to avail of a State backed mortgage for a new, second-hand or self-build home.

The Scheme is open to all First Time Buyers and to Fresh-Start applicants on low or modest incomes who can not get sufficient funding from commercial lenders to purchase new or second-hand properties.

Houses purchased under the scheme cannot have a value in excess of € 320,000 in Dublin, Cork, Galway, Meath, Louth and Kildare and € 250,000 elsewhere.

Income ceilings will apply;

Single applicants can not have income in excess of € 65,000 if seeking to purchase a home in the € 320,000 house price areas; the income ceiling is € 50,000 otherwise.

The income ceiling for joint applicants is € 75,000 nationwide.


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