31 January 2018
By Mary Bermingham
Fine Gael Minister Simon Coveney has welcomed the ‘Rebuilding Ireland Home Loan’ mortgage scheme unveiled by his colleague Eoghan Murphy.
For the first time Cork – and indeed all Irish – families will be be able to know their payments for the entire lifetime of a mortgage because of the fixed interest rates of 2-2.25% in this government-backed mortgage scheme (that’s lower than any bank’s interest rate)
The scheme will be open to first-time buyers who are…
– A single person earning €50,000 or less.
– A couple earning €75,000 or less.
New homes, new builds and second hand homes all qualify and the person or couple can borrow 90% of the value of the property.
The value of the home you can buy must not exceed €320,000 in Cork City (Dublin and Galway too). In the rest of the country, it is a maximum of €250,000.
The government has put in place enough money for 1,000 mortgages and the scheme opens on Feb 1st.