Home Choice Loan
Frank Lenny Financial are appointed Intermediaries for Home Choice loan. Home Choice Loan is a government initiative aimed at helping first-time buyers at a time when there is less choice in the market.
What is Home Choice Loan?
Home Choice Loan is a mortgage provided by the Government for First Time Buyers. The loan is for buyers who can afford to service a mortgage but who cannot get sufficient finance from a bank or building society.
Home Choice Loan provides up to 92% of the value of a property up to a maximum of €285,000 depending on income. The mortgage term is for a maximum of 30 years.
The loan is a normal Capital and Interest bearing mortgage. There is only one mortgage rate. The current variable interest rate can be found on www.homechoiceloan.ie.
Home Choice Loan is available for new, second hand and self build properties.
To qualify for a Home Choice Loan you must:
- be a first time buyer (some exceptions apply, for example if you are divorced);
- earn more than €35,000 as a single applicant, and more than €45,000 combined income as joint applicants.
- be in continuous employment for at least one year;
- if self employed be able to submit two years certified accounts.
What kind of property can I buy or build?
You may buy a new or second-hand property under certain conditions including the following: The property must be for you to live in and located in the Republic of Ireland. Your property can be no larger than 175 square metres and must comply with building and planning regulations. Additional criteria for each option are outlined below.
Purchased properties must be:
- acceptable for mortgage purposes;
- for sale on the open market;
- covered by HomeBond or Premier Guarantee (new properties only).
Self build properties must have:
- construction supervised by appropriately qualified person/be covered by structural warranty;
- certified stage payments;
- appropriate insurance and construction covered by Homebond or Premier guarantee (properties built under contract);
How much can I borrow?
You can borrow up to a maximum of €285,000 depending on your income. Your existing borrowings may affect the amount you can borrow.For more information call us or long on to www.homechoiceloan.ie
WARNING: THE COST OF YOUR MONTHLY REPAYMENTS MAY INCREASE.
WARNING: IF YOU DO NOT KEEP UP WITH YOUR REPAYMENTS YOU MAY LOSE YOUR HOME.