COMHAIRLE CONTAE ÁTHA CLIATH THEAS
SOUTH DUBLIN COUNTY COUNCIL

MEETING OF SOUTH DUBLIN COUNTY COUNCIL

Monday, January 13, 2014

QUESTION NO.1

QUESTION: Councillor M. Devine

To ask the Manager for a report on applications for a house purchase loan for the year to date?

REPLY:

Subject to certain criteria, South Dublin County Council continues to offer House Purchase Loans - a mortgage for the construction or purchase of new and second hand homes, including those bought on the open market. 

The House Purchase Loan is for a maximum loan-to-value ratio (LTV) of 97%, subject to a maximum loan of €220,000.  

Applicants must be first time buyers as defined in the Housing (Local Authority Loans) Regulations 2009 (S.I. 145 of 2009) and aged between 18 and 70 years of age.

Proof of inadequate loan offer is a key requirement and confirmation of inadequate loan offers by two (2) financial institutions (bank or building society lenders only) must be submitted with all house purchase loan applications.

The following is an outline on South Dublin County Council's House Purchase Loans activity during 2013:

No of applications received	44
No of applications returned after initial check i.e. not sent to the Housing Agency	32	Prelim. assessment undertaken indicate failure to meet key criteria eg good financial standing / track record of regular savings
No of applications sent to the Housing Agency	12	An Irish Credit Bureau search on each applicant must be undertaken
No Declined by Housing Agency/No of applications refused	4	Failure to meet key criteria eg good financial standing / track record of regular savings / poor borrowing and repayment record)
No of applications in progress/with the Housing Agency	1
No of provisional approvals	8	One of these approvals relates to an application sent to the Housing Agency in late 2012
No of final approvals issued and loans advanced	4
No of HPLs used to fund Tenant Purchase	4	Tenant Purchase Schemes are currently closed