COMHAIRLE CONTAE ÁTHA CLIATH THEAS
SOUTH DUBLIN COUNTY COUNCIL

South Dublin County Council Crest

MEETING OF SOUTH DUBLIN COUNTY COUNCIL

Monday, January 09, 2017

QUESTION NO.22

QUESTION: Councillor M. Ward

"Can the Council provide a report on the House Purchase Scheme  and to answer the following questions in relation to the House Purchase Loan Scheme?

How many  applicants in 2015 1nd 2016?

How many House purchases loans have the Council provides 2015 and 2016?

What was the total expenditure on this scheme in 2015 and 2016 and breakdown on how any monies was spent?

What is allocated in the budget for this scheme 2017?

What advertising has the Council done to promote the scheme?

Would the Council consider a media campaign in 2017 to highlight this scheme?

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 €200,000.  

Applicants must be first time buyers as defined in the S_I_ No_ 408-2012 - Housing (Local Authority Loans) Regulations 2012_.htm  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.

 Table below reflects activity 2015 and 2016. 

No of applications received 2015

43

No of applications received 2016

44

How many House purchase loans have the Council provided in 2015?

2

How many House purchase loans have the Council provided in 2016?

3

What was the total expenditure on this scheme in 2015 and breakdown how any monies was spent?

€414,900

What was the total expenditure on this scheme in 2016 and breakdown how any monies was spent?

€232,000

 The allocated budged for the House Purchase Loan Scheme 2017 is €986,000. The House Purchase Loan Application form and Information Booklet is available for download from the Council website, www.sdcc.ie   The Local Authority is a lender of last resorts  and is not in competition with private institutions.