The Government is extending the Local Authority Home Loan scheme to allow people buying and renovating derelict properties to access home loans. The scheme is aimed at first-time buyers and those seeking a fresh start, providing a Government-backed mortgage for those who cannot secure sufficient funding from commercial banks.
The Government is to make local authority home loans available for the first time to people buying and renovating derelict properties . Minister for Housing Darragh O'Brien received approval from the Cabinet to extend the scheme. The Local Authority Home Loan is a Government -backed mortgage for those who cannot get sufficient funding from commercial banks to purchase or build a home.
It is available for first-time buyers and applicants seeking a fresh start if they are divorced, separated or have been through personal insolvency proceedings. The loan can be used both for new and second-hand properties, or self-build homes. At the moment, only habitable properties qualify for the loan, but this is likely to change today to include homes that are eligible for the Vacant and Derelict Property Grant. More than 2,400 such grants have been approved in the last year, with more than 5,000 applications received by local authorities
Government Local Authority Home Loans Derelict Properties First-Time Buyers Mortgage Funding Commercial Banks
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