Home Choice Mortgage Scheme

Update 2018 : The Home Choice Loan has now been discontinued – it is replaced by the  Rebuilding Ireland Home Loan

All the information below relates to a scheme that has ended.

The Home Choice Loan is an Irish Government backed mortgage for First Time Buyers to purchase a new or second hand property or build their own home. It is not generally available – but is aimed at those buyers who have been refused loans by two or more other lenders.

The maximum loan was 92% of the market value of the  property being purchased. The maximum loan amount was €285,000.  The interest rate was 3.25%

To qualify for a Home Choice Loan applicants had to meet the following criteria :

* be a first time buyer

* earn over €35,000 as a single applicant and over €45,000 combined income as joint applicants;

* be in continuous employment for a minimum of one year; If self-employed be able to submit two years certified accounts;

* provide evidence  that they could not obtain sufficent finance from two banks or building societies.

The scheme had been running since 2009 – but take up had been very low. (Probably because the income criteria are as high as the mainstream lenders)

Home Choice Loan was operated on a regional basis by four designated local authorities, Cork City Council, Dublin City Council, Galway County Council and Kilkenny County Council