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Less than 25% of Kerry Home Loan applications recommended to be approved

Feb 16, 2023 09:23 By radiokerrynews
Less than 25% of Kerry Home Loan applications recommended to be approved
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Less than 25% of applications made under the Local Authority Home Loan in Kerry were recommended to be approved last year.

The figures were provided by Housing Minister Darragh O’Brien following a query from Sinn Féin TD Patricia Ryan.

The Local Authority Home Loan is a Government-backed mortgage for first time buyers and fresh start applicants.

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It’s been available since January 4th last year.

It can be used to purchase a new or second-hand property or for self-build, and provides up to 90% of the market value of the property; the maximum loan amount is determined by where the property is located.

The Housing Agency provides a central support service that assesses applications on behalf of local authorities and it makes recommendations to approve or refuse applications.

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Last year (2022) 78 applications, made to Kerry County Council, were assessed; of these, 19 applications, or 24%, were recommended to be approved.

Nationwide, 2,371 applications have been assessed and 1,010 have been recommended to be approved.

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