Local Affordable Purchase Scheme
Is available to people with low to moderate incomes to help them purchase their first home. It is run by local authorities.
Who is Eligible to Apply?
Applicants must not own a property and they must have a right to Live in the State. Furthermore, eligibility is calculated based on income: Your income rate must be below a certain criterion. This can be calculated by calculating your gross annual income by 3.5. This figure is called your ‘purchaser power’. It must be either less than 85.5% of the market value of the affordable home or you must give proof from a bank/financial Institution that you cannot get a mortgage for 85.5% of this value. This market value of the properties is agreed by the local authorities. If you have savings above a certain amount, you may not qualify. You may have money to cover the deposit plus an additional 30,000 more. However, if purchasing power goes above 95% of market value of the home you are no longer eligible.
Provisions will also be made for:
-Divorced or separated individuals who do not retain and interest in the home previously owned by their spouse or partner.
-A limited number of second time buyers (those who purchased before, but home is now too small for their household needs).
-those who purchased a dwelling but had to sell it due to insolvency issues.
How to Apply?
Local Authorities will advertise homes when they are available under the scheme. The advertisement will give you details on how and when to apply.
Majella Walsh Solicitors have the expertise to assist you in the purchase or sale of your property. We have bought and sold property in all areas of Ireland. We have dealt with first time buyers, clients buying their second home, non-resident purchasers and non-resident vendors. We pride ourselves on our clear communications and will assist you in every step of the transaction. We look forward to hearing from you.
For further information and advice contact Majella Walsh Solicitors. We have the expertise to advise First Time Buyers who are looking to purchase their first home. Call us on 021 – 4757477 or email email@example.com.
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