Wicklow County Council provide a House Purchase Loan (Annuity Loan) to persons wishing to purchase a house (new or previously occupied), or build a house. This loan is for those who cannot get a loan from a building society or bank etc. Applicants must prove that they have sought a mortgage from two lenders and have been refused funding. If you are applying for an Incremental Purchase Scheme you do not need proof of Loan Refusal from two outside Lending Agencies.
In order to qualify the applicant must meet an income eligibility test which takes into account the incomes of the principal earner and the subsidiary earner in the household.
The maximum loan amount payable and eligibility criteria are set by the Department of the Environment, Heritage and Local Government and may be altered by Regulation. The same limits apply to local authorities.
The maximum amount of this loan is currently €200,000 or 97% of value of house to be purchased.
The maximum term of loan is 30 years, repaid by annuity of principal and interest. All payments at monthly intervals.
Repayments cannot exceed 35% of disposal after tax income.
Applicant’s income must be less than €50,000 for a single income household and less than €75,000 for a double income household. Loan approval is based on the applicant’s ability to repay.
Applicants must have a good credit standing with satisfactory credit record.
Applicants must have a strong saving record.
Primary earner must have two years continuous permanent employment/ self employment. Second applicant must have one year continuous employment.