Troy welcomes expanded local authority Home Loan Scheme

Local TD and Minister of State Robert Troy has welcome the announcement by the Minister for Housing, Local Government and Heritage Darragh O’Brien of a newly expanded Local Authority Home Loan scheme.

Minister Troy said that supporting home ownership has always been "a key policy of Fianna Fáil in government" and the current Government plan for housing - Housing for All - commits to introducing "a reformed Local Authority Home Loan scheme" to further support access to home ownership for creditworthy homebuyers who otherwise find it difficult to access sufficient finance.

“The new regulations will make it easier for single people to avail of a State backed mortgage for a new, second-hand or self-build home. A ‘Fresh Start’ principle also applies which means that people who are divorced or separated and have no interest in the family home, or who have undergone insolvency proceedings, will be eligible to apply also" said Minister Troy.

He also pointed out that the interest rate for local authority lending was reduced by 0.25% last September, and will continue to apply to loans issued under the Local Authority Home Loan.

"I have long advocated for the need for these changes particularly “the fresh start” principle, previously people who had a mortgage with a partner and had since separated or someone who went through insolvency was ineligible to apply to a local authorities for a mortgage. This will now change and that is most welcome" said the Longford/Westmeath-based TD.

"The dream of home ownership must be a realistic ambition for people and I believe this will help many many people to achieve this" he concluded.