How to qualify for a Home Choice Loan
To qualify for a Home Choice Loan you must have been refused a mortgage by a mainstream bank.
The loans are issued through local authorities. You have to meet the following criteria:
n Be a first time buyer (some exceptions may apply).
n Earn over €35,000 as a single applicant, and over €45,000 combined income as joint applicants.
n Be in continuous employment for a minimum of one year. If you are self-employed be able to submit two years' certified accounts.
n Provide evidence via a broker that you could not get a mortgage from two banks.
Applications are assessed by the Home Choice Loan central process unit. Mortgages are then issued by four designated local authorities: Galway County Council, Kilkenny County Council, Cork City Council and Dublin City Council.
The four local authorities provide the loan on behalf of all remaining local authorities.
To apply for a mortgage under the scheme you have to complete an application form with your broker. The broker then submits the application form for assessment. Applications are assessed by the Home Choice Loan central process unit and the broker will be advised of the decision, according to the Home Choice Loan website, homechoiceloan.ie.