Thursday 26 April 2018

Home Choice Loans – what you need to know

WHAT are the terms?

Successful applicants can borrow up to 92pc of the house purchase price to a maximum of €285,000. The interest rate, which is vari-able, is currently set at 2.9pc (2.94pc APR).

Who can apply?

As well as being a first-time buyer, you must prove that you could not get sufficient mortgage finance from two banks or building societies. You must be earning over €35,000 as a single applicant or over €45,000 as a combined income as joint applications. You must be in permanent employment for two years, or provide two years certified accounts if self employed.

How do I apply?

Contact one of the authorised mortgage brokers listed at

Can I use a HCL for the purchase of affordable housing? No. HCL is designed to provide access to credit for first-time buyers who can afford to purchase on the open market and can afford to service a mortgage. Those qualifying to purchase affordable housing can use a local-authority loan facility.

Can I increase my HCL in the future?


Can I refinance my HCL by switching it to another bank or building society?


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