Saturday 26 May 2018

Just 224 get affordable loan go-ahead

Just 224 house-hunters have been approved in the first three months of the Rebuilding Ireland mortgage scheme. Stock photo: Reuters
Just 224 house-hunters have been approved in the first three months of the Rebuilding Ireland mortgage scheme. Stock photo: Reuters
Laura Larkin

Laura Larkin

More than half of the applicants to a State affordable mortgage scheme have been turned down.

Just 224 house-hunters have been approved in the first three months of the Rebuilding Ireland mortgage scheme.

The scheme offers mortgages to first-time buyers whose income falls below a €50,000 threshold for a single person and €75,000 for couples, who have been twice refused a mortgage.

Some 460 applications have been processed since the scheme launched on February 1, with less than half approved.

Teething problems emerged in the initial weeks of the scheme, in relation to the wording on the forms and on the inclusion of overtime and bonuses in an applicant's income.

In response to a question from Labour's Jan O'Sullivan, Junior Minister Damien English said additional training would be provided to local authorities.

Irish Independent

Business Newsletter

Read the leading stories from the world of Business.

Also in Business