To be eligible for a Rebuilding Ireland Home Loan you must:

  • be a first time buyer
  • be aged between 18 and 70 years
  • be in continuous employment for a minimum of two years, as a primary applicant or be in continuous employment for a minimum of one year, as a secondary applicant
  • have an annual gross income of not more than €50,000 as a single applicant or not more than €75,000 combined as joint applicants
  • submit two years certified accounts if self-employed
  • provide evidence of insufficient offers of finance from two banks or building societies
  • not be a current or previous owner of residential property in or outside the Republic of Ireland
  • occupy the property as your normal place of residence
  • purchase or self-build a property situated in the Republic of Ireland of no more than of 175 square metres (gross internal floor area)
  • purchase or self-build a property which does not exceed the maximum market value applicable for the county in which it is located
  • consent to an Irish Credit Bureau check

What is the maximum House or Build Value limits?

With a Rebuilding Ireland Home Loan you can borrow up to 90% of the market value of a residential property. Maximum market values of the property that can be purchased or self-built are:

  • €320,000 in counties Cork, Dublin, Galway, Kildare, Louth, Meath and Wicklow, and
  • €250,000 in the rest of the country.

What are the Rebuilding Ireland Borrowing Limits?

This limits the amount that can be borrowed to no more than €288,000 in counties Cork, Dublin, Galway, Kildare, Louth, Meath and Wicklow and no more than €225,000 in the rest of the country.

What are the Interest Rates?

A Rebuilding Ireland Home Loan offers three rate products:

  • 2% fixed for up to 25 years (APR 2.02%)
  • 2.25% fixed for up to 30 years (APR 2.27%)
  • 2.30% variable (subject to fluctuation) for up to 30 years (APR 2.32%)

All rates are exclusive of Mortgage Protection Insurance (MPI) which is a requirement of the borrowing. Eligible borrowers are required to partake in the local authority collective MPI scheme. MPI is payable monthly, in addition to loan repayments.

You should seek independent financial advice on which product is most suitable for you.

What else do I need to know?

The new Rebuilding Ireland Home Loan can be used both for new and second-hand properties, or to build your own home.

A person or couple can borrow up to 90% of the market value of the property.

They can choose a fixed rate of 2% to 2.25% interest for 25 to 30 years.

For example: A couple buying a house in Donegal costing €160,000 could potentially borrow €144,000 with repayments costing €610.35 per month over 25 years with a fixed rate of 2% (Total payable €183,105.07) or repayments costing €550.43 per month over 30 years with a fixed rate of 2.25% (Total payable €198,156.38).

Eligibility is subject to submission of a complete Rebuilding Ireland Home Loan application form and confirmation by your local authority. Applications can be made here:

Why MLMG?

As independent mortgage brokers we keep up to date with the criteria lenders apply when assessing mortgage applications. We guide you through the process, researching the market making sure you are aware of all available options and identifying the lender most suited to your needs. We will advise you how much you can borrow, the different mortgage types available as well as mortgage term and interest rate options. Differing loan rates and terms can have a significant impact on the amount of interest you pay.  You should always seek independent financial advice before you commit to any mortgage offer.

We have a standard charge of €75.00 for an initial Mortgage Review. Contact us here or call us on 07493 21420 for a no-obligation consultation.