Home Choice Loan

What is Home Choice Loan?

Home Choice Loan is a mortgage provided through a number of local authorities for First Time Buyers who cannot get sufficient finance from a bank or building society.

Home Choice Loan will provide up to 92% of the market value of a property purchased. The maximum loan amount will be €285,000. The loan is a normal Capital and Interest bearing mortgage which is repaid on a monthly basis.

The Mortgage Term will be for a maximum of 30 years.

Home Choice loan will only be available for newly built homes.

How does it work?

The HomeChoice Loan is a normal Capital and Interest repayment mortgage.

You can borrow up to €285,000 to a maximum of 92% of the value of the property purchased. Your mortgage term can be for a period up to 30 years.

You may only buy a new-build home

Who can apply?

To qualify for a HomeChoice Loan you must:

• be a first time buyer (some exceptions may apply)
• as a guide, earn over €40,000;
• be in permanent employment for two years; If self-employed be able to submit two years financial audited accounts
• have proof that you have been unsuccessful in securing a sufficient mortgage from a bank or building society to buy your home.
  

How do I apply?

Further information on how to apply will be made available in the coming weeks.

If you are interested in receiving information please register your interest via the link below.

What kind of property can I buy?

You may only buy a newly built home. The property must:

• be acceptable for mortgage purposes
• be in the republic of Ireland
• be for sale on the open market
• be a residential property
• be covered by Home Bond, Premier Guarantee or equivalent.
  

Can a Home Choice Loan be used for the purchase of affordable housing?

No. Home Choice Loan is a market designed mortgage to provide access to credit for first time buyers who can afford to purchase on the open market, can afford to service a mortgage, but are unable to get a sufficient mortgage amount from a bank or building society.

Can a Home Choice Loan be increased in the future?

No, it cannot be increased.

Can I refinance my Home Choice Loan by switching it to another Bank or Building Society?

Yes, you are allowed to refinance your Home Choice Loan with a mortgage from a Bank or Building Society.

More information

Further information on Home Choice Loan can be found on www.homechoiceloan.ie or by calling LoCall 1890 252 842.