I welcome the announcement by the Housing Finance Agency of a Home Loan Scheme for first time house buyers as a positive development.
‘The scheme is also available to people who are first time self-building their home.
‘There are interest rate options of between 2% up to 2.30% depending on the duration of the loan.
‘The Scheme will allow the borrower to borrow up to 90% of the market value of the residential property.
‘The Loan Scheme is available to purchasers of a new or second hand property up to a size of 175m2 floor area. The property needs to comply with planning and building regulations.
‘The Scheme will allow the borrower to purchase a home up to a value of €320,000 in County Galway.
‘This scheme is a very positive initiative for young people who are working and who want to own their own home.
Application forms for the scheme are available from Galway County Council or can be downloaded from www.rebuildingirelandhomeloan.ie