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Mortgage Allowance Scheme

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  • 07-01-2017 11:04pm
    #1
    myshirt
    Registered Users Posts: 5,245 ✭✭✭


    What ever happened to the Mortgage Allowance Scheme - a scheme for Council tenants taking on a mortgage and transitioning to owning their own home?

    Given the success (cough cough) that home choice loans have been, will we see any more activity from Councils in selling sites or affordable homes to people?


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    #2
    dar100
    Registered Users Posts: 1,735 ✭✭✭dar100


    myshirt wrote: »
    What ever happened to the Mortgage Allowance Scheme - a scheme for Council tenants taking on a mortgage and transitioning to owning their own home?

    Given the success (cough cough) that home choice loans have been, will we see any more activity from Councils in selling sites or affordable homes to people?

    They now provide people with mortgages, to a limited extent I believe


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    #3
    myshirt
    Registered Users Posts: 5,245 ✭✭✭myshirt


    dar100 wrote: »
    They now provide people with mortgages, to a limited extent I believe

    They do, but its the 'We as the council will pay 2 grand a year off your mortgage for five years' grant I'm on about.


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    #4
    dar100
    Registered Users Posts: 1,735 ✭✭✭dar100


    Ive never heard of this scheme, I'd also be interested to find out


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    #5
    coffeyt
    Registered Users Posts: 304 ✭✭coffeyt


    The scheme is still active, I purchased a house in 2015 and handed back a council house and was able to avail of the mortgage allowance scheme. It's worth just over €11,000 and is paid over 5 years, it is paid directly to your mortgage provider and reduces the amount you pay monthly. It is not split evenly over the 5 years, the largest amount is paid in the first year and it gradually reduces.


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    #6
    dar100
    Registered Users Posts: 1,735 ✭✭✭dar100


    So you have to be moving from a council house to avail of it?

    Any links to info?


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    #7
    coffeyt
    Registered Users Posts: 304 ✭✭coffeyt


    Yes it's a grant basically for council tenants to encourage them into private ownership and its supposed to ease the transition from paying rent to paying a mortgage, although in my case my mortgage was slightly less than my council rent anyway! I know I found the information initially on citizens information website but I think it's on all the council's individual websites too.


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    #8
    JuliusCaesar
    Registered Users Posts: 4,882 ✭✭✭JuliusCaesar


    I would think that the pressure on council housing for people who cannot afford to buy will mean that the selling off of council houses cheaply will cease. They can't keep building new council houses in order to sell them under cost price!


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    #9
    coffeyt
    Registered Users Posts: 304 ✭✭coffeyt


    Just to clarify the mortgage allowance scheme is only for buying a private house not a council property. To avail of the scheme you must be a current council tenant or housing associate tenant purchasing or building a private property and returning a council property.


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