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Annuity loans

The House Purchase Loan is –

  • for the construction or purchase of new and second hand homes;
  • only available to first time buyers aged between 18 and 70 years of age (i.e. the loan term must cease by the time the borrower reaches 70 years of age)
  • is up to a maximum of €220,000 over a term of up to 30 years, the maximum loan to value is 97%, subject to lending terms and the applicants ability to repay and ability to meet certain conditions and the following criteria:
  1. First Time Buyers (exceptions may apply for legally separated or divorced applicants).
  2. The property cannot exceed a gross internal floor area of 175 sq metres, be in good condition and have good marketable title.
  3. The applicant(s) must occupy the property as their normal place of residence.
  4. The loan must be repaid monthly by an annuity of principal and interest combined. Loans will be advanced based on the applicant(s) capacity to repay. Repayments on the mortgages advanced cannot exceed 35% of after tax disposable income.
  5. Single applicants must not be earning greater than €50,000 per annum.
  6. Joint applicants must not be earning greater than €75,000 per annum.
  7. Applicant(s) must have a credible savings record, be of good credit standing with a satisfactory credit record.
  8. The primary earner on the application must have at least two years continuous employment (this can be self-employment) and the second applicant must have at least one year.
  9. Applicants must prove that they have sought a mortgage from two lenders, bank or building societies only and have been refused from each before making an application to the Housing Section of Clare County Council.

How to Apply

Application forms should be submitted to:

Housing Social & Cultural Services,
Clare County Council,
Áras Contae an Chláir,
New Road,

Applicants are invited to contact the staff of the Loans Section to discuss the House Purchase Loan prior to submitting or completing an application form.

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Content Last Updated/Reviewed: 17/01/14