Less than half of Cork loan applications approved by Rebuilding Ireland

Less than half of Cork loan applications approved by Rebuilding Ireland

Of the total number of 285 applications this year in Cork, just 119 were given the green light.

LESS than half of valid applications for the Rebuilding Ireland Home Loan have been approved in Cork in 2019.

Just over 38.4% were approved in the city this year, while 43.9% were approved in the county.

Of the total number of 285 applications this year in Cork, just 119 were given the green light.

The loan is designed for first-time buyers who match a number of criteria - including that the applicant has an annual gross income of €50,000 or less as an individual or not more than €75,000 combined as joint applicants.

The applicants are generally regarded as those who don’t qualify for social housing, while also not earning enough to get approval on a mortgage.

People in Cork can apply for a loan for 90% of the market value of the property up to the value of €320,000. Applicants are eligible to purchase a new or second-hand property, or to build their own home with the loan.

Figures released by Eoghan Murphy, the housing minister, to Social Democrats TD Catherine Murphy show that in 2018, just over half of the applications were approved in both Cork city and county.

51.5% of applications were given the green light in the city, with 55% given the go-ahead in the county.

The allocation for the loan in 2018/19 for Cork City Council was €19.4 million, with just under €35 million allocated to Cork County Council.

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