More than half of Laois applicants for government home loan scheme rejected

More than half of Laois applicants for the Government's affordable home loan scheme have been turned down, according to new figures.

The Department of Housing said 75 applications were assessed by the Housing Agency, which provides a central support service for assessing applications for the Local Authority Home Loan scheme on behalf of Laois County Council between January 4, 2022 to the end of January 2024. Just 36 of these applications received recommendation for approval during this period. 

The figures were released following a parliamentary question by European Election candidate for the midlands north west constituency Deputy Peadar Tóibín.

https://www.leinsterexpress.ie/news/national-news/1430613/house-prices-now-higher-than-peak-celtic-tiger-boom.html

Responding Minister for Housing Darragh O'Brien said: "The Local Authority Home Loan (LAHL) is a Government-backed mortgage for creditworthy applicants who cannot get sufficient funding from commercial banks to purchase or build a home. It has been available nationwide from local authorities since 4 January 2022 for first-time buyers and fresh start applicants. The loan can be used both for new and second-hand properties, or to self-build.

"The final decision on loan approval is a matter for the relevant local authority and its Credit Committee on a case-by-case basis. Decisions on all housing loan applications must be made in accordance with the Regulations establishing the scheme and the Credit Policy that underpins the scheme, in order to ensure prudence and consistency in approaches in the best interests of both borrowers and the lenders, the local authorities."