Print this PageMortgage Allowance
Mortgage allowance provides help with mortgage repayments for purchasers earning less than €28,000 gross income per year.
Tenants or tenant purchasers of a local authority home, returning their existing home to the local authority, and taking out a mortgage to purchase a home or to have a home built, may qualify for a mortgage allowance. This is an allowance of up to €11,450 and is paid on a reducing basis over five years. It is designed to ease the transition from rent to mortgage. The allowance is paid direct to the mortgage lender so that the beneficiary's mortgage repayments are reduced by the amount of the allowance.
Purchasers may qualify for the mortgage allowance scheme or mortgage subsidy, however, they cannot avail of both. The purchaser's income will determine which option is the most beneficial to them.
