Fahey to host information session on new first time buyer loan scheme

A public information session on the new Home Choice Loan - announced for first time buyers in Budget 2009 - will be held in the Marriott Hotel on Monday October 20 at 8pm.

The meeting is being organised by Galway West Fianna Fáil TD Frank Fahey. A mortgage manager and a property expert will also be speaking. The meeting is free and open to the public.

Explaining the Home Choice Loan he said: “Many people are finding it difficult currently to get sufficient credit to purchase their first property, so for a limited period the State is extending a loan of credit to such households who wish to purchase at this time.”

The scheme is being financed by the Housing Finance Agency and will be available through four local authorities including the Galway County Council. Loans of up to €285,000 will be made available or 92 per cent of the market value of a property.

Dep Fahey said the meeting will be of interest to those buying their first home and is an opportunity to ask questions and find out about it.

The mortgage manager will advise on the availability of mortgages terms and conditions including payment costs. A property expert will make a presentation on the best value available in the first time housing market in Galway city and county.

Dep Fahey said he hopes to provide people with a number of sample packages based on mortgage repayments and interest relief in a number of specific locations in the city and county.

Details of the new affordable housing scheme where the Government will take an equity stake in new houses will also be available at Monday’s information session.

“Instead of selling units at a discounted price, with the value of the discount to be subject to a reducing clawback as at present,” said Dep Fahey, “the Government will take an equity stake in affordable units sold which the purchaser can either buy out in steps or at the end of a fixed period.”

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