Dear Editor,
In response to Conor Pope’s piece “Strategies for Securing a Home During the Irish Housing Crisis,” I wished to highlight a key piece of information that was overlooked, the Local Authority Home Loan (LAHL). This is, without a doubt, a valuable tool for those venturing into homeownership for the first time and who may not have pre-approval from a bank for a mortgage.
While having preliminary loan approval is undoubtedly advantageous before bidding for a home, the LAHL presents an appealing plan B. This scheme, uniquely designed for first-time buyers, seeks to aid those who were unsuccessful in securing ample loan approval from the banks. They must provide cogent evidence of their ineligibility for this outcome.
After the article’s publication, I conducted some research and found an assortment of two and three-bedroom homes available for purchase within my jurisdiction, South County Dublin, for less than €300,000. Notably, this price range comfortably fits within the €360,000 cap permitted in Dublin under the LAHL plan.
As a local councillor for South Dublin, I am also privy to the availability of an Affordable Home Scheme currently flourishing in Citywest, which my council is duly advertising. Already under this scheme, potential homeowners can purchase houses using the LAHL in conjunction with the Help to Buy Scheme.
The LAHL is a state-assured home loan equipped with competitive fixed rates and terms of repayment. It can be repurposed to finance the purchase of a range of properties, such as newly built, second-hand, and self-constructed homes.
It is paramount to clarify that amidst the trials currently facing first-time home buyers in today’s fraught housing market, equipping oneself with knowledge of all viable options, including those provided under local authority, is key to being adequately prepared.
Yours sincerely,
Councillor Joanna Tuffy,
Lucan, County Dublin.