The Government will today unveil a new scheme of local authority mortgages that will be available from next week. Under the scheme, the Government will finance local authorities to provide mortgages to people who have been turned down by banks. The low-interest rate mortgages will be available to purchasers of properties worth up to €320,000 in the greater Dublin area, Cork and Galway, while the ceiling in the rest of the country will be €250,000. Along with the local authority loans scheme, he will give details of a new affordable purchase scheme that will provide homes on State-owned land. Councils will provide land at reduced or no cost and, once houses are built, the price will be discounted and the State will retain an equity share, Mr Murphy will say.

Source: The Irish Times January 22, 2018 01:07 UTC