THE interest rate on local authority mortgages has been reduced to bring them into line with lower rates from other lenders. Mortgages with terms of up to 25 years will have a new fixed interest rate of 2.495pc from now. “You have to get it through the local authority and can’t get it elsewhere. This makes local authority mortgages expensive,” he said. More first-time buyers will be able to apply for the local authority loan scheme as the income thresholds are set to increase.

Source: Irish Independent September 10, 2021 10:41 UTC