Mortgage Allowance Scheme

Question 1

Who is the mortgage allowance scheme available to?

Answer 1

Social housing tenant who wish to take out a mortgage to buy or build a private house

Question 2

What is the purpose of the mortgage allowance scheme, i.e. why was it designed?
(2)

Answer 2

To ease the transition from rented social housing to paying a mortgage

To ensure mortgage repayments can be met

Question 3

What is the max allowance?

Answer 3

11,450 euro

Question 4

To who is the allowance paid?

Answer 4

To the lending agency

Question 5

Who pays the allowance?

Answer 5

The Department of Housing, Planning, Community and Local Government

Question 6

How is the allowance paid?

Answer 6

It is paid directly to the lending agency over a five-year period on a reducing scale

Question 7

What is the minimum mortgage that can benefit from this scheme?

Answer 7

A mortgage of 38,092 euro

Question 8

Write a note on the mortgage allowance scheme.

5

Answer 8

Social housing tenants who wish to take out a mortgage to buy/build a private house

Ease the transaction from rented social housing to paying a mortgage

Ensures that mortgage repayments are met

Allowance of up to 11,450 euro

Paid by the Department of Housing, Planning, Community and Local Government to the lending agency over a five year period on a reducing scale