Over 60% of home loan applications to Carlow County Council were recommended for rejection

Nationally, 51% of the Rebuilding Ireland applications deemed valid were recommended for approval

Darren Hassett

Reporter:

Darren Hassett

Email:

news@carlowlive.ie

Carlow Carlow Carlow

Minister Eoghan Murphy

Over 60% of Rebuilding Ireland home loan applications to Carlow County Council were recommended for rejection - one of the highest across the country, new figures have revealed. 

As with the previous local authority home loan offerings, loan applications under the Rebuilding Ireland Home Loan are made directly to the local authority in whose area the property proposed for purchase is situated.

Since February, local authorities have been offering Rebuilding Ireland home loans, a Government backed initiative which aims to offer low-cost mortgages to purchasers who have difficulty in securing finance from the main lenders.

Fine Gael TD Tony McLoughlin asked the Minister for Housing for the number of Rebuilding Ireland home loan applications that have been accepted and rejected by County Council. 

In a written response, Minister Eoghan Murphy said: "My Department does not directly collect information on the number of loan applications received by each local authority.

"The Housing Agency provides a central support service which assesses loan applications that are made to the local authorities and makes recommendations to the authorities as to whether loans should be offered to applicants.  

"I have asked the Agency to centrally compile figures on the numbers of applications that it has assessed and the most recent figures, as at the end of September, indicate that the Agency had received a total of 2,933 applications for assessment from local authorities.

"Each local authority must have in place a credit committee and it is a matter for that committee to make the decision on applications for loans, in accordance with the regulations, having regard to the recommendations made by the Housing Agency."

Of the 2,933 applications received nationally, 2,354 were deemed to be valid. Of these valid applications, 2,222 had been assessed and 1,134 of these (51%) had been recommended for approval. 

He provided a detailed breakdown by local authority of the 1,134 applications recommended for approval and the 1,088 recommended to be declined. 

In Carlow, 40 valid applications were assessed up to September with 15 of these - or 37.5% - recommended to be approved with 25 recommended to be declined - a total of 62.5%. 

Counties with higher figures for recommended declined applications were: Cavan County Council (85.7%); Clare County Council (65%); Leitrim County Council (77.8%) and Monaghan County Council (80%).