Annuity loans

LIMERICK City and County Council had 28 annuity loan applications for the purchase or construction of new homes in 2014. Applicants can only be considered for the local authority loans after they have been refused by two financial institutions. Subject to a maximum limit of €220,000, the loans can amount to 97 per cent of the value of the house. To be eligible to apply for consideration for an annuity loan you must be a first time buyer as defined by Section 92B of the Stamp Duties Consolidation Act 1999; aged between 18 and 70; in the case of a single income household, annual gross income cannot exceed €50,000, and in the case of a two income household, annual gross income cannot exceed €75,000.