The Affordable Purchase Scheme
What is the affordable purchase scheme?
For first-time buyers whose mortgage and deposit will not cover the price of a newly built home, the local authority will take a percentage equity stake in the home equal to the difference between the open market value of the property and the price paid by the purchaser.
Who is eligible to apply for the scheme?
Are you over 18 years of age?
Are you a First Time Buyer or do you qualify under the Fresh Start Principle (exceptions apply)?
Is your purchasing power (maximum mortgage capacity plus deposit plus savings) less than 95% of the market value of the home?
Have you a right to reside in the State indefinitely?
Will you be using this home as your Principal Private Residence?
Do I Need to have Mortgage Approval in Place?
Yes, you should submit a ‘Mortgage Approval in Principle’ letter from your proposed lender when you are applying for Abbey Hill. This letter should confirm the maximum mortgage amount available to you. You can use a mortgage from any approved mortgage provider e.g. Bank of Ireland, Allied Irish Bank, Haven Mortgages LTD, EBS, PTSB and Avant Money. Alternatively, you may be able to avail of the Local Authority Home Loan.
How much deposit is needed?
Financial institutions require that a minimum 10% deposit must be raised by purchasers.
The Help to Buy Scheme, operated by the Revenue Commissioners can help with the deposit needed to purchase these affordable homes. Please see www.revenue.ie for more details. In addition, on receipt of formal offer of qualification a booking deposit of €5,000 is payable to Sales Agent in order to secure a home.
How do I apply?
Applications will be accepted through an online portal only. On the day the application portal opens, the applicant will first need to register on the portal and then can proceed to complete the online application form and submit the requested documentation.
A link to the application portal along with a list of the required documentation will be available on Kilkenny County Council’s website https://kilkennycoco.ie/affordable-homes. A video guide of how to complete an application is also available.
Applicants should ensure that they have gathered all the necessary documentation in advance of the application date as date and time of receipt of complete applications will be one of the criteria on which eligible application will be prioritized under the Councils Scheme of Priority.
