No-one has used the government's Home Choice Loan Scheme

[myk]

This thing has even lower take-up than the Garda Reserves...

Scrap home loan scheme - FG - The Irish Times - Thu, Jun 25, 2009

Under the Home Choice Loan scheme, the Government gives 92 per cent of the purchase price of a newly-built house to a first-time buyer, provided they earn more than €40,000 a year. They must also have failed to secure finance through the normal routes.

However, Fine Gael housing spokesman Terence Flanagan said today there had been no loans drawn down on the scheme as yet, and called for it to be abandoned.

"According to the Minister, 1,400 people have registered an interest, 33 people have applied for the scheme, two people have been approved yet no loans have been drawndown," he said.

"It is clear that the scheme was nothing more than a 'PR stunt' rather than a meaningful scheme. If it were a serious plan, there would be more than two prospective homeowners receiving approval."

how long has this scheme been up and running? Was it set up in the October 2008 budget?

[yehbut_nobut]

Not one single borrower - at a cost of what, only €300,000?

That's value for money in FF's book, surely?

[mindyk007]

i looked into it as we have low income but our income was to low people on 40,000 would be approved to get a normal mortgage in most cases so its has no market value.it should be offerd to low income people who want to buy there own place,instead of the shard ownership scheme ,in effect cost the low income earners nearly double mortgage repayments each month as you have to rent the councils share of your home.
the affordable housing sceme is only aimed at people who want to move from dublin or people who dont mind living in apartments so if the the home choice loan was offerd to people on lower incomes there would be a great uptake

[flavirostris]

Fianna Fáil's plan to give the builder's a digout.
Seriously, their solution to the economic crisis is to start another housing bubble..
Michael Finneran should be strung up from a lampost.

[HarshBuzz]

Frank Fahey must be devastated

[goosebump]

Seriously, their solution to the economic crisis is to start another housing bubble..

Actually, that was George Lee, whose solution to the economic crisis is a cut in stamp duty, despite that fact that only a tiny portion of houses currently on sale are liable for stamp duty, and most of which are in his constituency.

And why do FG want the scheme scrapped? Its not as if its costing us anything.

[yehbut_nobut]

And why do FG want the scheme scrapped? Its not as if its costing us anything.

Er.. check your facts GB ....

The scheme came under criticism earlier this year when it emerged that administering the scheme has cost close to €300,000. Minister of State for Housing Michael Finneran was forced to defend the scheme, which he said was "never about incentivising house purchase, merely facilitating it”.

[flavirostris]

Actually, that was George Lee, whose solution to the economic crisis is a cut in stamp duty, despite that fact that only a tiny portion of houses currently on sale are liable for stamp duty, and most of which are in his constituency.

And why do FG want the scheme scrapped? Its not as if its costing us anything.

Seriously GB, is there any area of FF/PD/Green policy so toxic that even you won't try to defend it

[yehbut_nobut]

i looked into it as we have low income but our income was to low people on 40,000 would be approved to get a normal mortgage in most cases so its has no market value.it should be offerd to low income people who want to buy there own place,instead of the shard ownership scheme ,in effect cost the low income earners nearly double mortgage repayments each month as you have to rent the councils share of your home.
the affordable housing sceme is only aimed at people who want to move from dublin or people who dont mind living in apartments so if the the home choice loan was offerd to people on lower incomes there would be a great uptake

Welcome to the board, mindy, but I'm afraid your suggestion is ludicrous people who cant afford mortgages shouldn't be given mortgages - end of.

A more realistic solution (apart from scrapping the scheme entirely which would be preferable) is to open it to all properties, new build and second hand. That would at least allow a level playing field in the house sale market.

But of course that would upset the cronies of Fianna Fail Wouldn't it?

[DCon]

How many FF family members are involved in the administration?