Affordable Purchase Scheme 2023 – Longford Town

Longford County Council are seeking expressions of interest for an affordable housing scheme in Longford Town.

The initial phase requires applicants interested in an affordable home to email contact details to affordablehomes@longfordcoco.ie.

Following the initial phase, a detailed application form will be forwarded to applicants.

The scheme is targeted at applicants who do not have the ability to buy in the housing market.
Homes will be made available at a reduced price for first-time buyers whose mortgage and deposit will not cover the price of the home and who are seeking to purchase a newly built home.
Through the scheme, the local authority will take a percentage equity stake (share of the ownership) in the home equal to the difference between the open market value of the property and the reduced price paid by the purchaser. This equity share can rise or fall depending on the housing market.

Subject to demand Longford County Council will secure newly constructed homes in Longford town.

Applicants will require a Mortgage Approval in Principle letter from their proposed lender confirming the maximum mortgage available to the applicants when applying for affordable housing.
Purchasers can use the Local Authority Home Loan or a mortgage from any private lending institution, such as a bank or building society, to finance their purchase.
Where a purchaser is not availing of the Local Authority Home Loan through the Council to purchase the home, a separate ‘ Agreement’ between the Council and the bank providing the mortgage will be necessary that records that the Council retains an equity share in the property.

Financial institutions require that a minimum 10% deposit must be raised by purchasers. .