A State-backed mortgage loan will be made available for people looking to renovate derelict properties under plans due before Cabinet on Tuesday. Under new plans targeting the issue of vacancy around the country, Mr O’Brien will seek approval for the extension of the Local Authority Home Loan to people seeking to finance the purchase and renovation of derelict or non-habitable properties.
The Local Authority Home Loan is a Government-backed mortgage for first-time buyers who cannot get funding from commercial banks to purchase or build a home. The loan can be used for new and second-hand properties, or to self-build. At present, the loan is only given out to buy habitable properties. Under Mr O’Brien’s memo, the loan will be extended to cover the purchase or renovation of derelict homes that may be eligible for the derelict property grant