Rebuilding Ireland home loan Scheme sees lower uptake in Louth than other counties

Director of Services at Louth County Council, Mr Paddy Donnelly, told members at the Dundalk Municipal District March meeting, that in the main, the general reason for applicants to the Rebuilding Ireland Home Loan scheme being refused a loan, was a failure to demonstrate an ability to pay.

Mr Donnelly was responding to a request from Cllr Emma Coffey, on a general breakdown of why, out of 100 applications, 40 were approved and 41 declined.

Cllr Coffey said that in other counties there was both a higher uptake and a higher amount of applicants qualifying. Mr Donnelly told the meeting in response that the Council had a lot of one to one engagement with applicants.

The savings record of the applicant, he said, is often not clear or is erratic, with some showing regular saving for two or three months and then a big withdrawal. He added that applicants have to show a regular savings pattern for two years.

Mr Donnelly further added that applications are not necessarily from Louth, with a lot coming from north Dublin and Meath.