FREQUENTLY ASKED QUESTIONS
Applications and supporting documents will be accepted through an ONLINE APPLICATION system. The Application Portal launch period will be advertised via press and social media well in advance of the open date. The system will allow for input of all relevant data and uploading of all supporting documentation. Details of the online application portal will be released in print media together with notification to those who have registered an expression of interest. Please refer to Section 3 above for Steps to Register and Log In to the online application system.
Tab 5 of the online portal application by self-declaration and/or Help to Buy approval obtained from the Revenue Commissioners. Alternatively, a Solicitor's Declaration will suffice. Declaration that you have not previously owned a house in Ireland or abroad.
Proof of Income for all applicants. Proof of Income Documentation Required: - PAYE salaried applicants must provide an up-to-date Salary Certificate (Employment Detail Summary available via www.revenue.ie/MyAccount).
- Self-employed applicant must provide Accountants Report/Audited Accounts (2 Years Required), Current Tax Balancing Statement & Current Preliminary Revenue Tax Payment Receipt.
- Evidence that applicant(s) are first time buyers: e.g. Help to Buy confirmation (available from www.revenue.ie)
- Evidence of ability to finance the purchase: e.g. Provisional loan approval letter from Bank, Buidling Society or Cork City Council or online calculator showing ability to potentially borrower purchase amount.
- Copy of Passport / Driver's License. Proof of Residency:
- Utility bill/Rental agreement / correspondence showing proof of residency within Cork City for 5 years or more.
Financial institutions require that a minimum 10% of the full purchase price must be raised as a deposit from your own resources. The Help to Buy Scheme (HTB) operated by the Revenue Commissioners can be utilised towards this deposit amount where the applicant is eligible for the HTB Scheme.
An Approval in Principle letter from a private financial institution or a Local Authority Home Loan approval from Cork County Council, Housing Loans & Grants Section, Housing Directorate should be provided. Alternatively, an online calculator showing ability to potentially borrow the purchase amount can be provided. An example of an online calculator can be found at the following link http://rebuildingirelandhomeloan.ie/calculator/
A copy of a rental agreement, utility bill or other correspondence in your name and clearly dated is sufficient.
It is intended applicants will be notified within 6 weeks of closure of the application portal.
The Equity Share represented as a % value of the dwelling, is the difference between the purchase price and open market value at time of purchase.
Please refer to the qualifying criteria defined by the Revenue Commissioners for eligibility for the scheme. (www.revenue.ie)
It is recommended that single person households apply for the 2 Bedroom dwelling - on the basis that under the Scheme of Priority for Affordable Dwelling Purchase Arrangements.
The decision on your application is made by Cork City Council in accordance with the eligibility criteria set out in Section 2 of this document and a Scheme of Priority adopted by Cork County Council.
Finance can be secured from any private lending institution such as a Bank or Building Society. Alternatively, finance can be sourced via Cork County Council by way of a Local Authority Homeloan.
Applicants need to be an Irish/UK/EU/EEA citizen or have indefinite leave to remain in the state. There is no time limit on residency once that is the case. In the absence of same, a letter of confirmation from the Department of Justice - through either the Immigration Service and/or the Garda National Immigration Bureau would be required to confirm your residency status.
You can redeem the equity share in full or by instalments. The minimum redemption instalment is €10,000.
Preference of applicants for a particular house location within the scheme will be based on the confirmed order of merit post assessment of applications by Cork City Council.