An annuity loan is offered to customers who cannot get a mortgage from a building society or bank to purchase or build a house.

Qualifying Criteria

• Has been refused a housing loan by two other lending institutions such as a bank or building society.
• Applicants, either individually or jointly, must never previously have purchased or built another house for his or her occupation.
• Earning under €50,000 as a single applicant and under €75,000 as joint applicant; and in the case of the primary earner on the application, in continuous employment for at least two years (this can be self employment) and the second applicant must have at least one year.
• All applicants must be eligible for Mortgage Protection Insurance in accordance with the Scheme, i.e. under 55 years of age, in good health and in gainful employment and a declaration to this effect must be made at time of loan approval.
• The house where already erected must be in a good sanitary condition and repair.
• Loans are registered to first time purchasers only, and subject to such income limits as are specified from time to time.  The Borrower or his or her spouse must never previously have purchased or constructed a house.
• The title to the ownership of the house must be one which an ordinary mortgagee would be willing to accept.
• The value of the house must be sufficient to provide adequate security for the loan.
• The house to be purchased or constructed with the aid of an advance shall be used as the dwelling house and the borrower shall undertake to use it as his normal place of residence.