The government will be providing 200m to local authorities this year to provide low interest mortgages (2%-2.25% over 25-30 years) for people who have been denied by the banks (at least twice). Sole applicants must earn no more than 50k, with couples earning no more than 75k. If buying in Dublin, Cork or Galway then you could borrow up to €320k.
I don't really understand this. If you're a couple and two banks has deemed you're not eligible to get a mortgage, then you can go to your local authority and get a potentially larger mortgage for a lower interest rate. While someone else in similar circumstances but who may have been more prudent financially, is rewarded with a lower mortgage by the bank at a higher interest.
Am I missing something?