The Affordable House Purchase Scheme sees Westmeath County Council make new, local homes available for purchase by First Time Buyers and Fresh Start applicants at reduced prices, whose combined mortgage and deposit will not cover the market price of the newly built home.
In return, Westmeath County Council takes a percentage equity stake in the Affordable Home, equal to the discount of the purchase price from the full market value of the home.
The price to be paid for a New Affordable home by a purchaser, and the percentage equity stake to be taken by Westmeath County Council are calculated in accordance with government regulations. The Purchase Price is calculated from an applicant’s maximum mortgage capacity, subject to a minimum price set by Westmeath County Council for the home. To be eligible, an applicant’s maximum mortgage capacity must be no more than 85.5% of the full market value of the Affordable Home. The cash savings an applicant might have, are also taken into account by Westmeath County Council in making its assessment.
Once the homes become available, they will be advertised on our website, our social media and in the print media. Applicant’s will apply via an online portal, uploading relevant documentation (e.g Mortgage Approval in Principle). The portal will remain open for 3 weeks. Applications will be accepted on a First Come First Served Basis. Where the number of applications exceeds the number of Affordable homes made available for purchase, successful applicants will be chosen in accordance with Westmeath County Council’s Scheme of Priority.
Affordable House Purchase Scheme – NOW CLOSED for the following developments
Dún an Rí, Coosan
Bower Hill, Athlone
Gort an Locha, Moate
Watch this space for future Affordable House Purchase Scheme opportunities
