One of Cork most innovative Credit Unions has announced a new Council Tenant Purchase Loan product for its members. This loan is designed around the Cork City Councils Tenant (Incremental) Purchase Scheme 2016 which was introduced in January 2017 and replaced all previous Tenant Purchase Schemes. To be eligible you must be the tenant of a local authority property available for sale and be in receipt of social housing support for minimum period of 1 year with a minimum reckonable income of €15,000.
Under the Scheme, a tenant of Cork County Council pays the authority a discounted price related to his or her income in order to purchase the house. On completion of the sale, the authority places an Incremental Purchase Charge on the house of the proportion of its value equal to the discount.
This new initiative is part of Gurranabraher Credit Unions #MakingAmazing Strategy to add value to the services they already provide to their members. Speaking at its launch Philip Hosford, Gurranabraher Credit Union CEO said “we have been looking at the range of services we offer members and we believe now is the right time to introduce the Council Tenant Purchase Loan. Owning your own home is an objective for many people and that’s why we have not only introduced this Loan but also teamed up with the award winning Mortgage123 to allow other members to talk about how they can aim for a home of their own, We have been providing our members with the ability to save and borrow for Home Improvements for over 63 years. Our long term home improvement loan is a very popular loan so we believe that we can not only provide members with options on how to pay for it doing up their home, but actually give a new generation help and advice in owning their own home”
Sean Corbett, Sales Director Mortgage123, believes that “it made sense for Mortgage123 to team up with Gurranabraher Credit Union for this exciting event. We provide mortgage advice to potential buyers all over Cork and we are looking forward to talking to people about their needs at the event. We are also delighted that CUInsured will be on hand to discuss how you can save money on your Mortgage Protection Policy., so it really will be a one-stop-shop !”.