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Over 400 home loan applications received by Kerry County Council since 2016

Jun 23, 2022 08:06 By radiokerrynews
Over 400 home loan applications received by Kerry County Council since 2016 Over 400 home loan applications received by Kerry County Council since 2016
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There have been over 400 (424) applications received by Kerry County Council for home loans since 2016.

That’s according to figures provided by the council to Fianna Fáil councillor Mikey Sheehy.

During the first quarter of this year, Kerry County Council received 26 home loan applications; three have been given a provisional loan offer and one loan has been drawn down during that time.

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Seven applications have been refused so far this year.

Cllr Mikey Sheehy asked the council to provide a breakdown of the council administered loans from January 2016 to March of this year; 171 of the 424 applications made since 2016 were refused.

Activity in loans has increased throughout the years in question, according to the council.

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There were 28 outstanding provisional loan offers at end of the first quarter, however, the council doesn’t expect all of these to be drawn down.

Provisional loan offers are usually granted for a 6-month period however, extensions were sought and granted during COVID-19 restrictions when applicants couldn't view properties.

The council also says many applicants are reporting difficulty in sourcing properties within their approved amount.

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