5 New Affordable Homes Available - Apply Now!

5 New Homes Available – Apply Now! 

Red Fox Residential announces 5 New Homes for sale at Radharc Na Tornóige, Headford Road, Galway City. Radharc na Tornóige Brochure

Application portal is NOW OPEN. Apply via link: www.galwaycity.ie/tornoige

All applications will be prioritised in order of date and time received in accordance with Galway City Council’s Scheme of Priority.

The minimum purchase price is 

• €234,980 for the 1 Bed Ground Floor Apartment (no parking space) 

• €325,000 for the 2 Bed Duplex (1 parking space) 

• €349,988 for the 3 Bed Duplex (1 parking space) 

The purchase price you pay will be calculated based on your income and mortgage capacity. You will enter into an Affordable Dwelling Purchase Agreement with Galway City Council which will take an equity share in your home equal to the difference the market value and the purchase price you pay. The equity share is expressed as a percentage of the market value of the home. 

You can choose to buy out the equity share in your home at any time within 40 years by one or a series of payments to Galway City Council. Certain events can trigger the equity share to be repaid. 

AFFORDABLE HOUSING SCHEME 

You are eligible to apply for the scheme if you satisfy the following criteria: 
• You are a First-Time Buyer or meet the exceptions under the Fresh Start Principle. 
• Each person included in the application must have the right to reside in the State. 
• The affordable home must be your place of residence. 
• You must need at least a 5% equity stake from the local authority. 
• You have a minimum deposit of 10% of the purchase price. 
• Applicants must have their mortgage approval in principle prior to applying for an affordable home. 

The price you pay for your home will be higher if your income and mortgage capacity are higher, and the equity share will be correspondingly lower. The table below sets out the income limits. 

If you have savings, gifts and/or support through the Help to Buy scheme, you may be able to purchase a home with a lower household income. 

If your gross household income is above these limits but you have reduced mortgage capacity, you may still be eligible to apply.

See Frequently Asked Questions (FAQ) for further details on www.galwaycity.ie/affordable-housing. For any queries please email Affordablehousing@galwaycity.ie