- Latest available (Revised)
- Original (As made)
There are outstanding changes not yet made by the legislation.gov.uk editorial team to Housing (Northern Ireland) Order 1981. Any changes that have already been made by the team appear in the content and are referenced with annotations.
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
This section lists the changes and effects yet to be applied to the whole Order, associated Parts and Chapters where applicable. This includes any insertions of whole new Parts, Chapters or provisions yet to be inserted into this Order. These effects are included in this view as they may be (but won’t necessarily be) relevant to the specific provision that you are viewing.
This section lists the commencement orders yet to be applied to the whole Order. These effects are included in this view as they may be (but won’t necessarily be) relevant to the specific provision that you are viewing. Where applicable the commencement orders are listed under two headings, firstly those that bring some part of the Order you are viewing into force and secondly, those that bring into force legislation that affects some part of the legislation you are viewing. If you are viewing a prospective version or there is a prospective version available there may be commencement orders listed here that are relevant to the provision you are viewing.
153.—(1) The Department may make advances to recognised lending institutions enabling them to provide assistance under this Part to first-time purchasers of house property in Northern Ireland, where it is property in which the purchaser intends to make his home.
(2) The assistance is to be available where finance for the purchase of the property (and improvements, if any) is obtained by means of a secured loan from the lending institution and the purchase price[F1 does not exceed] such price limits as the Department may prescribe by order which shall be subject to negative resolution.
(3) Assistance under this Part is to be dependent upon the purchaser satisfying conditions with respect to his own savings; and the first condition is that he shall—
(a)have been saving with a recognised savings institution for at least 2 years preceding the date of his application for the assistance; and
(b)throughout the 12 months preceding that date, have had at least £300 of such savings;
and the second condition is that he shall by that date have accumulated at least £600 of such savings; but the Department may allow for the conditions to be relaxed or modified in particular classes of cases.
(4) Assistance under this Part may be given as follows—
(a)the secured loan may be financed by the Department to the extent of £600 (that amount being normally additional to that which the institution would otherwise have lent, but not so that the total loan can exceed the loan value of the property);
(b)£600 of the total loan may be made free of interest, and of any obligation to repay principal, for up to 5 years from the date of purchase; and
(c)the institution may provide the purchaser with a bonus on his savings (which bonus shall be tax-exempt), up to a maximum of £110, payable towards the purchase or expenses arising in connection with it.
(5) The purchaser may qualify for assistance under paragraph (4)( a) and ( b) by satisfying both the conditions of paragraph (3), and qualify for bonus under paragraph (4)( c) by satisfying only the first of those conditions but he does not in any case qualify unless the amount of the secured loan is to be at least £1,600 and not less than 25 per cent of the purchase price of the property.
(6) The Department may, with the consent of the Department of Finance, by order which shall be made subject to negative resolution—
(a)alter any of the money sums specified in paragraphs (3), (4) and (5) and the percentage figure specified in paragraph (5);
(b)substitute any longer or shorter period for either or both of the periods mentioned in paragraph (3);
(c)alter the second condition of paragraph (3) so that purchasers may also satisfy it with lesser amounts of savings, and enable assistance under paragraph (4)( a) and ( b) then to be given according to reduced scales specified in the order.
Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include: