What does the raised ceiling prices in the First Home Scheme mean for potential homeowners?
The shared equity scheme was first launched in July 2022 to help bridge the gap for those with income to low to afford a mortgage big enough for their very first home.
The government and participating banks provide an interest-free stake of up to 30% as a means of helping people get onto the property ladder. Thousands of potential homeowners are set to benefit following the latest changes made the the First Home Scheme. Pic: Getty Images
The scheme has a twice-yearly review of the price ceilings that apply to qualifying homes with the latest review leading to the price ceiling being raised in Dublin city and county as well as Wicklow.
Now, houses in the Dublin City and Wicklow County area valued at up to €500,000 will be eligible to qualify for the scheme, bringing the limit to the same level as apartments in the area.
16 of Ireland's 31 local authority areas have raised the price ceiling limits. Now, houses in the Dublin City and Wicklow County area valued at up to €500,000 will be eligible to qualify for the scheme, bringing the limit to the same level as apartments in the area. Pic: Shutterstock
The 740m scheme applies to new properties including self-builds and apartments. Renters who want to buy their home for their landlord who is looking to sell are also eligible for the sceme.
The Irish Independent report that many of the 16 local authority areas will see an increase of €25,000 in the relevant scheming following the bi-annual review.
Local authority areas seeing an increase are Clare, Fingal, Louth, Sligo, Cork County, Galway County, Mayo, South Dublin, Dublin City, Kerry, Meath, Wexford, Dun Laoghaire-Rathdown, Kildare, Offaly and Wicklow.
The changes, which came into effect on Tuesday, mean more first-time buyers will qualify for the scheme.
In order to qualify, your mortgage must be with a participating lender with AIB, Bank of Ireland and Permanent TSB all on board with the scheme alongside EBS and Haven.
First-time buyers are told to have a deposit of a minimum of 10% which would be 10% of the property's purchase price. Recipients of the Help to Buy Scheme can put that scheme towards the deposit if required.
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What does the raised ceiling prices in the First Home Scheme mean for potential homeowners?
Thousands of potential homeowners are set to benefit following the latest changes made the the First Home Scheme. The shared equity scheme was first launched in July 2022 to help bridge the gap for those with income to low to afford a mortgage big enough for their very first home. The government and participating banks provide an interest-free stake of up to 30% as a means of helping people get onto the property ladder. Thousands of potential homeowners are set to benefit following the latest changes made the the First Home Scheme. Pic: Getty Images The scheme has a twice-yearly review of the price ceilings that apply to qualifying homes with the latest review leading to the price ceiling being raised in Dublin city and county as well as Wicklow. Now, houses in the Dublin City and Wicklow County area valued at up to €500,000 will be eligible to qualify for the scheme, bringing the limit to the same level as apartments in the area. 16 of Ireland's 31 local authority areas have raised the price ceiling limits. Now, houses in the Dublin City and Wicklow County area valued at up to €500,000 will be eligible to qualify for the scheme, bringing the limit to the same level as apartments in the area. Pic: Shutterstock The 740m scheme applies to new properties including self-builds and apartments. Renters who want to buy their home for their landlord who is looking to sell are also eligible for the sceme. The Irish Independent report that many of the 16 local authority areas will see an increase of €25,000 in the relevant scheming following the bi-annual review. Local authority areas seeing an increase are Clare, Fingal, Louth, Sligo, Cork County, Galway County, Mayo, South Dublin, Dublin City, Kerry, Meath, Wexford, Dun Laoghaire-Rathdown, Kildare, Offaly and Wicklow. The changes, which came into effect on Tuesday, mean more first-time buyers will qualify for the scheme. In order to qualify, your mortgage must be with a participating lender with AIB, Bank of Ireland and Permanent TSB all on board with the scheme alongside EBS and Haven. First-time buyers are told to have a deposit of a minimum of 10% which would be 10% of the property's purchase price. Recipients of the Help to Buy Scheme can put that scheme towards the deposit if required.
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