First Home Scheme
Helping first time homebuyers get on the property ladder
What Is It?
The First Home Scheme is a shared equity scheme designed to help eligible first-time buyers and other qualifying applicants bridge the gap between their mortgage, deposit and the price of a new-build home. The scheme can provide additional funding towards the purchase of an eligible property, making home ownership more achievable when you may not have enough mortgage borrowing to cover the full purchase price.
How Does It Work?
If you qualify, the First Home Scheme can provide up to 30% of the purchase price of an eligible new home, or up to 20% where you are also using the Help to Buy (HTB) scheme. In return, the First Home Scheme takes an equity share in your home. You remain the homeowner and can choose to buy back this equity share in the future, either in part or in full, subject to the scheme's terms and conditions.
How Can It Help?
The scheme can make the difference between being unable to purchase a new home and being able to secure your own property. By providing additional funding alongside your mortgage and deposit, it can help eligible buyers access a wider range of new-build homes. The amount available depends on your circumstances, the property and the mortgage you can obtain, so it is important to check your eligibility and understand the costs and conditions before proceeding.
Who Can Use the First Home Scheme?
To be eligible for the Scheme you must be:
- Over 18 years of age
- A first-time buyer, who is defined as a person who:
– Has not previously purchased or built a dwelling in the Republic of Ireland for his/her/their occupation
-Does not own or is not beneficially entitled to an estate, or has interest in any dwelling in the Republic of Ireland or elsewhere, and
– Has a right to reside in the Republic of Ireland
You may also be eligible if you have previously purchased or built a property in the Republic of Ireland:
- With a spouse, civil partner, or partner, and that relationship has ended. You must not retain a beneficial interest in the previous property, or
- If you have sold (or divested of) that property as part of a personal insolvency or bankruptcy arrangement, or other legal process as a consequence of insolvency
To be eligible for the Scheme, you must also:
- Have a Mortgage Approval with a Participating Lender
- Borrow the maximum mortgage amount available to you from one of the Participating Lenders (up to 3.5x your income)
- Not be availing of a Macro Prudential Exception (MPE) with a Participating Lender
- Have a minimum deposit of 10% of the property purchase price
PLEASE NOTE: Your income is not assessed by First Home Scheme as part of the FHS eligibility criteria.
For More Information
Please visit the First Home Scheme Website for more information on eligibility, Price Ceilings, Application details and more.
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