The new First Home Scheme (FHS) was launched by the Housing Minister today. It's aim is to make it easier for First-Time Buyers to afford a new build home as part of the Government’s Housing for All strategy.
The FHS shared equity scheme aims to support 8,000 households in acquiring their first home, a home that otherwise maybe out of reach. It also aims to bridge the existing affordability gap by providing buyers with part of the purchase price for their home, in return for the Scheme taking an equity stake that can be redeemed by the household at a time of their choosing. The maximum stake that the Scheme will take is 20% if the scheme is used in conjunction with Help to Buy and 30% if Help to Buy is not used.
The scheme is available to new homebuyers until 2025 through participating lenders and is designed for those who are buying a home within the maximum price ceiling as their principle private residence and not for those looking to buy a property as an investment. (Renting a room is permitted under the scheme)
For further information and details see the dedicated website detailed below:
Applications can be made from today, July 7th at www.firsthomescheme.ie