Are you a #firstimebuyer with a financial gap between the finance available to you and the cost of a home? The First Home Scheme aims to bridge the gap for buyers between their deposit and mortgage and the price of their new home.
How will the scheme work?
🏡The First Home Scheme is a shared-equity scheme that will be provided by the State, in partnership with participating mortgage lenders.
🏡The support provided by the Government and the participating mortgage lenders will take the form of an equity facility, secured by a second charge on the home equal to the level of funding provided through the scheme.
🏡Applicants will be required to maximise their mortgage drawdown capacity to participate in the scheme (3.5 times the applicants’ gross income, from a participating bank, according to the Central Bank’s macro-prudential rules).
🏡 It is anticipated that an equity stake of up to 30% (where Help-to-Buy is not available, a maximum of 20% if Help-to-Buy is used) will be available to eligible purchasers to bridge the gap between their deposit and mortgage (combined) and the price of the new home
🏡The equity stake can be redeemed (that is, bought out), in part or in full, at any time, but there will be no obligation to do so until the house is being sold.
For more visit gov.ie – First Home scheme (www.gov.ie)