In a bid to empower first-time buyers, Ireland has unveiled an enticing opportunity—the First Home Scheme (FHS). Let’s delve into the details of this game-changing initiative:
- Shared Equity Scheme:
- The FHS operates as a shared equity scheme. Here’s how it works: The government and participating banks contribute up to 30% of the cost of your new home. In return, they hold a stake in the property.
- You have the option to buy back this stake at any time, but it’s not mandatory.
- Eligibility Criteria:
- First-Time Buyers: If you’ve never owned or built a property for residence, you qualify. Fresh start applicants—those who previously owned a home but no longer have a financial interest in it—are also eligible.
- Age Requirement: You must be over 18 and have the right to live in Ireland.
- Property Type: The scheme applies to newly-built homes in private developments or self-built properties on your own site.
- Price Limits: Your new home must cost less than the price limit set for your local authority area.
- Tenant Home Purchase Scheme:
- If you’re renting a property and your landlord decides to sell, you can participate in the Tenant Home Purchase Scheme under the FHS.
- How It Helps:
- Deposit Assistance: The FHS provides a deposit—ranging from 2.5% to 30% of your property value—to reduce your mortgage burden.
- Affordability Boost: Owning a home becomes more achievable, especially for young buyers.
- Remember:
- The FHS doesn’t cover second-hand homes unless you’re buying the property you currently rent.
- Make informed decisions and explore this pathway to homeownership!