The First Home Scheme
The First Home Scheme (FHS) aims to make home ownership achievable for thousands of individuals and families by bridging the gap for first-time buyers and other eligible homebuyers between their deposit and mortgage, and the price of their new home.
It is what’s known as a shared equity scheme. This means that homebuyers can receive funds from the Scheme in return for the FHS taking a percentage ownership in the property purchased.
Eligibility
To be eligible for the Scheme you must:
Be over 18 years of age
Be a first-time buyer or other eligible homebuyer
Have Mortgage Approval with a Participating Lender
Borrow the maximum amount available to you from one of the Participating Lenders*
Not be availing of a Macro Prudential Exception (MPE) with a Participating Lender
Have a minimum deposit of 10% of the property purchase price
To be eligible for the Scheme the property you are purchasing must:
- Be a newly built house or apartment in a private development in the Republic of Ireland
- Be bought as your Principal Private Residence
- Be within the local authority property price ceiling for the property type (house or apartment)
- Not be a self-build
How much funding can the FHS provide?
- The FHS can fund up to 30% of the market value of your new property
- This amount is reduced to 20% if you are availing of the Help to Buy Scheme (HTB). Details of HTB can be found on the Revenue’s website (www.revenue.ie), and examples, including the HTB can be found in the Homebuyers Guide on the Guides/Resources page
- The minimum equity share is 2.5% of the property purchase price, or €10,000, whichever is higher
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