First Home

What is it?

The First Home Scheme is a new government backed shared equity scheme aimed at bridging the gap between the maximum mortgage a purchaser can attain through a participating lending institution and the cost of a new home. This equity stake can be fully bought out at a later point when the purchaser is in a better position to do so.

Who can access it?

First Time buyers or those who qualify as a ‘Fresh Start Applicant’ can
avail of the First Home Scheme. A Fresh Start applicant is someone who has gone through separation, divorce or insolvency and no longer has a stake in a property.

What is the minimum and maximum equity stake?

Any new build home is eligible once it is below the maximum sales
price ceiling of €375,000 for a house in Waterford. These ceilings are
kept under review.

What are the conditions?

Unlike a mortgage or personal loan, there will be no fees or charges
applied to your equity facility for the first five years. The FHS will apply
an annual service charge to your account from year 6-15 (1.75%); year 16-29 (2.15%); year 30+ (2.85%). You can redeem (buy back) all or part of the FHS equity share at any time although you have no obligation to do so unless a mandatory redemption event occurs. Up to 2 redemptions can be made per year.

How can I apply?

You should get mortgage approval in principle via a bank or broker and
then apply on the First Home website - www.firsthomescheme.ie

What the opposition say?

You sThis scheme should also be abolished according to the opposition
despite it assisting first time buyers and fresh start applicants to bridge the gap to home ownership. Without such a scheme home ownership will remain out of reach for many, resulting in many remaining in unsecure rental accommodation, often times at more cost than a mortgage would be.