Help to Buy

The Help to Buy is available to first time buyers only who are building a
new home or buying a home in a new development and need help with
a deposit.

An individual or couple can get 10% of the cost of a new build home up to a maximum of €30,000 based on the amount of tax paid in the previous 4 years. For example a couple who have paid combined taxes of €40,000 in the previous 4 years who are buying a €330,000 house will get €30,000 as a grant which can be used as their deposit meaning they only need a further €3,000 to satisfy the central bank rules of needing a 10% deposit.

The house being purchased or built must be less than €500,000 in value
and a mortgage of at least 70% is required i.e. LTV of 70%. You must reside in the home for a minimum of 5 years.

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All opposition parties want to abolish the Help to Buy Scheme which has
helped 1218 individuals and couples to purchase or build their first home in Waterford (47,596 nationally). This would mean prospective purchasers would struggle to save a 10% deposit which would lower the demand for new homes, undoubtedly resulting in less homes being built.