First Home Scheme

First Home Scheme (FHS)

The Government of Ireland (Department of Housing, Local Government and Heritage), in partnership with Participating Lenders, have introduced a Shared Equity Scheme to help bridge the gap between your deposit and mortgage, and the price of your new home.

If you qualify for the FHS and avail of it, the Government and Participating Mortgage Lenders will provide up to 30% of the market value of a new home, in return for the same percentage share in equity in the property.

You can get up to 30% of the market value of your new property with the FHS. This is reduced to 20% if you are also availing of the Help to Buy Scheme. The minimum you can get is 2.5% of the property purchase price, or €10,000, whichever is higher.

Property price ceilings apply per local authority area: https://www.firsthomescheme.ie/about-the-scheme/property-price-ceilings/

The equity share is tied to the property value as a percentage, so the equity will change with the value of your home.

There is no service charge for the first five years, and participating homeowners can buy back the stake at any point. Service charges are fixed for the life of the facility, beginning at 1.5% from years 6 to 15.

Am I eligible?

• You must be over 18 years old
• You must be buying a new apartment or house
• You should be a first time buyer or other qualified buyer
• Have mortgage approval with a participating lender
• Have a minimum deposit of 10% saved
• Borrow the maximum mortgage amount available to you (up to x4 your income)

Find out more at firsthomescheme.ie or contact us at 01 6286128.