First Home Scheme FHS Mortgage
The Government of Ireland (Department of Housing, Local Government and Heritage), in partnership with Participating Lenders, has introduced a Shared Equity Scheme to help you bridge the gap between your deposit and mortgage, and the price of your new home.
First Home Scheme Mortgage in Kildare
The Government of Ireland (Department of Housing, Local Government and Heritage), in partnership with Participating Lenders, has introduced a Shared Equity Scheme to help you bridge the gap between your deposit and mortgage, and the price of your new home.
The Scheme provides homebuyers with what is known as an equity facility.
This means that homebuyers will enter into a contract with the First Home Scheme and receive funds from the Scheme in return for the First Home Scheme taking a percentage ownership in the property purchased.
The percentage ownership that the Scheme holds in your home is known as an equity share.
Who are the participating lenders
At this point in time, the following banks are participating in the first Home Allied Irish Bank (AIB) Haven Mortgages, EBS, Bank of Ireland Permanent TSB plc.
What Type of Property is eligible for the First Home Scheme?
The FHS allows you to purchase a newly built house or apartment in a private development within the Republic of Ireland.
There are maximum property price ceilings for each local authority area. Self-builds and second-hand properties are excluded from the First Home Scheme
Note that Self-builds are not eligible for the First Home Scheme at this time.
What Charges are involved?
There is no charge for the equity share for the first five years. From the beginning of your sixth year of ownership of your property, if the equity share is still in place, a service charge will apply.
How Long will this scheme last?
At this point in time, It is expected the Scheme will be available to new homebuyers until 2025
Check out their eligibility calculator on their website and apply
Frequently Asked Questions about First Home Scheme
Can I top up my Equity Share?
No, this is not possible. The equity share is to help you bridge the shortfall on your property.
Are there any charges for the First Home Scheme?
Does the First Home Scheme pay the Stamp duty on my new property?
If I Avail of the First Home Scheme can I still switch my mortgage to another lender when my rate is up?
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