08/08/2023
1.) Help to Buy scheme (HTB):
The Help to Buy (HTB) scheme helps first-time buyers of newly-built homes to buy a house or apartment costing up to a max €500,000. One-off self-build homes apply also.
· Scheme gives a refund of income tax and Deposit Interest Retention Tax (DIRT) over past 4 tax years. FTB's applies to Revenue directly.
Mortgage minimum of 70% purchase price, must live in the property for 5 years home.
Can be used towards the customers 10% deposit.
2.) First Home scheme (FHS):
Scheme open to FTB’s purchasing new build home & FTB customers buying 2nd hand home through Tenant Home Purchase scheme.
Scheme is administered by BCM global, customers contact FHS directly to confirm if eligible.
Scheme takes equity stake in customer’s house by way of an inhibition (charge on property).
Service charge applicable after year 5, taken into account when assessing the customers borrowing capacity.
3.) Affordable Housing scheme (AFH):
· Local Authority Affordable Purchase Scheme makes local authority-provided homes available at reduced price for first-time buyers, whose combined mortgage and deposit will not cover the market price of the newly built home.
· Local authority takes a percentage equity stake (share of the ownership) in the home equal to the difference between the open market value of the property and the reduced price paid by the purchaser.
Homeowner has the option of buying back the local authority’s equity stake at any time.
· Each Local Authority (LA) has its own individual AFH schemes & each LA has to submit a legal priorities agreement to the Bank to be signed before the Bank can approve.
· Applicants approach their Local Authority to ensure the Local Authority Priorities Agreement has been completed.
4.) Vacant Property scheme:
Scheme to support the sustainable reuse of vacant properties. Funded by the Croí Cónaithe Towns Fund, helps to bring vacant and underused buildings back to residential use. Property must be vacant for 2 years prior to 2008.
€50,000 is available from the customers Local Authority (LA), further top up of €20,000 if the refurbishment costs exceed grant.
Customer sells the property within 10 years of getting the grant, they have to pay the local authority back. Repay amount depends on how long the customer has lived in the property.
Where the valuer/surveyor has deemed essential repairs are required the applicants must have funds to complete the works.
Grant will not be taken into account during the Banks assessment & not be used as part of the customer’s bal of funds. When works are complete and approved by the LA, customer issued grant.
Banks have signed priorities agreements with all 31 LA’s. Customer must fund all essential works outside of the grant.
