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What is it?

The first home scheme is a government backed scheme designed to help bridge the gap between your 10% deposit saved and the amount for which you have obtained mortgage approval.


Who can avail of it?

  • First time buyers

  • First time self builders

  • You may also be eligible for the scheme if you previously owned property

(a) which was sold as part of an insolvency / bankruptcy arrangement

(b) with a partner or spouse where the relationship has ended and you have not retained any interest in the property


How much assistance can the scheme give?

  • 30% of the purchase price OR

  • 20% if you are also availing of the Help to Buy Scheme


How does the scheme work?

It is a shared equity scheme meaning that the lender will own an equitable share of the property, proportionate to the amount borrowed.


Real life Example:

We are currently acting for a first time buyer couple who have agreed to purchase a family home in the new development of Cluain Adain, currently being constructed by Glenveagh Homes. The purchase price is €360,000. They have savings of €36,000 to pay their 10% contract deposit. They have loan approval based on their combined salaries of €243,000. The first home scheme is bridging the gap of €81,000 and in return will take a 22.5% equity share in the property. This equitable share will be registered, by us, on the title deeds of the property. In the event of a sale in the future, the mortgage and the equitable share will both have to be redeemed in full.

 The First Home Scheme website contains more information as well as an eligibility calculator.


If you have been approved under the scheme, and require legal representation please contact us on 01 963 0061.

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01 963 0061 | | Blanchardstown, Dublin 15

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