Homebuilt homes will be included in the government’s shared equity scheme, the housing minister told Fianna Fáil members today.
The First Home program, which launched earlier this year, offers support from the government and participating mortgage lenders.
An equity interest of up to 30 percent will be offered to eligible buyers to close the gap between their security deposit and mortgage (combined) and the home price.
Those who have received the Help-to-Buy program see that the stake is capped at 20 percent.
Currently new home buyers are eligible but home builds are not.
This is now to be changed.
Darragh O’Brien will announce the change after receiving a stamp of approval on Friday night from Taoiseach Micheál Martin, who said he would keep the Fingal TD as housing secretary after a cabinet reshuffle in December.
The program has been hailed as a “game changer” by the housing secretary, despite concerns from the central bank and ESRI that it would push up house prices.
The program has cost taxpayers €400 million and is expected to cover the purchase of 8,000 new homes over the next four years.
AIB, Bank of Ireland and Permanent TSB are involved in the scheme and other lenders are expected to sign up.
The First Homes program, part of the government’s Housing For All strategy, has no income limits for those who apply.
However, there are restrictions on the value of properties that qualify for the program in each local government area. The limits are based on the median for a new home in the area.
Mr O’Brien previously said he and his officials worked on the program for two years and received approval for it from the European Union, the European Central Bank and the Central Bank here.
https://www.independent.ie/irish-news/politics/self-build-homes-to-be-included-in-governments-shared-equity-scheme-42031441.html Homebuilt homes are set to be included in the government’s shared equity scheme