The government’s new housing program includes warnings for first-time buyers and will not be regulated by the central bank.
Former Minister Darragh O’Brien created the controversial First Home Scheme, which will help first-time home buyers by getting a stake in their home.
A promotional brochure for the program includes three warnings to first-time buyers, “strongly recommending that buyers seek independent financial and legal advice when applying for this product.”
Buyers are also warned that the equity they owe may increase as property prices rise.
Michael Broderick, former chief executive of Home Building Finance Ireland, who runs the scheme, said: “As with any financial product, we need to make the customer aware that there are risks, even if small, but there are risks with it. ”
https://www.independent.ie/irish-news/warnings-to-buyers-over-first-home-housing-scheme-41823514.html Warnings to buyers about the First Home housing program