Sunday 22 January 2017

First-time buyers' Help-to-Buy scheme opens for applications today

Published 03/01/2017 | 07:07

First-time buyers can recoup up to €20,000 in a tax refund
First-time buyers can recoup up to €20,000 in a tax refund

The new Help-to-Buy scheme for first-time buyers, announced in the Budget last October, opens for applications today.

  • Go To

First-time buyers can recoup up to €20,000 in a tax refund to put towards the cost of purchasing a property.

Just last week, the Central Bank said that first-time buyers would only need a 10pc deposit, no matter what value the property is, under new relaxed rules.

New buyers also qualify for a 5pc rebate under the Government's help-to-buy scheme for new homes.

This means they could acquire a new property with a deposit as low as 5pc.

But those who previously bought property need a 20pc deposit.

Read more: Help-to-buy and lending rules 'crucifying boom-time buyers', say housing experts

It has been claimed that people that need to move home to support a growing family are being discriminated against by rule changes and the Government's help-to-buy schemes, it has been claimed.

Experts said the changes to Central Bank mortgage rules and the Government's help-to-buy scheme has left second-time buyers at a massive disadvantage in the property market.

New buyers would be able to bid more, squeezing out existing owners who needed to move house for a job or to accommodate an expanding family.

Meanwhile, the latest house price report by popular property website Daft.ie found that house prices rose on average by 8pc over 2016.

Online Editors

Read More

Promoted articles

Editors Choice

Also in Business