Saturday 29 April 2017

Government to announce changes to the first-time buyers' scheme

Finance Minister Michael Noonan and Minister for Public Expenditure Paschal Donohoe Photo: Douglas O'Connor
Finance Minister Michael Noonan and Minister for Public Expenditure Paschal Donohoe Photo: Douglas O'Connor
Niall O'Connor

Niall O'Connor

The Government will announce changes to the first-time buyers' scheme when it unveils the finance bill on Thursday.

Independent.ie has learned that the borrowing rules in the scheme will be altered in order to ensure more people qualify.

Currently, you must borrow 80pc of the value of house to qualify, while making the rest up by deposit.

This will be reduced to 70pc, according to government sources, meaning the level of debt facing couples will be reduced.

There will also be measures relating to vulture funds.

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