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Sunday 11 December 2016

Fianna Fail propose State grants to help first-buyers with mortgage deposits

Published 25/04/2015 | 15:38

Fianna Fail propose State grants to help first-buyers with mortgage deposits
Fianna Fail propose State grants to help first-buyers with mortgage deposits

FIRST-time buyers will receive State grants to cover a percentage of mortgage deposits under proposals being put forward by Fianna Fail.

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The scheme would see the Government pay people saving for homes €50 for every €200 they save.

The support would be capped at €5,000 for a single person and €10,000 for couples.

The proposal is remarkably similar to the Special Saving Incentive Account (SSIA) scheme which was introduced by Fianna Fail in 2001.

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The SSIA scheme was open to all savers but the new initiative will only be available to those saving for mortgage deposits.

Fianna Fail environment spokesman Barry Cowen proposed the initiative at the Party’s Ard Fheis in Dublin this afternoon.

Mr Cowen said the State support was part of a “four step roadmap” aimed at addressing the housing crisis.

Read more here: Savers to benefit if Fianna Fail voted back in to Government  

He said the party will build 150,000 new homes by 2021 by providing funding to developers, who cannot access credit, from the €7bn Strategic Investment Fund.

The party will also introduce a new €4bn home building scheme to build social housing.

They will also introduce a grant for older people seeking to adapt their homes later in life.

“Across these 4 steps, Fianna Fáil will build more homes, create more jobs, help more first time buyers, empower more local authority tenants and secure more elderly people in their homes than any other party,” Mr Cowen said.

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