The First Home Scheme is a shared equity scheme designed to help bridge the gap between a purchaser’s deposit and mortgage, and the price of their new home, within regional price ceilings. First time buyers, Fresh Start applicants and those who wish to build their first home are eligible to apply.
The First Home Scheme Designated Activity Company (DAC) is responsible for the operation and management of the First Home Scheme on behalf of its shareholders - the State, Allied Irish Bank, Bank of Ireland and Permanent TSB.
In relation to the use of the Scheme for second hand homes, the DAC introduced the Tenant Home Purchase Product in April 2023. This Product allows tenants to purchase their current rental property where they have received a Notice of Termination because the landlord is selling the property.
In addition, the new housing Plan, Delivering Homes, Building Communities, commits to engaging with the pillar banks and the First Home Scheme to develop a support for first time buyers seeking to purchase and renovate derelict or long-term vacant properties. I have requested the First Home Scheme to undertake the required analytical and technical work to examine the potential for such an expansion and the matter is under consideration. Any decision to extend the Scheme would require the agreement of the shareholders.
