Applicant must draw down full mortgage approval. If there is a gap between the purchase price and the mortgage approval then the person may be eligible for the scheme.
Equity of between 2.5% (or €10k) to 30% of the purchase price (or 20% if Help to Buy is used).
Where deposit + mortgage = purchase price then not eligible.
Quick Guide to the Scheme
No charge on equity for first 5 years. After 5 years a service charge applies.
- 75% for year 6 - 15
- 15% for year 16 - 29
- 85% for year 30+
Simple interest per year so the amount does not compound.
No, but see "First Homes" tab for indicator of income bracket
Less than €325,000