To be eligible for the Scheme you must:
- be over 18 years of age
- be a first-time buyer or other eligible homebuyer (see below)
- have Mortgage Approval with a Participating Lender
- borrow the maximum amount available to you from one of the Participating Lenders (up to 4 times your income*)
- not be availing of a Macro Prudential Exception (MPE)with a Participating Lender
- have a minimum deposit of 10% of the property cost or in the case of self-builds, equity in your site can contribute to deposit requirement which is a minimum of 10% of build cost.
A First Time Buyer (‘FTB’) is defined as:
(i) A person who has not previously purchased or built a dwelling in the State or elsewhere for his or her occupation, and,
(ii) A person who does not own or is not beneficially entitled to an estate or interest in, any dwelling in the State or elsewhere (this excludes ownership of farmland or a site for the Self-build Product), and
(iii) Has a right to reside in the State.
You may also be an eligible homebuyer if you have previously purchased or built a property in the Republic of Ireland or elsewhere:
- with a spouse, civil partner, or partner, and that relationship has ended. You must not retain a beneficial interest in the previous property, or
- you have sold (or divested of) that property as part of a personal insolvency or bankruptcy arrangement, or other legal process as a consequence of insolvency.
*there are no specific household income limits required to participate in the FHS
Home Purchase (private development) :
To be eligible for the Scheme the property you are purchasing must:
- be a newly built house or apartment ORbe the house or apartment you are currently renting and residing in and are now looking to purchase it having received a Notice of Termination from your landlord, as the landlord is putting the property on the market
- be a property in a private development in the Republic of Ireland
- be bought as your Principal Private Residence
- be within the local authority property price ceiling for the property type (house or apartment)
Self-build (own site):
In the case of self-builds, to be eligible for the Scheme the house you are building must:
- be in the Republic of Ireland on a site that you own or are looking to purchase
- be built as your Principal Private Residence
- be within the local authority property price ceiling for the property type
We have created an eligibility calculator on our website which will assist you in determining whether you are eligible for the FHS, and it can advise you of the maximum funding that may be available to you from the FHS in the form of an equity share.
There are a number of steps that you need to take to apply for the FHS. An Eligibility Certificate does not guarantee funding. If your application is fully approved, with a supporting Mortgage Letter of Offer from a Participating Lender, the FHS issues a Customer Contract to you and funds will be reserved for you while the Customer Contract is valid.
Central Bank of Ireland (CBI) measures set ceilings on the amount of money that can be borrowed to buy residential property using Loan to Value (LTV) and Loan to Income (LTI) limits. Banks and other lenders have the freedom to lend a certain amount above these limits. This is known as a macro-prudential measure exception. If offered an MPE by your Participating Lender and you also qualify for the FHS, you must decide which one you wish to avail of, as you cannot avail of both. If offered both, you should discuss this with your financial adviser to determine which is the best option for you.
No. There is no upper or lower household income limit to be eligible for the FHS. Income is not considered for the FHS.
A house or apartment, which you own and occupy as your only residence.
In limited circumstances, some absences are considered as living in the property - if you are working abroad, or your home remains unoccupied while you are receiving care in a hospital, nursing home or convalescent home/resident in a retirement home on a fee-paying basis.
Please refer to the property price ceilings table under About the Scheme on our website.
Due to the additional costs associated with the construction and delivery of apartments such as lifts, cores (to include lift shaft and fire escapes), aspect requirements and funding costs, the price ceiling for apartments in some local authority areas are higher than those for new houses to reflect the additional cost of purchase.
Own door units (to include duplexes, where covered by this definition, and irrespective of the number of floors internally) with main door opening into an internal common area will be considered under Apartment price ceilings for the purpose of the First Home Scheme.
Own door units (to include duplexes, where covered by this definition) with main door opening to an external area (irrespective of the number of floors) will be considered under House price ceilings for the purpose of the First Home Scheme.
Own door units (to include duplexes, where covered by this definition, and irrespective of the number of floors internally) with main door opening into an internal common area will be considered under Apartment price ceilings for the purpose of the First Home Scheme.
Own door units (to include duplexes, where covered by this definition) with main door opening to an external area (irrespective of the number of floors) will be considered under House price ceilings for the purpose of the First Home Scheme.
The FHS property price ceilings are regularly reviewed and may be subject to change.
Yes, at a minimum you will need to know the name of the development where the property you’re looking to buy is in order to apply. We will require the specific property number later in the process, before we can provide you with funding.
A first-time buyer is a person who has not previously purchased or built a dwelling in the Republic of Ireland or elsewhere for his or her occupation and does not own, or is not beneficially entitled to an estate or interest in, any dwelling in the Republic of Ireland or elsewhere (this excludes ownership of farmland or a site for the Self-build Product) and has a right to reside in the Republic of Ireland.
People who are divorced or separated or have undergone a personal insolvency or bankruptcy arrangement or proceedings or other legal processes and no longer retain an interest in the family home, may also be eligible to apply.
No. The FHS is only available to homebuyers who have not inherited a property in or outside of the Republic of Ireland.
For the Self-build Product, inheriting farmland or a site does not make you ineligible.
No. The FHS is only available for those homebuyers who have not purchased or built a property in or outside of the Republic of Ireland.
When someone goes through a personal insolvency process, they may have to sell their home or give up their interest in the home as part of that process. Someone who has exited the process therefore, no longer has any financial interest in the property and is eligible for the Scheme.
Yes. Your joint application can be completed online via our website. Alternatively, you can contact our agents on 0818 275 662 and we will send you an application form to complete.
The minimum equity share under the FHS is 2.5% of the property purchase price/build cost, or €10,000, whichever is higher.
For example:
Property purchase price/build cost - €450,000
Minimum funding amount of 2.5% - €11,250.
The Help to Buy Scheme (HTB) is a Government of Ireland incentive that helps eligible first-time buyers with the deposit required to purchase /build a new home for €500,000 or less. Eligibility for HTB is assessed by the HTB and is separate from the FHS. If you are availing of the HTB, the maximum amount you may be eligible for from the FHS will be 20% of the purchase price/build cost.
For example:
Using HTB:
Property purchase price/build cost - €450,000
Maximum funding of 20% available from the FHS if availing of HTB - €90,000.
Not using HTB:
Property purchase price/build cost - €450,000
Maximum funding of 30% available from the FHS if not availing of HTB - €135,000.
The maximum equity share available under the FHS is 30% of the property purchase price/build cost if not availing of HTB.
For example:
Property purchase price/build cost - €450,000
Maximum funding of 30% available from the FHS if not availing of HTB - €135,000.
You may be eligible for the FHS Self-build Product. Please see eligibility criteria for more information.
Yes. The next step is for you to register on the FHS customer portal and complete your application.
The FHS is designed to bridge any funding gap that eligible homebuyers may have between their deposit and mortgage, and the price or build cost of a new home. If you already have a Letter of Offer from a Participating Lender, you will not be eligible for the FHS for that specific property as there is no shortfall in funds. You may be eligible for the FHS for a different property but will need to make a new mortgage application to apply for the FHS.
If you are a first-time buyer, you will need a 10% deposit. Equity in your site can form part of the deposit in the case of a Self-build.
If you are availing of the Help to Buy Scheme, this can contribute towards the deposit you need.
