Frequently asked Questions

The New Build product is designed to help eligible homebuyers purchase a newly built home in a private development anywhere in the Republic of Ireland by bridging the gap between their deposit, mortgage, and the purchase price of the home they would like to buy. The homebuyer must satisfy a number of eligibility criteria in order to receive funding from the Scheme.

• Use our eligibility calculator to see the minimum and maximum support you could potentially qualify for through the Scheme.
• You can then register and submit your application online by clicking apply now.
• To submit an application online for the New Build product, documentation required will include a copy of your Mortgage Approval in Principle (AIP) from your Participating Lender.

The FHS allows you to purchase a newly built house or apartment in a private development anywhere in the Republic of Ireland. Property price ceilings per local authority area apply to both houses and apartments. This means that you cannot avail of the FHS if the purchase price of your property is above this amount. In some local authority areas, the price ceiling for houses and apartments is different. Please refer to Property Price Ceilings for further details.

The Self-build product is designed to help eligible self-builders to build a home on a site which they own or are in the process of purchasing anywhere in the Republic of Ireland by bridging the gap between their deposit, mortgage, and the build cost of their home. The self-builder must satisfy a number of eligibility criteria in order to receive funding from the Scheme.

A self-build home is one that is built on a site by the owner(s) of the site either through direct labour (self-managed) or a fixed contractor (construction contract). The home will be used as the principal private residence of the owner(s).

• Use our eligibility calculator to see the minimum and maximum support you could potentially qualify for through the Scheme.
• You can then register and submit your application online by clicking apply now.
• To submit an application online for the Self-build product, you will need a copy of your Mortgage Application in Principle (AIP) and your estimated build cost.
• Before you sign your FHS Customer Contract, you will be required to submit a certified copy of your build cost and your lender valuation.

• You can build a detached or semi-detached house that can be either single or multi-storey.
• The house must be on a site which you own or are in the process of purchasing, within the Republic of Ireland.
• The build cost must be within the property price ceiling for the local authority area in which you are building.

The price ceiling relates to all costs associated with the completion of the project to include connection fees, Local Authority fees and professional fees.

No, you cannot avail of FHS funding to purchase a site.

No. Funding for any demolition work must be secured from an alternative source e.g. mortgage.

In order to draw down the FHS Equity Facility:
• Your solicitor must confirm your Participating Lender has released the first stage payment
• You must provide a Certified Property Report (at least 50% of the works for which FHS funding is required must be certified as complete in order to draw down the FHS Equity Facility)
• Your solicitor must submit a payment requisition form to the FHS

From the date you sign your FHS Customer Contract, you have 12 months in which to draw down the FHS Equity Facility, and the total amount of your FHS Equity Facility must be drawn down as a single transaction.

The FHS Equity Facility cannot be extended to cover any self-build cost overruns. You will need to secure funding for an overrun from your Participating Lender or from another source.

The FHS will discount the value of the site from the current valuation and will calculate the redemption payment amount based on the result.

At the time of redemption, a current valuation for your home (house plus site) will be required. As the FHS calculated your equity share based on build cost only, we will discount the value of the site from the current valuation and will calculate the redemption payment amount based on the result.

Property built in September 2023

Same property valued January 2026

From the date you draw down the FHS Equity Facility, you have 2 years to complete your self-build.

Both a cost overrun and a cost underrun have an impact on the equity percentage held by the FHS in your home and also on the site value percentage calculated when you applied to the FHS.
If you draw down more or less funding from your mortgage provider, you need to notify us so that we can make the relevant adjustments to the equity percentage and the site value percentage.
See detailed examples in the questions below of how a cost overrun or underrun can impact your FHS Equity Share.

The example below sets out how an overrun impacts the equity and site value percentages.

*While the customer contribution remains the same the amount is a smaller percentage of the overall funding at 9%.
**The mortgage provider has provided the additional €50k required to complete the build. The total funding being provided is now €260k (€210k+€50k) or 74% of the overall funding required.
***While the FHS funding remains the same at €60k, the equity share percentage and site value percentage will change as a result of the increased build cost. The equity amount when recalculated as a percentage of the updated build cost is reduced to 17% and the site value percentage when recalculated is reduced to 22%. The change to the equity and site percentages will impact the amount to be repaid by the customer at the time of redemption.

In the event of an underrun involving the drawdown of less funding from your mortgage provider, the equity percentage held by the FHS in your home and also the site value percentage calculated at the time of application can be adjusted. We request that the customer contacts us to make us aware of the underrun and to allow us to calculate the impact.

The example below sets out how an underrun impacts the equity and site value percentages.

*While the customer contribution remains the same the amount is a larger percentage of the overall funding at 12%.
**The final €50k of the mortgage has not been drawn down to complete the build. The total mortgage funding being provided is now €160k (€210k-€50k) or 64% of the overall funding required.
***While the FHS funding remains the same at €60k, the equity share percentage and site value percentage will change as a result of the decreased build cost. The equity amount when recalculated as a percentage of the updated build cost is increased to 24% and the site value percentage when recalculated is increased to 29%. The change to the equity and site value percentages will impact the amount to be repaid by the customer at the time of redemption.

Provided you meet all other eligibility criteria, you may qualify for the FHS Self-build product and the equity in your site can contribute to your 10% deposit.

The Tenant Home Purchase product (THP) is designed to help eligible tenants who have received a valid Notice of Termination (NoT) from their landlord and are looking to purchase the home they are currently renting as the landlord is putting the property on the market. The FHS works by bridging the gap between the deposit, mortgage, and the purchase price of the home. The homebuyer must satisfy a number of eligibility criteria in order to receive funding from the Scheme.

• Use our eligibility calculator to see the minimum and maximum support you could potentially qualify for through the Scheme.
• You can then register and submit your application online by clicking apply now.
• To submit an application online for the THP product, documentation required will include a copy of your Mortgage Approval in Principle (AIP) and a copy of your Notice of Termination.

A valid Notice of Termination is a written notice served by a landlord on their tenant and meeting all of the requirements of a valid Notice of Termination as outlined by the Residential Tenancies Board (RTB).

No. The Help to Buy Scheme is only available for newly built and self-built homes. You may, however, be eligible for up to 30% of the property purchase price (the maximum equity share available) under the FHS.

The FHS allows you to purchase the house or apartment you have been renting in a private development anywhere in the Republic of Ireland. Property price ceilings per local authority area apply to both houses and apartments. This means that you cannot avail of the FHS if the purchase price of your property is above this amount. In some local authority areas, the price ceiling for houses and apartments is different. Please refer to Property Price Ceilings for further details.

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 your 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}

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.

Home Purchase (private development):

To be eligible for the Scheme the property you are purchasing must: 

• be a newly built house or apartment OR be 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 purchasing
• 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 from mortgage providers to buy residential property using Loan to Value (LTV) and Loan to Income (LTI) limits. Banks and other lenders have the discretion 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 or if you are a resident in a retirement home on a fee-paying basis

Please refer to the current property price ceilings table.

The FHS property price ceilings are regularly reviewed and may be subject to change.

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 ceilings 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 FHS. 

Own door units (to include duplexes, where covered by this definition, and irrespective of the number of floors internally) with main door opening to an external area will be considered under House price ceilings for the purpose of the FHS. 

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 FHS. 

Own door units (to include duplexes, where covered by this definition, and irrespective of the number of floors internally) with main door opening to an external area will be considered under House price ceilings for the purpose of the FHS. 

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.

If your property was completed and made habitable within the last three years but has never been lived in, it may qualify as a 'new build' property under the Scheme. You will need to indicate that the property was previously unfinished as part of your application to the First Home Scheme. Additionally, you must provide certifications to evidence compliance with planning permission granted and building standards at the time of construction. You will also need to provide confirmation that no evidence of the presence of mica or pyrite exists.

When someone goes through one of these processes, 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 may be eligible for the Scheme.

Yes. 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.

No. This is a separate scheme with different qualifying criteria and cannot be used in conjunction with the FHS. For more information see the Housing for All website.

No. This is a separate scheme with different qualifying criteria and cannot be used in conjunction with the FHS. For more information see the Housing for all website.

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 or all 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.

Help to Buy can be used in conjunction with the FHS for the New Build and Self-build products only. It cannot be used with the Tenant Home Purchase product as this relates to second-hand homes.

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.

You can first check your eligibility by using our eligibility calculator. If you are eligible, you can then register and submit your application online.

You will be asked to provide some information during the application process including:

• personal details (e.g. Your full name, current address, date of birth and occupation, etc.)
• qualification details (e.g. Are you a first-time buyer? Are you availing of HTB? etc.)
• property details (e.g. Are you looking to purchase or build a property? Location of the property, purchase price/ build cost)
• your solicitor’s details (e.g. Name and Address)

To submit your application online, you will need to also upload the following documentation:

• a copy of your Mortgage Approval in Principle (AIP) from a Participating Lender (this must be valid for at least eight weeks from date of submission)
• photo ID for all homebuyers, valid for at least six months (e.g. passport, driver’s licence)
• current address verification (dated in the last six months) for all homebuyers e.g. bank statement, recent utility bill – gas, electric, telephone (landline only, mobile phone bills will not be accepted)
• a copy of your NoT (if you are a tenant looking to purchase the home you are currently renting)
• estimated build costs if you are looking to self-build your home

Once your application is approved, additional documents will be required before you can drawdown your FHS Equity Facility.

No. There is no sharing of personal customer information between the FHS and Participating Lenders. The mortgage process and FHS process are independent of each other.

Step one: Starting your journey

If you’re ready to get onto the property ladder, you’ll need to raise the funds through a mortgage, savings, and in some cases, assistance from the Help to Buy Scheme. If you find that you still have a shortfall in funds, you can use the FHS eligibility calculator to calculate the minimum and maximum support you could potentially qualify for through the FHS. You don’t need to have a specific property in mind at this stage, however you’ll need to know the local authority area it’s in (please see interactive map).

Step two: Your application

To start your FHS application, you’ll need a Mortgage Approval in Principle (AIP) from a Participating Lender. Once you have an AIP, you can register and apply for the FHS through the FHS customer portal.

The supporting documentation required to submit your FHS application includes:

1. a copy of your AIP from a Participating Lender (this must be valid for at least eight weeks from date of submission)
2. photo ID for all homebuyers, valid for at least another six months (e.g. passport, driver’s licence)
3. current address verification (dated in the last six months) for all homebuyers (e.g. bank statement, recent utility bill – gas, electric, telephone (landline only, mobile phone bills will not be accepted))
4. a copy of your NoT (if you are a tenant looking to purchase the home you are currently renting)
5. a copy of your estimated build costs if you are looking to self-build your home

Step three: Receiving your Eligibility Certificate

Your application and documentation will be reviewed and, if approved, you’ll receive an Eligibility Certificate.

It is important to understand that the Eligibility Certificate is not an offer from the FHS, but an indicative estimate of the minimum and maximum amount of equity you may qualify for based on the information you provided. The amount we will provide will depend on the funding gap between your deposit, mortgage and the price of your new home and, therefore, may be less than the maximum amount indicated on the Eligibility Certificate.

You will need to provide the Eligibility Certificate to your Participating Lender who will consider the FHS when they process your mortgage application.

If you are approved for a Mortgage, your Participating Lender will give you a Mortgage Letter of Offer and you can move to the next step of the process.

Step four: Receiving your Customer Contract

The Mortgage Letter of Offer should be uploaded to your FHS customer portal, along with any other required documents outlined in your Eligibility Certificate for assessment by the FHS.

For Self-builds, this will include certified build costs from a qualified architect, engineer, or quantity surveyor and a certified valuation as instructed by your Participating Lender.

If your FHS application is approved, you’ll receive a copy of your Customer Contract for the equity facility. The Customer Contract is the formal legal contract between you and the FHS. The Customer Contract and solicitor instructions will also be sent to your solicitor and must be signed by you and witnessed by your solicitor. You will also need to sign a declaration that you meet the eligibility criteria for the FHS, that you understand that you have been advised to seek independent legal and financial advice, and that you understand the terms and conditions of the equity facility.

Step five: Getting your new home

The signed Customer Contract, and all declarations and forms should be returned by your solicitor to First Home Scheme, Block C Maynooth Business Campus, Maynooth, Co. Kildare W23 F854 before you can drawdown your FHS Equity Facility.

The FHS will then release funds to your solicitor’s account, and your solicitor can finalise the property purchase on your behalf in parallel with the mortgage process.

Your FHS Equity Facility is now set up and we will issue you with a welcome letter.

For Self-builds, in order to draw down the FHS Equity Facility, your solicitor must confirm that your Participating Lender has released their first stage payment and you must provide a Certified Property Report to confirm works complete and to be completed. At least 50% of the works for which FHS funding is required must be certified as complete in order to draw down the FHS Equity Facility. Once your self-build is complete, you will need to submit a final valuation and a Certificate of Compliance (if applicable) to the FHS. 

From this point on, you’ll receive an annual statement. This will contain up to date information on the FHS Equity Facility and reflect any redemption payments and service charges applied.

It’s also important you maintain adequate building insurance for the property, ensuring that the full reinstatement cost of the property is covered, as set out under your Participating Lender’s Mortgage Letter of Offer.

Your Eligibility Certificate expires on the same date as your Mortgage Approval in Principle (AIP) from the Participating Lender.

For example:

You receive an AIP from a Participating Lender and it’s valid until 01^st September 2022, meaning that your Eligibility Certificate will also be valid until 01^st September 2022, regardless of when the certificate was issued.

For all products, your Customer Contract expires on the same date as your Mortgage Letter of Offer from the Participating Lender.

For Self-build (own site) only, you have 12 months to drawdown your FHS Equity Facility from the date you sign your FHS Customer Contract.

Yes, you can make changes online up until the point when you submit your application to FHS. Once submitted, your application will be locked. If you want to make any changes to the application (for example, change applicant names or property details) you should contact the FHS through the FHS customer portal, or you can call the FHS customer contact centre on 0818 275 662.

In addition to life cover for your mortgage, it is recommended you have sufficient cover for the equity share under the FHS.

Yes, you must always maintain adequate building insurance for the property, ensuring that the full reinstatement cost of the property is covered.

If you wish to continue but are looking to make an amendment to your current details, do not withdraw your application. You should contact the FHS through the FHS customer portal, or you can call the FHS customer contact centre on 0818 275 662.

If you are no longer proceeding with your FHS application, you can withdraw your application at any stage before the FHS release funds to your solicitor. If you choose to withdraw your application, we will retain the information provided by you in your application in line with the FHS Personal Data Retention Policy.

If you would like further information about the FHS Personal Data Retention Policy or how we process your Personal Data, please refer to our Privacy Notice on our website, or contact us by email at [email protected].  

Yes, you can reapply at a later date once you satisfy the eligibility rules for application. Please contact one of our agents should you wish to submit a subsequent application.

No, you can apply without including your solicitor details. However, your solicitor details are required before the FHS issues you with a Customer Contract.

Yes, it is preferable to use the same solicitor for both your mortgage and your Customer Contract, which means your solicitor will have knowledge and visibility of both products in relation to your home purchase/build.

We will send your solicitor the following documents which must be completed, signed, witnessed, and returned before the FHS funds can be released:

• Customer Contract
• Declaration confirming:
• first-time buyer/eligible homebuyer status
• whether you are availing of the Help to Buy Scheme
• that the property will be your Principal Private Residence (PPR)
• that you have received or are waiving legal advice
• that you have received or are waiving financial advice
• Form of inhibition
• Inhibition consent form
• Certificate of title
• Solicitor’s undertaking
• Funds Requisition Form
• Certified Property report (Self-build only)
• Consent of Spouse (if applicable)

All correspondence should be sent to First Home Scheme, Block C Maynooth Business Campus, Maynooth, Co. Kildare W23 F854.

You can also ask your solicitor to provide the following:

• an explanation of the rules of the FHS and any events that require mandatory redemption of the equity share
• an explanation of the Customer Contract, the service charge, the redemption process, and your legal responsibilities
• guidance on signing the Customer Contract and the Mortgage Letter of Offer, together with any declarations required as proof of eligibility, including a declaration confirming that you are a first-time buyer
• an explanation of your responsibility to advise the FHS if there are any changes in your circumstances that would impact the equity share. For example, if you move out of your home and live somewhere else you must tell the FHS. Full details of this event and other circumstances in which you should advise the FHS will be outlined in your Customer Contract and in our Your Guide to the First Home Scheme brochure

Funds will be released to your solicitor’s account.

The equity share is secured by an ’inhibition’, which will be registered on the title to your property. It is your solicitor’s responsibility to ensure that this inhibition is registered with the Property Registration Authority (PRAI) once the funds have been released.

You will need to engage a solicitor again when you make certain changes to your equity facility, or when you sell your property.

Unlike a mortgage or personal loan, there is no charge for the equity facility for the first five years. From the beginning of your sixth year following the FHS drawdown, if the equity share has not been redeemed or bought back, a service charge will apply.

This is a charge to be paid by you for the maintenance and servicing of your FHS Equity Facility.

For the first five years you own the property, there will be no service charge.

A service charge will be applied to the equity facility from the start of year six onwards at the following rates per annum:

• 1.75% for year six - year 15
• 2.15% for year 16 - year 29
• 2.85% for year 30+

These rates are fixed for the life of the equity facility.

The annual service charge is calculated by multiplying the original property purchase price/build cost by the FHS Equity Share (%) and multiplying the result by the service charge rate for the year in question.

Service charges accrue daily and are applied to your account monthly in arrears, so your monthly service charge may vary given the number of days in the month.

For example:

*For the purpose of illustration, this example is assuming that no redemption payments are made towards the equity share to reduce the original equity amount. The above figures also assume every year is 365 days. The service charge will be calculated on an actual day basis, this means that where there are 366 days in a year, there will be an additional day’s interest.

You can choose whether you want to:

• pay the service charge by monthly Direct Debit, Electronic Funds Transfer (EFT), or via a debit card facility
• pay the full annual service charge or make 12 monthly instalments
• pay a reduced amount if you can’t afford the full monthly service charge
• defer payment until another date

Note: there is no additional cost to deferring the service charge, but it will continue to accrue against your account, and you will need to pay it at a later date.

Yes, but you can choose to defer the payments when they become payable on year six following drawdown of your FHS Equity Facility.

If you choose to defer, please be aware that the service charge will accrue in the background and this balance must be paid:

• if you want to fully redeem the equity share
• if the property is sold
• if you move to a non-Participating Lender
• if the Homeowner dies (or, in the case of joint applications, the last applicant dies)
• the property is no longer your Principal Private Residence

No. The FHS does not charge any additional fees or costs associated with the facility. However, there could be other costs (not levied by the FHS) that you might incur such as those outlined below.

A legal agreement with the FHS will need to be put in place in the same way that a legal agreement will be put in place for the mortgage loan facility. You will need to engage a solicitor who will provide independent legal advice and who will arrange for the completion of the required documentation. You should check with your solicitor what their fees and charges are for these services. You will be liable for all taxes on your property. Your solicitor will usually manage this on your behalf.

We strongly recommend that you also obtain independent financial and tax advice around all taxes due in relation to your property, and there may be a cost associated with this. Please ensure that you discuss potential fees with your financial advisor before proceeding.

Should you want to partially redeem or fully redeem your equity facility, you are required to provide a valuation of your property from an FHS Approved Valuer and cover the cost of this valuation. The valuation will then be valid for a period of 12 months.

You may choose to engage an estate agent if you are selling the property. They will charge you a fee for that service.

The homebuyer is responsible for the payment of taxes.

• If you wish to make a partial redemption against your equity share, this must be a minimum of 5% of the original equity amount. This minimum amount will not vary over the life of the equity facility (unless it is your final redemption payment, to complete the buyout of the equity share).
• Only two partial redemptions are permitted in any 12-month period.
• From year six following drawdown of your FHS Equity Facility, if you are redeeming the equity share in full, all accrued unpaid service charges must also be paid in full.
• You will need a valid property valuation in order to make a redemption payment against your equity share.

Calculation of Redemption Amount - New Build and Tenant Home Purchase

• For New Build and Tenant Home purchase, your lender valuation is valid for 6 months post drawdown and therefore, the redemption amount will be your original drawdown amount. After 6 months, you will need to arrange an updated valuation from an FHS Approved Valuer if you wish to make a redemption. This valuation is valid for 12 months.

Calculation of Redemption Amount - Self-build

• If a full redemption is made pre completion and within the first 2 years after drawdown, the redemption amount will be your original drawdown amount.
• A property valuation from an FHS Approved Valuer is required for a redemption to be made 2 years or more after the drawdown (or post completion of the build, whichever is the earliest) of the equity facility.

If you wish to make a redemption (partial or full) we can provide you with a redemption quote (amount) outlining the impact of any redemption payment on your FHS Equity Share.

You can request a redemption quote through the FHS customer portal or by contacting the FHS contact centre on 0818 275 662.

The FHS allows for partial redemptions on your equity share. Up to two partial redemptions can be accepted in any 12-month period. For Self-builds, partial redemptions are not permitted until the build of your home is complete.

The following events require you to redeem the full equity share, as well as service charges that have accrued against the equity facility:

• the property is sold
• the property is no longer your Principal Private Residence
• you move or switch your mortgage to a non-Participating Lender
• if the Homeowner dies (or, in the case of joint applications, the last applicant dies)

The events above will be referred to as ’realisation events’ in your Customer Contract.

Before a redemption quote can be provided, you are required to have a current property valuation for the FHS to calculate your redemption amount.

For the New Build or Tenant Home Purchase products, if you have owned your property for more than 6 months, you will need an updated valuation.
In the case of self-builds, an updated valuation is required if you are redeeming your equity share more than 24 months post FHS Equity drawdown (or post completion of the build, whichever is earlier).

Should you wish to proceed with a redemption payment, additionally (and in order to comply with regulatory requirements) you must submit:

1. Certified Proof of Identification - documents must be valid for at least the next 6 months.
2. Certified Proof of Address - documents must be dated within the last 6 months.
3. Documentation to support your source of funds. The specific documentation required will depend on your source of funds.

Please refer to the Redemption Request Form on your FHS customer portal for a list of acceptable certified documents and detailed requirements for source of funds documents.

New Build and Tenant Home Purchase

You are required to have a current property valuation for the FHS to calculate your redemption amount.

• A property valuation is not required if you are partially or fully redeeming your equity share within 6 months of drawdown.
• 6 months after drawdown, you will need an updated valuation in order to make a redemption. This valuation is then valid for 12 months from the date of the valuation.

Self-build

You are required to have a current property valuation for the FHS to calculate your redemption amount.

• A property valuation is not required if you are redeeming your facility in full before your property is complete once this is done within 24 months of receiving your funds from the FHS.
• An updated valuation is required if you are redeeming your equity share more than 24 months after drawdown.
• An updated valuation is required if you are redeeming your equity share post completion of the build.

You can arrange a valuation with an FHS Approved Valuer through the FHS customer portal or by contacting the FHS contact centre on 0818 275 662.

The customer pays for the valuation. The cost of this valuation is payable before the FHS Approved Valuer completes the property inspection.

Contact the FHS. Our agents will provide information on how to arrange a second valuation on your property by another FHS Approved Valuer. The second valuation supersedes the first valuation. The cost of this valuation will be shared 50:50 between you and the FHS.

If you do not accept the second valuation, you can request an expert review of the value of the property, the outcome of which will be binding on both parties. The cost of this review will be shared 50:50 between you and the FHS. 

The FHS can disagree with the valuation amount from a FHS Approved Valuer and seek a second valuation, the outcome of which supersedes the first valuation. In this case, the FHS will pay the cost of the second valuation. The FHS can also disagree with a second valuation amount and initiate an expert review, the outcome of which will be binding on both parties. The FHS will pay the cost of the expert review in these circumstances. 

Yes. Property prices can go up and down. As the equity facility is linked to the value of your home, any change in property prices will affect any partial or final redemption amounts. If property prices increase/decrease over time, the percentage equity you have to redeem will remain the same but the € amount will increase/decrease.

Yes. The equity share percentage that the FHS has in your property is based on the purchase price/build cost of the property. If property prices increase, the percentage equity you have to redeem will remain the same but the € amount will increase.

Home Purchase (private development)

For example:

Property purchased in August 2022

Same property, valued in January 2025

Therefore, the equity share amount for redemption (excluding any accrued service charge) will have increased by €5,000 based on the increased property value.

Self-build (own site)

For example:

Property built in September 2023

Same property valued January 2026

Therefore, the equity share amount for redemption (excluding any accrued service charge) will have increased by €3,750 based on the increased property value.
Please note: this example assumes no partial redemptions have taken place since the equity facility was drawn down.

If your property value falls, the percentage equity you have to redeem will remain the same but the € amount will decrease.

Home Purchase (private development)

For example:

Property purchased in August 2022

Same property, valued in January 2025

Therefore, the equity share amount for redemption (excluding any accrued service charge) will have decreased by €5,000 based on the decreased property value.

Self-build (own site)

For example:

Property built in September 2023

Same property, valued January 2026

Therefore, the equity share amount for redemption (excluding any accrued service charge) will have decreased by €3,750 based on the decreased property value.

Please note: this example assumes no partial redemptions have taken place since the equity facility was drawn down.

If you complete a material alteration to your property that increases its current market value, any such increase in value will be excluded from the market value of the property for the purpose of calculating the amount you need to pay to the FHS in order to redeem the equity share.

Material alterations are defined as works that add additional living accommodation to the property, adapt the property to provide for access and use by a person with a disability, or upgrade the Building Energy Rating (‘BER’) of the property by two or more BER Ratings.

Examples of material alterations:

• any works to the property that require planning permission
• the addition of an extension or conservatory, which creates additional living accommodation
• the conversion of an attic space, garage, or basement which creates additional living accommodation
• changes to the internal property layout, such that the property is adapted to provide for access and use by a person with a disability such as:
  • access changes such as creating a ramp or widening doorways
  • installation of specially adapted kitchen units and worktops
  • installation of specially adapted bathrooms
• works carried out to upgrade the energy efficiency of the home, resulting in the BER rating of the property improving by two or more BER ratings

Your solicitor will complete the necessary steps required to release the Inhibition.

No, the equity share is provided to help bridge the shortfall on your property purchase price or build cost in the case of a Self-build.

The FHS does not provide top-ups as funds are provided to assist with home purchase/build. You can apply for a mortgage top-up from your Participating Lender, but you will need to advise the FHS that you are applying for this.

Yes. The annual statement includes details of service charges paid and/or any accrued service charges. It also includes details of any redemption payments made and the equity share held by the FHS.

Yes. At least one of the customers on the existing equity facility must stay the same and must remain living in the property as their Principal Private Residence. Addition of parties to the equity facility is at the discretion of the FHS.

We can organise this change for you if you contact us through the FHS customer portal, or by calling us on 0818 275 662. We will ask you to complete and return to us a number of documents, in conjunction with your solicitor.

Yes, you must notify the FHS of your intention to top up your mortgage with a Participating Lender, and the FHS must confirm that it does not object to the mortgage top-up as a part of the mortgage top-up application process.

The FHS may object to a top-up application for one of two reasons:

1. If the top-up has been sought for a purpose other than one of those listed below:
   • Home improvements
   • Medical
   • Educational needs
   • To redeem (buy back) the equity share partially / in full
2. Post top-up if you do not meet the FHS’ requirement to retain an equity interest of at least 10% of your home’s estimated open market value.  

Switching is when you take out a new mortgage on a property you already own with a new lender to replace your existing mortgage.

Yes, you must notify the FHS of your intention to switch your mortgage through the FHS customer portal.

The FHS switching rules are as follows:

• If switching to a Participating Lender, there is no requirement to redeem (buy back) the equity share.
  If you borrow more money against your property (this is known as a mortgage top up) as part of the switching process, you must retain at least 10% equity in your home post top up.
• If switching to a non-Participating Lender, there is a requirement to redeem (buy back) the equity share in full including any accrued service charges.

Under your Customer Contract, you are required to contact the FHS if you are considering selling your property.

The equity share and all outstanding service charges must be repaid in full on the sale of the property.

Under your Customer Contract, you are required to contact the FHS if you rent out your property. The FHS is provided to homebuyers who intend to make the property their Principal Private Residence, so renting out the property once purchased/built is not permitted. If you do rent out your home, you will be required to clear the equity share and any outstanding service charges in full.

Yes, this is permitted if you continue to live in the property and it remains your Principal Private Residence.