The Self-build Product is designed to help eligible self-builders to construct a home on a site which they own or are in the process of purchasing anywhere in the Republic of Ireland.
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 through the First Home Scheme website (www.firsthomescheme.ie).
• 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 Self-build must be on a site which you own, within the Republic of Ireland.
• The Self-build cost must be within the property price ceilings for the local authority area.
No, you cannot avail of FHS funding to purchase a site.
In order to draw down the FHS funding:
• 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 funding, and the FHS funding must be drawn down as a single payment.
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.
How do the FHS treat my site when I want to redeem my equity share?
At the time of redemption, a current valuation for your home (house plus site) will be required. The FHS 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
|Property Build cost||€300,000|
|Total Value (Build cost + Site value)||€400,000|
|FHS Equity Amount provided||€30,000|
|FHS Equity Amount as % of Build Cost||10%|
|Site Value as % of Total Value (€100k/€400k)||25%|
Same property valued January 2026
|Property valuation (House plus Site)||€450,000|
|Site value to be discounted (€450k * 25%)||€112,500|
|Redemption amount for FHS Equity Share Calculation||€337,500|
|Redemption Payment due to FHS (€337,500 * 10%)||€33,750|
The FHS equity amount remains fixed. However, in the event of an overrun or underrun involving the drawdown of more or less funding from your mortgage provider, there is an ability to adjust the equity percentage held by the First Home Scheme in your home. In the event of an overrun we will contact you to advise you of the process and the documentation that you will need to provide to the First Home Scheme. In the case of an underrun we request that the customer contacts us to make us aware of the underrun and to allow us to consider the impact.
The example below sets out how an overrun (additional funding provided by the mortgage provider) impacts the equity percentage held by the First Home Scheme.
Example of an overrun
|Estimated Build cost||€300,000|
|Customer Deposit (10%)||€30,000|
|Mortgage Amount (70%)||€210,000|
|First Home Scheme (20%)||€60,000|
|Following overrun, Build cost||€350,000|
|Customer Deposit (9%)*||€30,000|
|Mortgage Amount (€210k+€50k) (74%)**||€260,000|
|First Home Scheme (17%)||€60,000|
*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 First Home Scheme funding remains the same at €60k, and the equity share percent remains at 20%, the amount when recalculated as a percentage of the updated build cost is reduced to 17%. This reduced percentage would reduce the amount to be repaid by the customer at the time of redemption.
From the date you draw down the FHS Equity Facility, you have 2 years to complete your self-build.
For all other Frequently Asked Questions in relation to the Scheme please see relevant FAQ’s sections at www.firsthomescheme.ie/faqs