What it is: An equity funding product assisting first-time buyers and fresh starters to purchase a newly built home in a private development in the Republic of Ireland.

Who it’s for: Individuals or couples who have a funding gap between their deposit, mortgage and the price of the new home they wish to purchase.

Product Features:

  • No fixed repayment date
  • Allows buyers the flexibility to redeem or buy back the equity share over time
  • No service charge for the first five years
  • Service charge, when applicable, can be deferred at no extra cost
New Build

WARNING: We strongly recommend that you seek advice from an independent financial adviser and legal adviser if applying for a First Home Scheme product.

WARNING: 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. See example in the case of a price increase below:

Example: Home Purchase (private development)
Customer purchases a property for €350,000, availing of €35,000 from the First Home Scheme (FHS) which means the FHS has a 10% FHS Equity Share in your home.
Sometime in the future you decide to buy out the FHS Equity Share. The home is now valued at €400,000. As the FHS Equity Share is unchanged at 10%, you will now need €40,000 plus any accrued service charges payable, to redeem the FHS Equity Share in the home

WARNING: The First Home Scheme is not regulated by the Central Bank of Ireland and the equity product is not governed by the Central Bank and its statutory codes of conduct and/or other regulations to include the Consumer Protection Code. However, this does not affect your rights under consumer law.