How the new Government scheme will operate for first-time buyers
Smart Money: A step-by-step guide to how the shared equity scheme will work
The shared equity scheme will be for new-build houses and apartments, with limits on the property price that qualifies. Photograph: iStock
The Shared Equity Scheme in the new Affordable Housing Bil, put forward by housing minister Darragh O’Brien , is proving controversial. But how exactly would it work for potential homebuyers? The scheme has been approved by Government, but still has to clear the Oireachtas and be approved by the Central Bank. Presuming it does finally go ahead, this is what we know about how it will work for borrowers.
Who will qualify?
The scheme will be available mainly for first-time buyers of new homes. There will be some exceptions – for example people who are separated/divorced and have no stake in a home currently will also qualify.