Affordable housing

Unlocking the state’s new shared equity scheme

Following last week’s launch of the First Home scheme, real estate agency Auctioneera has prepared a guide and a useful calculator for first-time buyers looking to avail of it

In the shared equity scheme, the government becomes part-owner of the property with the borrower

Darragh O’Brien, the Minister for Housing, has spearheaded the First Home scheme in response to those would-be buyers who are paying high rents but would prefer to be homeowners.

Many buyers are locked out of the property market, as the macro-prudential rules require them to put up a 10 per cent cash deposit and limit their total mortgage borrowings to 3.5 times their salary.

Saving a 10 per cent deposit while paying eye-watering rents is ...