HC Financial

The First Home Scheme was launched one year ago this week (July 2022). The scheme is designed to bridge the gap between the customers mortgage, their deposit and the price of a new home. It does so by providing for the shortfall in return for an equity share in the home.

To be eligible for the Scheme you must:
- be over 18 years of age
- be a first-time buyer or other eligible homebuyer
- 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 purchase price
*there are no specific household income limits required to participate in the FHS.

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)
not be a self-build

The FHS can fund up to 30% of the market value of your new property
this amount is reduced to 20% if you are availing of the Help to Buy Scheme (HTB). Details of HTB can be found on the Revenue’s website (www.revenue.ie), and examples, including the HTB can be found in the Homebuyers Guide on the Guides/Resources page
the minimum equity share is 2.5% of the property purchase price, or €10,000, whichever is higher. (read full article here: https://lnkd.in/eaQFFX8k)

For more information or help starting your mortgage journey call our Mortgage Advisor, Fiona on: 091 788000 or email [email protected]

What are the real benefits of working with a Financial Adviser? In this weeks blogs we outline what you can expect and what the benefits are... We are always here to help and advise. It's your financial future, take control. https://hcgroup.ie/why-work-with-a-financial-advisor/
T: 091 788000. E: [email protected]

Why work with a Financial Advisor – HC Financial | Financial Advice for Life Why work with a Financial Advisor 5 minutes ago by HC Financial in Standard Blog, Uncategorized 0 Why work with a Financial Adviser? Managing your wealth and finances can be challenging, especially in today’s ever changing market. With so many considerations and options, it can be a bit overwhelmi...