Local Fine Gael TD, Fergus O’Dowd, has welcomed the new First Time Home Scheme thresholds announced for both Louth and Meath which will now see properties up to the value of €375,000 included.

O’Dowd said “This is an issue which I highlighted to Minister O’Brien in July of 2022 as a major issue as the vast majority of new homes advertised in County Louth exceeded the previous €300k threshold which essentially rendered prospective first-time buyers ineligible for the scheme.

“I also highlighted the ridiculous situation in Drogheda where neighbouring estates had two separate thresholds, so depending on whether they were located in the Louth or Meath part of the town there was a €50k difference in the applied thresholds (€300k for Louth, €350k for Meath).

“I’m glad to see this has now been increased and regularised for both Louth and Meath which will see them in the same threshold category of €375k.

O‘Dowd added “I hope these changes will allow more first time buyers access the scheme in what is a very competitive market.”

Eligibility

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

_* To be eligible for the Scheme the property you are purchasing must:

• be a newly built house or apartment 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

For more information see: https://www.firsthomescheme.ie/