How the First Home Scheme works

There are a variety of supports out there to help potential homeowners to secure a property. John Hearne goes through the details

New homes in Cork developed by the Land Development Agency in partnership with the First Home Scheme, Cork County Council and the O’Flynn Group. Picture: LDA

THE First Home Scheme (FHS) aims to make homeownership achievable for thousands of individuals and families by bridging the gap between their combined deposit and mortgage, and the price of their new home.

It is what’s known as a shared equity scheme. This means that homebuyers can receive funds from the scheme in return for the FHS taking a percentage ownership in the property. While it’s aimed at first-time buyers, there are exceptions, which we’ll get to in a minute.