New Mortgage Scheme For First-Time Buyers

Elaine Stenson
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State aid is to be offered to people to help them buy their first home in a new government backed mortgage scheme.

It’s aimed at those who earn too much to qualify for social housing, but enough to get a decent home loan.

From next month, people looking to get on the property ladder will be able to apply for cheaper mortgages than are being offered by the mainstream banks.

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It’s part of the government’s Rebuilding Ireland plans, and will allow first-time buyers to buy both new, second-hand properties as well as financing self builds.

The amount will be capped at €320,000 in Dublin, Cork and Galway.

The average asking price for home in Dublin on daft.ie in 2017 was €360,000. In Cork it was €260,000 and in Galway the average was €273,000.