North Cork Fine Gael Councillor has welcomed a review of the First Home Scheme price ceilings that will result in a new price limit for houses in Cork County in order to be eligible for the Scheme will be €425,000.
The changes will mean thousands of additional First-Time Buyers will now qualify for the scheme. These people would have been ineligible for the scheme until now if the price of their chosen home was above the price ceiling for their local authority area. The new price ceilings will include houses in Cork County with prices of up to €425,000. The review also means that every new house valued at €325,00 or less will be eligible for the scheme, irrespective of its location in Ireland.
Cllr. O’Shea said “I’m delighted to see these increases in the price ceilings for the First Home Scheme right across the country, but especially in Cork County. The scheme is succeeding since its inception in helping people buy their own home. Over 750 approvals have been granted for the Scheme thus far and its having a real impact in helping people buy their own home. The new price ceilings, which aim to ensure the scheme can benefit as many people as possible without causing distortion in local housing markets, took effect since January 1st”.
The First Home Scheme (FHS) aims to make home ownership achievable for thousands of individuals and families by bridging the gap for first-time buyers and other eligible homebuyers between their deposit and mortgage, and the price of their new home.
The new criteria for the First Home Scheme website is available at www.firsthomescheme.ie