Understanding the Help to Buy Scheme

Here’s everything you need to know about the scheme that’s making the housing market more affordable for first-time buyers.

A real incentive to secure a new home

Thanks to this government initiative, you can now get a refund of Income Tax and Deposit Interest Retention Tax (DIRT) that you paid over the previous four years. The maximum relief is 5% of the purchase price of your future home, which makes saving the money for your mortgage deposit more manageable.

Your property developer must qualify

We are recognised as a qualifying contractor, which is good news for you. Muileann, White Pines, Castle Farm, Furness Wood, Ballinahinch Wood and An Fuarán are some of our new developments around Dublin, Kildare, Wicklow and Galway that qualify under the Help to Buy scheme.

The qualifying entities are:

• Muileann: Kettle Homes Ltd.
• White Pines: Stocking Homes Ltd.
• Castle Farm: Jigginstown Homes Ltd.
• Furness Wood: Johnstown Homes Ltd.
• Ballinahinch Wood: Ashford Residential Ltd.
• An Fuarán: Frenchfort Residential Ltd.

Key criteria that you must meet

You have to be a first-time buyer. If you’re applying with a partner, then neither of you can have built or bought a house or apartment in the past. It’s essential that your tax affairs are in order whether you are a PAYE employee or self-employed.

Since 1st January 2017, the Help to Buy scheme only applies to properties costing €500,000 or less. Self-builds are included in the Help to Buy scheme. In this instance, the valuation your mortgage lender supplies will determine the market value of your new build.