'Bridging the gap' - first-time buyers to avail of new amendments
First-time buyers are to avail of new amendments introduced by the government.
The expansion of the First Home Scheme to include self-builds is a welcome step. So says local Fine Gael Senator John Cummins.
Prospective homeowners who are considering building their own homes will now be afforded the same opportunities as other first-time buyers who need to use the First Home Scheme to bridge the gap.
Gov.ie states that "The First Home Scheme aims to support eligible first-time buyers and Fresh Start applicants by bridging the gap between their deposit and mortgage, and the private market price of the new home (subject to regional price ceilings)."
Speaking in the Seanad, Senator Cummins welcomed the news.
"A fantastic assistance to so many young people looking to build their first home in rural Ireland. The issue of construction inflation has meant that many projects that were initially estimated to be of a certain budget have gone much higher, leading to a gap that the first home scheme is now going to be able to fill.
"In relation to the help to buy, over 43,000 individuals and couples have availed of that since it was introduced, and about a quarter of them are for self-builds.
"The ability now of young people who have projects who are shovel ready with planning permission had a gap between their maximum mortgage and the build cost of that unit, will now be able to avail of the first home scheme.
"That's a really welcome intervention by the government."
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