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The shared equity mortgage scheme is becoming more popular; 2000 applicants in 22 weeks

DUBLIN: The government’s Shared Equity Mortgage Scheme is getting popular. It assists people with very low incomes in obtaining the mortgage required to purchase their first home. The scheme, which was launched in the summer, received over 2,000 applications in a short period of time. 508 of these were approved for mortgages. Purchase assistance The majority of applicants bought homes in the commuter belt of Dublin, Kildare, Meath and Wicklow. Dara O’Brien, Minister of Housing, said the scheme’s initial reception was positive.

According to the First Home entity, a house worth 359,000 euros will receive 79,000 euros. This affordable housing project started in July 2022. A total of 400 million euros has been earmarked for the project.

A couple earning €70,000 who want to buy a new house worth €320,000 would benefit the most from the scheme. After a 10% deposit, the maximum loan amount is €277,000. Then there will be a gap of 43,000 euros. The government will provide this amount as equity. The first home will give this amount as equity without interest for the first five years. They can get help from the Help-to-Buy scheme. They will also receive a tax deduction of up to 20% of the property’s value.

Houses are priced based on each locality, and assistance will be available accordingly. In each local authority area, First Home will review the prices of homes that qualify for the scheme. This measure aims to prevent negative trends in the local housing market, and financial assistance will be made available as a result.

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