You can find full details of the FHS as well as examples under the Guides/Resources section of the First Home Scheme website, where they have a Homebuyers Guide for you to download and review.

The First Home Scheme has created an eligibility calculator on their website which will assist you in determining whether you are eligible for the FHS, and it can advise you of the maximum funding that may be available to you from the FHS in the form of an equity share.

To be eligible for the FHS you must:

• be over 18 years of age
• be a first-time buyer or an eligible homebuyer (see below)
• have a Mortgage Approval from a Participating Lender
• borrow the maximum mortgage amount available to you from a Participating Lender (up to 4 x your income)
• You cannot avail of a Macro Prudential Exception (MPE) from your Participating Lender i.e., borrow more than 4 x your income
• agree to a minimum equity share of 2.5% of the property purchase price, or €10,000, whichever is higher
• have a minimum deposit of 10% of the property purchase price
• purchase a property intended as your Principal Private Residence
• purchase a newly built house or apartment in a private development in the Republic of Ireland
• purchase a property within the property price ceilings based on local authority area

You may also be an eligible homebuyer if you have previously purchased or built a property in the Republic of Ireland:

• with a spouse, civil partner, or partner, and that relationship has ended. You must not retain a beneficial interest in the previous property, or
• you have sold (or divested of) that property as part of a personal insolvency or bankruptcy arrangement, or other legal process as a consequence of insolvency

Central Bank of Ireland (CBI) measures set ceilings on the amount of money that can be borrowed to buy residential property using Loan to Value (LTV) and Loan to Income (LTI) limits. Banks and other lenders have the freedom to lend a certain amount above these limits. This is known as a macro-prudential measure exception. If offered an MPE by your Participating Lender and you also qualify for the FHS, you must decide which one you wish to avail of, as you cannot avail of both. If offered both, you should discuss this with your financial adviser to determine which is the best option for you.

No. There is no upper or lower household income limit to be eligible for the FHS. Income is not considered for the FHS.

A house or apartment, which you own and occupy as your only residence.

In limited circumstances, some absences are considered as living in the property - if you are working abroad, or your home remains unoccupied while you are receiving care in a hospital, nursing home or convalescent home/resident in a retirement home on a fee-paying basis.

The FHS allows you to purchase a newly built house or apartment in a private development within the Republic of Ireland. There are maximum property price ceilings for each local authority area. Self-builds and second-hand properties are excluded from the FHS.

*For the purposes of the First Home Scheme, duplexes fall within house price ceilings.

The FHS property price ceilings are regularly reviewed and may be subject to change.

A first-time buyer is a person who has not previously purchased or built a dwelling in the Republic of Ireland for his or her occupation and does not own, or is not beneficially entitled to an estate or interest in, any dwelling in the Republic of Ireland or elsewhere and has a right to reside in the Republic of Ireland.

No. The FHS is only available to homebuyers who have not inherited a property in or outside of the Republic of Ireland.

No. The FHS is only available for those homebuyers who have not purchased a property in or outside of the Republic of Ireland.

When someone goes through a personal insolvency process, they may have to sell their home or give up their interest in the home as part of that process. Someone who has exited the process therefore, no longer has any financial interest in the property and is eligible for the Scheme.

Yes. Your joint application can be completed online via our website. Alternatively, you can contact our agents on 0818 275 662 and we will send you an application form to complete.

The minimum equity share under the FHS is 2.5% of the property purchase price, or €10,000, whichever is higher.

For example:

Property purchase price - €450,000
Minimum funding amount of 2.5% - €11,250.

The Help to Buy Scheme (HTB) is a Government of Ireland incentive that helps eligible first-time buyers with the deposit required to purchase a new house or apartment for €500,000 or less. Eligibility for HTB is assessed by the HTB and is separate from the FHS. If you are availing of the HTB, the maximum amount you may be eligible for from the FHS will be 20% of the property value.

For example:

Property purchase price - €450,000
Maximum funding of 20% available from the FHS if availing of HTB - €90,000.

The maximum equity share available under the FHS is 30% of the property purchase price if not availing of HTB.

For example:

Property purchase price - €450,000
Maximum funding of 30% available from the FHS if not availing of HTB - €135,000.

No. Self builds are not eligible for the FHS at this time.

Yes. The next step is for you to register on the FHS customer portal and complete your application.

You can first check your eligibility by using the First Home Scheme's eligibility calculator. If you are eligible, you can then register and submit your application online.

We will need you to provide some information during the application process. For example:

• personal details (e.g. your full name, current address, date of birth and occupation, etc.)
• qualification details (e.g. Are you a first-time buyer? Are you availing of HTB? etc.)
• property details (e.g. what type of property you are looking to buy? Purchase price and location of the property (local authority area), etc.)
• your solicitor’s details (e.g. name and address)

To submit your application online, you will need to also upload the following documentation:

• a copy of your Mortgage Approval in Principle (AIP) from a Participating Lender (this must be valid for at least eight weeks from date of submission)
• photo ID for all homebuyers, valid for at least six months (e.g. passport, driver’s licence)
• current address verification (dated in the last six months) for all homebuyers e.g. bank statement, recent utility bill – gas, electric, telephone (landline only, mobile phone bills will not be accepted)

No. There is no sharing of personal customer information between the FHS and Participating Lenders. The mortgage process and FHS process are independent of each other.

Step one: starting your journey

If you’re ready to get onto the property ladder, you’ll need to raise the funds through a mortgage, savings, and in some cases, assistance from the Help to Buy Scheme. If you find that you still have a shortfall in funds, you can visit www. firsthomescheme.ie and use the FHS eligibility calculator to calculate the minimum and maximum support you could potentially qualify for through the FHS. You don’t need to have a specific property in mind at this stage, however you’ll need to know the local authority area it’s in (please see interactive map on the FHS website).

Step two: your application

To start your FHS application, you’ll need a Mortgage Approval in Principle (AIP) from a Participating Lender. Once you have an AIP, you can register and apply for the FHS through the FHS customer portal.

The supporting documentation required to submit your FHS application includes:

1. a copy of your AIP from a Participating Lender (this must be valid for at least eight weeks from date of submission)
2. photo ID for all homebuyers, valid for at least another six months (e.g. passport, driver’s licence)
3. current address verification (dated in the last six months) for all homebuyers (e.g. bank statement, recent utility bill – gas, electric, telephone (landline only, mobile phone bills will not be accepted))

Step three: receiving your Eligibility Certificate

Your application and documentation will be reviewed and, if approved, you’ll receive an Eligibility Certificate.

It is important to understand that the Eligibility Certificate is not an offer from the FHS, but an indicative estimate of the minimum and maximum amount of equity you qualify for based on the information you provided.

You will need to provide the Eligibility Certificate to your Participating Lender who will consider the FHS when they process your mortgage application.

If you are approved for a Mortgage, your Participating Lender will give you a Mortgage Letter of Offer and you can move to the next step of the process.

Step four: receiving your Customer Contract

The Mortgage Letter of Offer should be uploaded to your FHS customer portal, as well as any other required documents outlined in your Eligibility Certificate for assessment by the First Home Scheme.

If your FHS application is approved, you’ll receive a copy of your Customer Contract for the equity facility. The Customer Contract is the formal legal contract between you and the FHS. The Customer Contract and solicitor instructions will also be sent to your solicitor and must be signed by you and witnessed by your solicitor. You will also need to sign a declaration that you meet the eligibility criteria for the FHS, that you understand that you have been advised to seek independent legal and financial advice, and that you understand the terms and conditions of the equity facility.

Step five: getting your new home

The signed Customer Contract, and all declarations and forms should be returned to the FHS by your solicitor to complete the application.

The FHS will then release funds to your solicitor’s account, and your solicitor can finalise the property purchase on your behalf in parallel with the mortgage process.

Your FHS equity facility is now set up and we will issue you with a welcome letter.

From this point on, you’ll receive an annual statement. This will contain up to date information on the FHS equity facility, and reflect any redemption payments and service charges applied.

Finally, it’s also important you maintain adequate building insurance for the property as set out under your Participating Lender’s Mortgage Letter of Offer.

Your Eligibility Certificate expires on the same date as your Mortgage Approval in Principle (known as an AIP) from the Participating Lender.

For example:

You receive an AIP from a Participating Lender and it’s valid until 01^st September 2022, meaning your Eligibility Certificate will also be valid until 01^st September 2022, regardless of when the certificate was issued.

Your Customer Contract expires on the same date as your Mortgage Letter of Offer from the Participating Lender.

For example:

You receive a Mortgage Letter of Offer from a Participating Lender and it’s valid until 1st December 2022, meaning your Customer Contract will also be valid until 1st December 2022, regardless of when the contract was issued.

Yes, you can make changes online up until the point when you submit your application to FHS. Once submitted, your application will be locked. If you want to make any changes to the application (for example, change applicant names or property details) you should contact the FHS through the FHS customer portal, or you can call the FHS customer contact centre on 0818 275 662.

In addition to life cover for your mortgage, it is recommended you have sufficient cover for the equity share under the FHS.

Yes, you must always maintain adequate buildings insurance for the property. You will be asked to provide evidence that the FHS’ interest is noted on the Home Insurance policy or alternatively, a letter from the insurance company confirming that it is not possible to note FHS’ interest on the Home Insurance policy.

No, you can apply without including your solicitor details. However, your solicitor details are required before the FHS issues you with a Customer Contract.

Yes, it is preferable to use the same solicitor for both your mortgage and your Customer Contract, which means your solicitor will have knowledge and visibility of both products in relation to your home purchase.

We will send your solicitor the following documents which must be signed, witnessed, completed, and returned before the FHS funds can be released:

• Customer Contract
• Declaration confirming:
  • first-time buyer/eligible homebuyer status
  • whether you are availing of the Help to Buy Scheme
  • that the property will be your Principal Private Residence (PPR)
  • that you have received or are waiving legal advice
  • that you have received or are waiving financial advice
• Form of inhibition
• Inhibition consent form
• Certificate of title
• Solicitor’s undertaking
• Funds Requisition Form

You can also ask your solicitor to provide the following:

• an explanation of the rules of the FHS and any events that require mandatory redemption of the equity share
• an explanation of the Customer Contract, the service charge, the redemption process, and your legal responsibilities
• guidance on signing the Customer Contract and the Mortgage Letter of Offer, together with any declarations required as proof of eligibility, including a declaration confirming that you are a first-time buyer
• an explanation of your responsibility to advise the FHS if there are any changes in your circumstances that would impact the equity share. For example, if you move out of your home and live somewhere else you must tell the FHS. Full details of this event and other circumstances in which you should advise the FHS will be outlined in your Customer Contract and in our Homebuyers Guide

Funds will be released to your solicitor’s account. Your solicitor will then release the FHS funds together with the mortgage funds from the Participating Lender to complete the purchase of your new home.

The equity share is secured by an ’inhibition’, which will be registered on the title to your property. It is your solicitor’s responsibility to ensure that this inhibition is registered with the Property Registration Authority (PRAI) once the funds have been released.

Unlike a mortgage or personal loan, there is no charge for the equity share for the first five years. From the beginning of your sixth year of ownership of your property, if the equity share is still in place, a service charge will apply.

This is a charge to be paid by you for the maintenance and servicing of the FHS.

For the first five years you own the property, there will be no service charge.

A service charge will be applied to the equity share from the start of year six onwards at the following rates per annum:

• 1.75% for year six - year 15
• 2.15% for year 16 - year 29
• 2.85% for year 30+

These rates are fixed for the life of the equity facility.

The annual service charge is calculated by multiplying the original property purchase price by the First Home Scheme equity share and multiplying the result by the service charge rate for the year in question.

Service charges accrue daily and are applied to your account monthly in arrears, so your monthly service charge may vary given the number of days in the month.

For example:

*For the purpose of illustration, this example is assuming no redemption payments are made towards the equity share to reduce the original equity amount. The above figures also assume every year is 365 days, and the service charge will be calculated on an actual day basis. This means that where there are 366 days in a year, there will be an additional day’s interest.

You can choose whether you want to:

• pay the service charge by monthly Direct Debit, Electronic Funds Transfer (EFT), or via a debit card facility
• pay the full annual service charge or make 12 monthly instalments
• pay a reduced amount if you can’t afford the full monthly service charge
  defer payment until another date

Note: there is no additional cost to deferring the service charge, but it will continue to accrue against your account, and you will need to pay it at a later date.

Yes, but you can choose to defer the payments when they become payable on year six. If you choose to defer, please be aware that the service charge will accrue in the background and this balance must be paid:

• if you want to fully redeem the equity share
• if the property is sold
• if you move to a non-Participating Lender
• if you die (or, in the case of joint applications, the last applicant dies)
• the property is no longer your Principal Private Residence

A legal agreement with the FHS will need to be put in place in the same way that a legal agreement will be put in place for the mortgage loan facility. You will need to engage a solicitor who will provide independent legal advice and who will arrange for the completion of the required documentation. You should check with your solicitor what their fees and charges are for these services.

We strongly recommend that you also obtain independent financial advice, and there may be a cost associated with this. Please ensure that you discuss potential fees with your financial advisor before proceeding.

Should you want to partially redeem or fully redeem your equity facility, you are required to provide a valuation of your property from an FHS Approved Valuer and cover the cost of this valuation. The valuation will then be valid for a period of 12 months.

The homebuyer is responsible for Stamp Duty costs.

The homebuyer is responsible for Local Property Tax costs.

• If you wish to make a partial redemption against your equity share, this must be a minimum of 5% of the original equity amount. This minimum amount will not vary over the life of the equity facility
• Only two partial redemptions are permitted in any 12-month period
• A valuation from an FHS Approved Valuer is required before a redemption quote can be provided or redemption payment can be accepted. The valuation is valid for 12 months
• From year six, if you are redeeming the equity share in full, all accrued unpaid service charges must also be paid in full

You can request a redemption quote through the FHS customer portal or by contacting the FHS contact centre on 0818 275 662.

The FHS allows for partial redemptions on your equity share. Up to two partial redemptions can be accepted in any 12-month period.

The following events require you to redeem the full equity share, as well as service charges that have accrued against the equity facility:

• the property is sold
• the property is no longer your Principal Private Residence
• you move or switch your mortgage to a non-Participating Lender
• if you die (or, in the case of joint applications, the last applicant dies)

The events above will be referred to as ’realisation events’ in your Customer Contract.

Before a redemption quote can be provided, a valuation report from an FHS Approved Valuer will need to be submitted. Information on how to go about doing this is available on our website.

Should you wish to proceed with a redemption payment, additionally (and in order to comply with anti-money laundering requirements) you must submit:

• proof of ID (valid for at least the next six months)
• proof of address (valid for at least the last six months)
• documentation to support your source of funds. This could be any/all of the following:
  • bank statements for 12 months to support savings
  • a letter from your parent or third-party if you are receiving a gift
  • a letter from your solicitor if you have recently received an inheritance
  • a Contract for Sale if you are in the process of selling your property
    proof of sale of an unencumbered asset
  • any other details that we may require as proof of funds

Yes. An up to date valuation from an FHS Approved Valuer is a mandatory requirement before proceeding with a redemption process.

You can arrange a valuation with an FHS Approved Valuer through the FHS customer portal.

The customer pays for the valuation. The cost of this valuation is payable before the FHS Approved Valuer completes the property inspection.

Yes. Property prices can go up and down. As the equity facility is linked to the value of your home, any change in property prices will affect any partial or final redemption amounts. If property prices increase/decrease over time, the percentage equity you have to redeem will remain the same but the € amount will increase/decrease.

The equity share percentage that the FHS has in your property is based on the market value of the property when it is purchased. If property prices increase, the percentage equity you have to redeem will remain the same but the € amount will increase.

For example:

Property purchase in August 2022

Same property, valued in January 2025

Please note: this example does not take service charges into account and assumes no partial redemptions have taken place since the equity share was provided.

If your property value falls, the percentage equity you have to redeem will remain the same but the € amount will decrease.

For example:

Property purchase in August 2022

Please note: this example does not take service charges into account and assumes no partial redemptions have taken place since the equity share was provided.

If you complete a material alteration to your property that increases its current market value, any such increase in value will be excluded from the market value of the property for valuation purposes.

Material alterations are defined as works that add additional living accommodation to the property, adapt the property to provide for access and use by a person with a disability, or upgrade the Building Energy Rating (‘BER’) of the property by two or more BER Ratings.

Examples of material alterations:

• any works to the property that require planning permission
• the addition of an extension or conservatory, which creates additional living accommodation
• the conversion of an attic space, garage, or basement which creates additional living accommodation
• changes to the internal property layout, such that the property is adapted to provide for access and use by a person with a disability such as:
  • access changes such as creating a ramp or widening doorways
  • installation of specially adapted kitchen units and worktops
  • installation of specially adapted bathrooms
• works carried out to upgrade the energy efficiency of the home, resulting in the BER rating of the property improving by two or more BER ratings

Contact the FHS. Their agents will provide information on how to arrange a second valuation on your property by another FHS Approved Valuer. The cost of this valuation will be shared 50:50 between you and the FHS.

If you do not accept the second valuation, then the FHS will ask the Society of Chartered Surveyors Ireland (SCSI) to nominate an independent qualified arbitrator, who will adjudicate on the value of the property and whose finding will be binding on both parties. The cost of this arbitration will be shared 50:50 between you and the FHS.

Your solicitor will complete the necessary steps required to release the Inhibition.

No, the equity share is provided to help bridge the shortfall on your property.

The FHS does not provide top-ups as funds are provided to assist with home purchase only. You can apply for a mortgage top-up from your Participating Lender, but you will need to advise the FHS that you are applying for this.

Yes. The annual statement includes details of service charges paid and/or any accrued service charges. It also includes details of any redemption payments made and the equity share held by the FHS.

Yes. At least one of the customers on the existing equity facility must stay the same and must remain living in the property as their Principal Private Residence. Customers should contact their solicitor if they want to add someone to or remove someone from their equity facility.

Under your Customer Contract, you are required to contact the FHS if you are considering selling your property.

The equity share and all outstanding service charges must be repaid in full on the sale of the property.

Under your Customer Contract, you are required to contact the FHS if you rent out your property. The FHS is provided to homebuyers who intend to make the property their Principal Private Residence, so renting out the property once purchased is not permitted. If you do rent out your home, you will be required to clear the equity share and any outstanding service charges in full.

Yes, this is permitted if you continue to live in the property and it remains your Principal Private Residence.

Yes, you can switch your mortgage to another Participating Lender without having to redeem the equity share.

Under your Customer Contract, you are required to contact the FHS if you are switching your mortgage to a non- Participating Lender.

Customers switching from a Participating Lender to a non- Participating Lender must redeem their equity share in full, including all outstanding service charges.