First Home Scheme to be extended for self-builders

The First Home Scheme is to be extended to self-builders who are constructing their first home.

The 400 million euro fund was set up to help first-time buyers bridge the gap between their mortgage, deposit and the price of a new home as part of the Government’s Housing for All strategy.

The scheme is currently open to those buying newly-built houses and apartments in private developments, and to renters whose landlord is seeking to sell the property they are renting.

The extension announced on Tuesday means that self-build customers can benefit from financial support of up to 30% of the total build cost of their home, to add to their self-build mortgage and deposit.

The Department of Housing expects the measure to help people in regional locations where many decide to build their first home rather than purchase a new build.

Minister Darragh O’Brien said he was “delighted” with the extension.

“This is a particularly important development for people who live in more rural locations or come from a farming background and who have a site, but not the full level of finance they need to build their new home.”

The First Home chief executive, Michael Broderick, said: “Our pipeline is getting bigger every month and extending the Scheme to self-build customers means we can help even more people. ”

Applications can be made online from Wednesday.