Mayo politicians welcome funding boost for first-time buyers
The new price ceilings mean that every new house in Mayo valued at €350,000 or less will be eligible for the First Home Scheme.
Local representatives have welcomed the announcement last week that the price ceiling for the First Home Scheme has been increased by €25,000 in County Mayo, to €350,000, which will result in more First-Time Buyers qualifying for the scheme.
The First Home Scheme provides €480 million of financial support to borrowers and facilitates them in purchasing a new home (or building their own home) that they could not otherwise do after combining their available mortgage and deposit.
By bridging the gap between the available mortgage, deposit and the price of the new home, the scheme will make the prospect of home ownership possible for many for the first time.
“The changes, which take effect immediately, will allow additional first-time buyers to qualify for the scheme in Mayo. These people would have been ineligible for the scheme until now if the price of their chosen home was above the price ceiling for their local authority area,” explained Fine Gael TD Michael Ring.
The new price ceilings mean that every new house in Mayo valued at €350,000 or less will be eligible for the scheme.
“I am pleased that the changes made will make it easier for people in Mayo to avail of the scheme, which can help make home ownership in Mayo an achievable goal for more people,” Deputy Ring continued.
Fianna Fáil senator Lisa Chambers has also welcomed the improved conditions of the scheme and said it was further evidence that the government’s ‘Housing for All’ plan, which she described as the “most ambitious housing plan in the history of the state”, was taking hold.
“From June 2023 to May 2024, 51,935 housing units commenced construction and the pace of new housing growth in Ireland is the fastest in Europe when measured on a per-population basis,” Senator Chambers outlined.
“Housing continues to be a top priority of Fianna Fáil in Government.
“With the First Home Scheme our aim is to make home ownership achievable for thousands of individuals and families by bridging the gap between their deposit and mortgage and the price of their new home.
“The raising of the First Home Scheme ceiling with immediate effect in Mayo is hugely welcome news.
“We will continue to support first-time buyers as a priority with tax rebates and other financial supports to help them get on the property ladder,” Senator Chambers concluded.
