The majority of Glenveagh communities are perfectly suited for first-time buyers as they qualify for both the First Home Scheme and the Help to Buy Scheme. 

Let’s take a two-bed property in Gracefields @ Drumaconn as an example of how you can avail of both schemes together. The home purchase price is €310,000 and first-time buyers are required to have a deposit of 10% of the property value.

With the Help to Buy scheme, you can get a maximum of €30,000 towards your deposit, which means the cash deposit needed is only €1,000. This means the mortgage needed to purchase the home would be €279,000 (less Help to Buy and deposit).

Financial institutions in Ireland typically allow first-time buyers to take out a mortgage up to four times their gross annual income. For a couple with a joint income of €65,000, that equals €260,000. If we combine the deposit and the maximum approved mortgage, this still leaves us with a shortfall of €19,000. This is where the First Home Scheme comes in, by providing that €19,000 in return for a 6.12% equity share in the property.  

With the First Home scheme, there is no charge for the first 5 years, and a maintenance charge is applied after that. For more information, check out Glenveagh’s site.