While every development and council has its own fine print, there are some common threads across Affordable Purchase schemes:

First-time buyers and Fresh Start applicants: You usually need to be a first-time buyer, but “Fresh Start” rules can allow some previous owners back into eligibility if they lost a home due to specific circumstances like divorce or insolvency.

Age and residency: You must be over 18 and have the legal right to reside in Ireland.

Income limits: Your total household income is assessed, and your “purchasing power” (typically income multiplied by a factor like 4) must be below a set percentage of the home’s open market value. This ensures the scheme is targeted at those who genuinely need it.

New-build homes only: The scheme typically applies to designated new-build developments, not second-hand homes.

10% deposit: You will generally need at least a 10% deposit, which can be made up of your own savings, the Help to Buy scheme, or a gift.

If any of that sounds a bit technical, don’t worry – that’s exactly where a broker comes in. An IMC advisor can break down the criteria for the specific area you’re interested in and help you understand whether it’s worth preparing an application.

How does the discount and equity share work?

One of the most powerful parts of the scheme is the reduced purchase price. Homes are sold below their open market value, with the local authority effectively “funding” the difference by taking an equity share (Up to 20-30%).

The local authority sets a minimum purchase price and a maximum, based on both the property and your financial capacity.

You buy the home at this reduced price; the unused portion becomes the local authority’s equity stake (for example, a 20% discount usually means a 20% stake).

Your mortgage and deposit only need to cover the discounted price, not the full open-market value.

Over time, if you wish, you can buy back this equity share in stages or in full, increasing your ownership share as your finances allow. The details are set out in an agreement with your local authority, and any future sale of the property will also need to take that share into account.

For many people in Ireland, the biggest barrier to owning a home is not just saving a deposit – it’s the gap between what the bank will lend and the actual prices in their preferred area.

The Affordable Purchase Scheme helps to:

• Bridge that gap by lowering the purchase price of a suitable new-build home.
• Open up options in locations that might otherwise be out of reach for your income level.
• Provide a structured path to full ownership over time, without needing to stretch your borrowing to the limits on day one.

In short, it can make home ownership genuinely achievable for middle-income earners who might otherwise feel permanently stuck in the rental market.

How to apply: step by step

Each local authority runs its own application process for specific developments, but the broad steps are similar across the country.

Check your eligibility

• Confirm you are over 18, have the right to reside in Ireland, and meet the first-time buyer or Fresh Start rules.
• Review the income limits and criteria for the particular scheme you’re interested in.
• Make sure the property will be your main home.

Get your mortgage Approval in Principle (AIP)

• In many cases, you will need an AIP from a lender that participates in the scheme before you can complete your affordable housing application.
• Your AIP should show the maximum mortgage available to you based on your income and outgoings.
• IMC can help you secure this AIP, comparing options from participating lenders and ensuring it lines up with the scheme requirements.

Have your deposit ready

Aim for a 10% deposit, combining savings, Help to Buy, and gifts where appropriate.

Be mindful that having “too much” savings in some cases can affect your eligibility – local authorities look at your overall purchasing power.

Watch for scheme launches

Local authorities and the Land Development Agency advertise new affordable homes on their websites and through AffordableHomes.ie, as well as via social media.

Register on your council’s affordable housing portal or mailing list ahead of time so you’re ready to move when applications open.

Submit your application and documents

• Complete the online application through the local authority portal when schemes open.
• Upload your supporting documents (proof of income, AIP, ID, etc.) as requested.

If you are a first-time buyer or qualify under the Fresh Start principle, and you feel priced out of the current market, the Affordable Purchase Scheme is absolutely worth exploring. It won’t be the right fit for everyone, and availability varies by county, but for the right person in the right development, it can be the difference between “someday” and “soon.”

As a mortgage broker, our role at Irish Mortgage Corporation is to sit on your side of the table – helping you understand the scheme, check your eligibility, secure mortgage approval, and map out a plan that fits your real life, not just a calculator.

If you’d like to explore whether the Affordable Purchase Scheme could work for you, the next step is straightforward: Contact me for a free, no-obligation consultation and I’ll review your income, savings, area preferences and timeline. We’ll help you secure the right mortgage Approval in Principle and prepare you for upcoming schemes in your local area.