Buying a new home with a builder like Glenveagh? Here’s How the First Home Scheme Can Help

At Irish Mortgage Corporation, we know that buying your first home can feel overwhelming – especially with rising house prices and stricter lending rules. That’s why we work closely with buyers like you to make the most of government support such as the First Home Scheme (FHS).

If you’re exploring newly built homes by Glenveagh Homes or other private developers, the First Home Scheme could be the key to closing the affordability gap and getting you into your new home faster.

What Is the First Home Scheme?

The First Home Scheme (FHS) is a shared equity scheme launched by the Government in partnership with participating lenders. It’s designed to support first-time buyers and eligible applicants by providing up to 30% of the purchase price of a newly built home – in exchange for a stake in the property.

At IMC, we guide you through the entire application process and help you understand how FHS can work alongside your mortgage and other supports like the Help to Buy Scheme.

How Much Can You Get?

Up to 30% of the purchase price if you’re not using the Help to Buy Scheme
Up to 20% if you are combining it with Help to Buy
The minimum amount is 2.5% of the purchase price or €10,000, whichever is greater

This can significantly reduce the amount you need to borrow, which means lower monthly repayments and a smoother path to ownership.

Use our mortgage calculator to estimate what your repayments could look like with FHS support.

Combine It with the Help to Buy Scheme

Many IMC clients benefit from using both the Help to Buy Scheme and FHS together. Help to Buy provides up to 10% of the purchase price back as a tax rebate (capped at €30,000), while FHS can top up your funds with up to 20% more.

We’ll advise you on the best way to structure these supports so you can maximise your eligibility and minimise your mortgage.

Who Can Apply?

You must be:

A first-time buyer, or
A fresh start applicant (someone who previously owned a home but no longer has a financial interest due to divorce, separation, or insolvency)
At least 18 years old, with the right to reside in Ireland
Purchasing a new-build home in a private development (second-hand homes are not eligible)

Check if you qualify by booking a free call with an IMC mortgage advisor.

What Types of Homes Qualify?

The FHS only applies to new builds in private developments – such as those offered by Glenveagh Homes. The home must fall within the price caps set by your local authority, which vary by region and property type.

At IMC, we’ll help you confirm whether your chosen property meets the criteria and guide you on next steps.

How Much Does It Cost?

There’s no cost for the first five years.

From year six, a service charge applies to the Government’s equity share:

Years 6–15: 1.75% per year
Years 16–29: 2.15%
Year 30 onward: 2.85%

You’re not required to repay the Government’s share unless you sell the home, but you do have the option to buy it back at any time, in full or in part.

How to Apply

Applying is easy when you have the right support.

Here’s what to do:

Get your Mortgage Approval in Principle from a participating lender
Confirm your eligibility for the First Home Scheme
Apply online at firsthomescheme.ie

Or better yet — let us take the stress out of the process. At Irish Mortgage Corporation, we’ll handle your mortgage application and guide you through FHS step-by-step.

🗓️ Book a free consultation to get started.