Maximum property price ceilings are to increase from 1 January.
MAXIMUM PROPERTY PRICE ceilings under the First Home Scheme for every county are to increase, with Housing Minister Darragh O’Brien expected to make the announcement later this week.
That report said that every new house valued at €325,000 or less should be eligible for the scheme irrespective of its location. The equity stake is free for the first five years followed by a cheap interest rate thereafter. The equity share and all outstanding service charges can be repaid in full on the sale of the property.
These changes are set to kick in alongside the changes to the mortgage lending rules announced by the Central Bank recently, which allows a person or couple borrow four times their gross salary. Up to September 2022, the median price for a first-time buyer has increased from €349,000 to €360,000.
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