Extension of First Home Scheme good news for aspiring homeowners in Mayo - Dillon

THE expansion of price ceilings in the First Home Scheme means more people in Mayo will be able to buy their own home, Minister of State Alan Dillon has said.

The increase in price ceilings, he said, will make more homes available for purchase with funding from the scheme.

Said Minister Dillon: “I am delighted to see that the price ceiling for the First Home Scheme is raised in Mayo. People in Mayo who may previously have missed out on the scheme can now benefit if their chosen home is under €400,000.

“The scheme funds up to 30% of the property purchase price, or 20% if the purchaser is also using the Help to Buy Scheme.

“The First Home Scheme aims to bridge the gap between their mortgage, deposit and the price of a new home.”

He added: “The review will result in increased price ceilings in 16 local authority areas, including Mayo, which has risen from €275,000 to €400,000.

“This scheme is helping thousands of people to bridge the affordability gap and buy their first home and these changes will allow even more people to qualify.

“These changes may also encourage the supply of new homes in areas with low stock of new homes currently.

“Throughout Mayo I have witnessed how this scheme has paved the way for people to purchase their own home.”