Affordable Purchase Scheme
Find out about the Government initiative that can assist you in obtaining you’re mortgage and taking the next step towards owning your new home in Waterford’s newest urban village.
What is Affordable Purchase?
The Affordable Purchase scheme is a Government initiative, that is targeted to buyers who need assistance bridging the gap between their own available funds (including the Help to Buy scheme), the amount of mortgage that they can obtain and the cost of the new home.
The houses are targeted at first-time buyers (or fresh starters) who want to own their own newly built, A-rated home.
The scheme can provide up to a maximum of €75,000 of equity per house subject to a purchaser’s qualifying circumstances. This will be in the form of an equity stake, that you can buy out at any time after 5 years.
Am I eligible?
- You must have a legal right to live in Ireland.
- Your income must be below a certain level. This is calculated by multiplying your gross annual income by 4. This figure is known as your ‘purchasing power’ and it must then be less than 85.5% of the market value of the affordable home.
- Applications for the scheme may vary based on applicants circumstances. To find out if you are eligible for the Affordable Purchase Scheme, submitting an application is highly advised.
How To Apply
Applications for Affordable Purchase homes in Summerfields, Kilbarry, Waterford should be made through Waterford City & County Council’s website.
