Here's a straightforward guide for anyone looking to apply to Ireland’s First Home shared equity scheme in 2026. Let's start with a quick summary: who can apply, where to apply, expected costs, and the key steps. We'll cover eligibility, how to apply, costs, common pitfalls, and alternatives, using real examples and official First Home details.
Quick-reference summary
Here’s the short version you can bookmark.
- Scheme name: First Home (shared equity model) — government-backed equity stake equals the amount of support provided.
- Where to apply: start at gov.ie First Home pages and with participating mortgage lenders.
- Who’s eligible: first-time buyers meeting income, residence and property rules (see official pages for full list).
- How much support: the scheme takes an equity share equal to the funding it provides — e.g. €35,000 on a €350,000 purchase = 10% equity share.
- Repayment: on sale or when you choose to buy out the equity share you pay the same percentage of the current market value plus any service charges.
Prerequisites
Before you apply make sure you’ve ticked the basics. You’ll need:
- First-time buyer status (you can't have previously owned property in Ireland or abroad).
- An approved mortgage or mortgage approval in principle from a participating lender.
- A property that qualifies under the scheme — typically new homes on the private market or self-builds on your own site, subject to regional price ceilings.
- Proof of identity, PPS number, proof of address and proof of income (payslips, P21, bank statements).
- A conveyancing solicitor to handle legal matters and registration of the equity share on the property title.
Step-by-step: how to apply (numbered)
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Check the official First Home details on gov.ie. Use the scheme pages on gov.ie for the latest participating lenders list and regional price ceilings. Bookmark: https://www.gov.ie/en/policy-information/first-home-scheme/
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Confirm you are a first-time buyer and that your intended purchase fits the scheme type — private sale new-build or self-build (own site) are commonly eligible. The scheme’s equity share matches the support provided — so if you get €30,000 and the purchase is €300,000, the scheme holds a 10% equity share.
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Get a mortgage approval in principle from a participating lender. Lenders must be signed up to operate the First Home product — your lender will advise on required documentation and exact steps. Don’t apply to a lender that doesn’t offer the scheme; it won’t work.
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Gather documents. Typical pack: passport/ID, proof of PPSN, 6 months’ bank statements, last 2 payslips, employers’ letter if needed, P60/P21, proof of deposit, solicitor details and the property contract.
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Submit an application via your lender or directly where instructed on the gov.ie portal. The lender often submits key paperwork on your behalf, because the equity facility links to the mortgage offer and conveyancing process.
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Receive an offer. If approved, you’ll get a mortgage offer and confirmation of the First Home equity facility. The scheme’s support shows up as an equity share, which is a legal interest registered on your property title.
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Conveyancing and completion. Your solicitor completes standard conveyancing, prepares documentation for registration of the equity share and arranges closing. Expect to pay your usual solicitor fees and any valuation or registration charges.
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Completion. On closing the scheme funds are provided alongside your mortgage and your deposit. The equity share is recorded and you move in.
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Redeeming or buying out. When you decide to buy out the scheme’s share or you sell, a market valuation is carried out and you pay the same percentage of the current value. For example: if the scheme took a 10% share at purchase, you’ll owe 10% of the later value to redeem — see examples below.
Example calculations (how the equity works)
Practical examples are the easiest way to see how the math works.
Example — private purchase: You buy for €350,000 and the scheme provides €35,000. The scheme holds a 10% equity share. If the home later values at €400,000 you’ll pay 10% of €400,000 = €40,000 plus any service charge to buy out the equity share.
For example, if you own a site worth €100,000 and spend €300,000 building, the total is €400,000, and the scheme might provide €30,000, which is 10%. Years later the total value rises to €500,000. The scheme requires the current site value to be discounted before calculating the equity share — using the original site percentage — then the 10% is applied. That can materially change the buyout amount, so keep records of site values and solicitor documents.
Costs and fees (what you’ll pay)
There are a few distinct costs to budget for:
- Mortgage-related fees: standard valuation fees (commonly €150–€400 depending on lender) and mortgage arrangement fees if your lender charges them.
- Solicitor/conveyancing fees: typically a few hundred to a few thousand euro depending on complexity — for most first-time purchases expect in the low thousands.
- Equity service/administration charges: the scheme may levy an annual or transactional service charge; check the official First Home documents for exact rates for 2026.
- Stamp duty and local taxes: standard duties apply to property purchases — discuss with your solicitor for exact amounts for your purchase price.
Tips to increase your chance of success
- Start with a participating lender — they’ll tell you what evidence is required and how they process First Home applications.
- Get mortgage approval in principle before you bid or sign contracts — that keeps you ready and shows sellers you’re serious.
- Keep clear records of any site value if you’re self-building — the later buyout calculation uses that figure.
- Get independent financial and legal advice — the equity stake affects long-term costs and future options.
- Watch regional price ceilings. The scheme uses local ceilings to determine eligibility — double-check the ceiling for your county or local market.
Common mistakes to avoid
These trip up applicants regularly. Avoid them.
- Applying through a non-participating lender — your application will fail or be delayed.
- Underestimating future buyout costs — if house prices rise, a fixed percentage stake still costs more in euro terms when redeemed.
- Skipping independent legal advice — the equity charge affects title and future sale proceeds.
- Not budgeting for solicitor and valuation fees — they’re part of the transaction, not optional extras.
- Assuming all homes qualify — check the scheme’s guidance on eligible properties and regional price ceilings first.
Alternatives and comparisons
There are other routes into homeownership worth weighing up.
- Help to Buy and tax incentives — separate supports exist for new builds or substantial renovations; they work differently from equity schemes.
- Local authority schemes and affordable purchase programmes — these may have different terms, rents or shared ownership arrangements.
- Standard deposit-and-mortgage route — if you can raise a larger deposit, you avoid an ongoing equity stake and possible future buyout costs.
Where to get official help
Start at the government’s First Home pages: https://www.gov.ie/en/policy-information/first-home-scheme/ and contact participating lenders listed there. Your solicitor and an independent financial adviser should be consulted before you sign any documents.
Related Articles
The First Home shared equity route can bridge the deposit gap and get first-timers into new homes faster — but it’s not free housing. The state’s equity stake means you share future gains and costs. So get mortgage approval from a participating lender, use a conveyancing solicitor, budget for fees and understand how buyout works before you commit. The official gov.ie First Home pages list participating lenders, regional price ceilings and the exact legal steps for 2026.
This article was created with AI assistance.
