AFFORDABLE PURCHASE SCHEME

The Affordable Housing Purchase Scheme is a Government funded scheme aimed at helping buyers bridge the gap between what you can afford to pay and the actual price of your new home. The scheme is aimed at helping people on lower incomes purchase their own home. The scheme is aimed at helping people on moderate incomes purchase their own home.
Wexford County Council provide a monetary contribution towards the purchase of your new home. The amount provided will be the difference between the combined total of your maximum mortgage capacity, deposit and savings (where relevant) and the open market value of the home on the date you purchase it. This contribution will be expressed as a percentage and represents the equity share
the local authority will retain in your home.

You can redeem or “buy out” the equity share in part or in full at a time of your choosing, but there is no obligation to do so. Certain events will trigger the local authority to request their equity share to be redeemed. One of these triggers would be if you sell your home. The price to be paid for your new home and the percentage equity share will be calculated by the local authority in accordance
with current regulations. The minimum equity share your local authority can provide to help you “bridge the gap” is 5% of the full purchase price of the home. You will not be eligible if you require less than a 5% equity share. In general, the maximum income limit for an affordable home is 85.5% of the open market value of the home divided by 4.

HOW DOES IT WORK?

Through the scheme, Wexford County Council takes a percentage equity stake (share of the ownership) in the home equal to the difference between the open market value of the property and the reduced price paid by the purchaser. The equity percentage will vary per purchaser depending on an individual’s circumstances.

WHO CAN BUY?

The scheme is aimed at first-time buyers or those who qualify under the Fresh Start principle. You must meet the eligibility criteria for the scheme.

WHAT ARE THE ELIGIBILITY CRITERIA?

• You are over 18 years of age
• You are a First time Buyer or qualify under the Fresh Start principle
• Your purchasing power must not exceed 95% of the open market value of the home
• You have a minimum deposit of 10% of the purchase price
• You have a right to reside indefinitely in the State
• The affordable home will be your principle place of residence You can redeem or “buy out” the equity share in part or in full at a time of your choosing, but there is no obligation to do so. Certain events will trigger the local authority to request their equity share to be redeemed. One of these triggers would be if you sell your home. The price to be paid for your new home and the percentage equity share will be calculated by the local authority in accordance with current regulations.

The minimum equity share your local authority can provide to help you “bridge the gap” is 5% of the full purchase price of the home. You will not be eligible if you require less than a 5% equity share. In general, the maximum income limit for an affordable home is 85.5% of the open market value of the home divided by 4.

WHEN AND HOW TO APPLY,

Applications are made directly to Wexford County Council via their online portal. The portal will be open for applications for a specific period of time and applicants will submit their information securely online. Each application will be assessed by Wexford County Council according to the eligibility criteria. Selected applicants will be required to submit formal mortgage approval and verify their application details and offered the opportunity to purchase a property in sequence until all the properties have been sold.

Applications will only be accepted through the online application portal. On the day the application portal opens, you will first need to register on the portal and then you can proceed to complete the online application form and submit the requested documentation.
When homes within the ‘Radharc na Beannóige’ scheme are made available for purchase, they will be advertised in the following places;

 Wexford County Council’s website
 Wexford County Council’s Social Media pages and
 in local newspapers.

Advertisement will include details about the scheme including how and when to apply.
Please be aware that applications will be prioritised on a first come first served basis and in line with Wexford County Councils Scheme of Priority.

HOW MUCH WILL I PAY?

The price you pay will be calculated by the local authority and will be based on your purchasing power. For each home they will set a minimum and a maximum purchase price. The price each applicant will pay will vary as your purchasing power will determine the purchase price and the level of equity share you will require from the local authority

DO I NEED MORTGAGE APPROVAL?

Yes. Purchasers will need to show that they have mortgage approval from any private lending institution, such as approved banks or building society. (It may be possible to secure a mortgage from your Local Authority if you cannot secure one from a private lendor.

WHAT DEPOSIT DO I NEED?

A booking deposit of €???? is payable in order to secure a home. Financial Institutions require that a minimum 10% deposit is raised by purchasers. Purchasers can avail of the Help to Buy Scheme to raise this 10% deposit.

More information is available www.wexfordcoco.ie/housing/affordable-housing or www.affordablehomes.ie

HELP TO BUY SCHEME

The Help to Buy (HTB) Scheme helps first-time buyers purchase a newly-built house or apartment. You can also get it for once-off self-build homes. It only applies to properties that cost €500,000 or less. The Help to Buy Scheme gives a refund of the income tax and Deposit Interest Retention Tax (DIRT) you have paid in Ireland for the 4 years before the year you apply.
The HTB Scheme was increased in July 2020. This increase is known as the Enhanced Help to Buy Scheme. The Enhanced Help to Buy Scheme is available until 31 December 2025.

TO QUALIFY YOU MUST:

• Be a first-time buyer who buys or self-builds a new residential property between 1 January 2017 and 31 December 2025.
• Take out a mortgage with a qualifying lender that is 70% of the purchase price or (Market Value if purchase price is lower than open market value)
• Plan to live in the house as your principal private residence for a minimum of 5 years

You must apply for the scheme through Revenue. For more information visit www.revenue.ie