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Affordable Purchase

What is it?

The Local Authority Affordable Purchase Scheme helps prospective purchasers to buy a new home at a reduced price by taking an equity in
the property which can be fully bought out at a later point when the purchaser is in a better position to do so.


Who is eligible?

Those who cannot get a mortgage to the value of 85.5% of the market cost of a new housing unit in a designated affordable development. For example, the market cost of a 3 bed semi detached house in Summerfields is €301,564 so you must not be able to attain a mortgage of more than €257,837 to qualify to purchase this unit.


Where are they located? 

The first two schemes totalling 118 units are located at Deerpark and


How is it different to the First Home Scheme?

No service charge applies to the equity after year 5. The units are
located in specific developments and the maximum equity which can
be taken in the property is 22.22% if being combined with the Help to Buy
scheme OR €75,000 without the Help to Buy.


How can I apply?

You should get mortgage approval in principle via a bank or broker and then apply to Waterford City and County Council via their website –


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