top of page

Two Tramore Housing developments now available through the Governments First Home Scheme

Waterford Fine Gael Senator and party Spokesman on Housing has welcomed the commencement of a new housing development in Tramore by R McDonald & Sons (The Brook, Mountfield) which will see three bed homes being available to purchase with the assistance of the First Home Scheme. It comes hot on the heels of another housing scheme at Strand Hill, Tramore which also has new three bed A rated homes which can be purchased in conjunction with the First Home scheme.


The First Home Scheme allows purchasers who cannot get a mortgage for the full value of the home, to get a state backed equity of up to 30%, which can be fully bought out at a later point when the purchasers are in a better position to do so.


Senator Cummins said “The First Home Scheme bridges the gap between the maximum mortgage purchasers can get from a lending institution and the cost of a new build home, up to a maximum price ceiling of €350,000 in Waterford. The equity can vary between 2.5%-20%, if being combined with the Help to Buy Scheme or 2.5%-30% if the purchaser doesn’t qualify for the Help to Buy scheme because they are fresh start applicants who previously owned a property, but due separation, divorce or insolvency no longer do”.


“The First Home Scheme is enabling purchasers who were previously locked out of home ownership to put down firm roots with the purchase of their first home or second home in the case of fresh start applicants. I’m a very strong believer in home ownership and I am firmly of the view that it is appropriate for the state to support those who aspire to own their own home. This is why the Help to Buy scheme which all opposition parties want to abolish is so important. It has supported 968 individuals and families in Waterford and 39,657 nationally to get their deposit together to buy or build their first home. Without such support we would undoubtedly see less homes being built because less people would be able to get a deposit together as required by the central bank”.


Senator Cummins added “As an example, a couple both working a 40 hour week, earning approximately €13.50 per hour with no overtime or bonuses, who can get four times their income as a mortgage, combined with a €30,000 grant via the Help to Buy or savings and 20% equity via the First Home Scheme can now purchase a brand new 3 bed A rated home in a number of housing developments in Waterford. More information on the scheme can be found on www.firsthomescheme.ie


In conclusion Senator Cummins said “I am committed to delivering more affordable homes for purchase across Waterford. A further housing scheme of 25 two & three bed homes at Ballycarnane in Tramore is being lodged for planning next week which I expect to be made available through the Affordable Purchase Scheme, the third such scheme in Waterford; with Deerpark and Summerfields currently delivering 119 homes. While some parties paint a negative narrative on housing, the reality is there are many options available for young purchasers now and it is important that they independently assess the supports that have been put in place to support them in purchasing their first home.


Recent Posts

See All

Reaction to IBM Jobs Announcement

Today's announcement is a further boost of confidence in Waterford's growing Tech cluster which continues to grow and expand. These are high quality and high paying jobs which will benefit the local e

Comments


bottom of page