If you are a first-time home buyer, purchasing a property on your own can be quite expensive in the initial stage. But, the government’s help to buy scheme in Ireland can act as a great boon in this overall process.
Check out this blog, and you will be able to come across valuable insights in no time. Keep reading till the end.
Help to Buy Scheme- What Does it Mean?
In simple words, a help buy scheme refers to a low-interest or equity loan from the government. It is exclusively designed for those individuals who are willing to ride on the property ladder. You can now choose to secure a mortgage with great ease by opting for this specific scheme. All you need to do is deposit a small percentage of the purchase price, and that’s it. Even if the scheme was applicable to all types of buyers, certain new restrictions were implemented in the year 2021.
Help to Buy Scheme- What Are the Criteria and Eligibility?
Take a look at some of the pointers mentioned below, and you will be able to uncover some of the required eligibility and criteria:
- You should be a first-time buyer
- You need to take out help to buy a repayment mortgage
- You need to purchase a new property which should be a part of the scheme
- You can’t use the help-to-buy scheme for purchasing second homes
- The help-to-buy scheme doesn’t allow you to buy a property to rent out
Help to Buy Scheme- What Are the Benefits of this Scheme?
Now, check out some of the unparalleled benefits of help to buy scheme right away:
● You Can Make Smaller Deposits
You can now choose to buy a home quite quickly by making a smaller deposit which is around 5%. It actually takes the load off your chest in the best possible ways. You no longer need to undergo an expensive buying process by opting for this specific scheme.
● You Can Get Interest Free Loans for Five Years
When it comes to an interest-free loan period, you no longer need to repay the loan as soon as your mortgage is removed. Initially, the overall process of mortgage repayment used to be tough. But, the help-to-buy scheme allows you to get your finances in order. You can then pay the entire interest on your loan without feeling anxious or distressed.
● You Can Choose to Reduce Your Loan Whenever You Feel Like
You have the option to pay off sizable chunks and reduce your loan at once. This process is known as stair casing, where you can pay back a proportion of the loan in no time. If you can repay the amount within the given time period of five years, there will be absolutely no additional charges or interest rates that you need to face.
To Sign Up
Hopefully, now you know what a ‘how to buy scheme, Ireland’ is. The best part is that you no longer need to take a step back from purchasing a new home.
Read more valuable Content – TechCrams
