Buying a new home can be tough on the pocket for many first-time buyers, so the Help to Buy scheme can be of huge benefit for those just starting out in the property market. The Government’s facility, which was launched in 2017, will keep running this year.
The CEO of IPAV, Pat Davitt, says “The Help to Buy scheme is very good for first-time buyers. We’d obviously like to see it extended to include second-hand homes as well, but that’s apparently not to be at the moment.”
“It’s due to come to an end at the end of 2022, but we hope that it will be extended after that because it’s fantastic for first-time buyers.”
Davitt explains that that it isn’t a grant for first-time buyers, as some people might think it is, but a tax rebate system – which means that you can only avail of it if you have paid your taxes over the previous years.
“It’s also very good from a deposit point of view, because many people would use it as part of their deposit,” Davitt adds
The Help to Buy scheme is only relevant to new builds, but this is still a boon for those who want to take advantage of the programme. Basically, it serves as an incentive for first-time property purchasers to help with the deposit needed to purchase or self-build a new house or apartment.
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