Home Buyers Guide

Chapter 7: Help, I can't afford to buy a home - what are my options?

Option 5: Buy a home with a friend or family member...cont:

CONS of buying with a friend:

• You only own half the property

• At some stage in the future, you'll generally have to sell the property or buy the other persons share.

Option 6: Affordable Housing Scheme

The affordable housing scheme is a government scheme which aims to help people on lower incomes get on the
property ladder.

Only specific homes are covered under this scheme, generally in new developments.

What makes them affordable is that they are available at prices that are much lower than the market value.

There can be a lot of demand in certain areas, so you may not be lucky enough to get one, but it's certainly an option worth considering.

You can download a guide explaining the scheme at the AffordableHome.ie website

Option 7: Home Choice Loan Scheme (announced in Budget 2009)

The Home Choice Loan is a mortgage provided through a number of local authorities for First Time Buyers who can not get sufficient finance from a bank or building society.

Home Choice Loan will provide up to 92% of the market value of a property purchased, to a maximum of €285,000 with a mortgage term of up to 30 years. The loan will only be available for newly built homes.

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