State's shared equity housing scheme extended to self-builds

The state scheme that provides funding to help people to purchase their own homes is to be extended to those building their own homes.

From this week, the First Home scheme is to be widened to include self-builders who are constructing their first home.

The scheme was set up to help first-time buyers to bridge the gap between their mortgage, deposit and the price of a new home.

With €400m put into it, the scheme had approved 2,000 first-time buyers in its first year, with this figure set to be exceeded in year two, its chief executive Michael Broderick said.

Up to now, it has been open to people buying newly built houses and apartments in private developments and to renters whose landlords are seeking to sell the property they are renting.