@06:00 What is an equity stake? "The buyer will be able to buy out the equity stake of the first home scheme or the scheme will be repaid when the property is sold. So the buyer of the property can buy out the equity stake of the first home scheme in the property or can wait and pay off the first home scheme when the property is sold"
My understanding is the scheme is given on the basis that the government own a stake in the property based on the market value, you will be obligated to pay the scheme money back if you plan to sell the property at some point in the future, but you also have an option to buy out the government stake over the life of the mortgage, I think that is what Terry was referring to in relation to the additional % that is required to be paid at different intervals of the mortgage,
Broadly, you have it right. The % to be paid from year six is analogous to an interest rate which is used by the First Home Scheme company to administer the scheme etc.
@@terrygorry thank you Terry I appreciate the information you provide us here. I didn’t see any clause against it. Would be helpful for a single first time buyer to have some help to start with
Hi, I am also looking for information on this subject, have you received an answer yet? Because I have the opposite situation, I am in the process of buying a house, but it is a second-hand house and the rules mentioned here have the impression that they only apply to new houses, is that true?
Terry when are you going to talk about an bunreacht full 63 article? this is irish law for irish men and women, eiRe is a soverighn,independent,democractic State with our own an bunreact that has been hidden from the men and women of this island for far to long and now is the time to reignite the irish flame and spirit, there is a movement happening that no body can stop, an bunreact go duo, please contact me to speak a little more, dont let our history and heritage be destroyed, please help us and get on board
To be eligible for the Scheme the property you are purchasing must: be a newly built house or apartment OR be the house or apartment you are currently renting and residing in and are now looking to purchase it having received a Notice of Termination from your landlord, as the landlord is putting the property on the market www.firsthomescheme.ie/faqs/rules-and-eligibility/
Smart government. Why drop the house prices when you can give the people more debt on their shoulders. In 5 years will be another government coming to power and it will be their problem.
I am a fan! Thank you for always sharing such helpful info. If I ever buy a home, I already know who I want my solisitor to be!
@06:00 What is an equity stake?
"The buyer will be able to buy out the equity stake of the first home scheme or the scheme will be repaid when the property is sold. So the buyer of the property can buy out the equity stake of the first home scheme in the property or can wait and pay off the first home scheme when the property is sold"
My understanding is the scheme is given on the basis that the government own a stake in the property based on the market value, you will be obligated to pay the scheme money back if you plan to sell the property at some point in the future, but you also have an option to buy out the government stake over the life of the mortgage, I think that is what Terry was referring to in relation to the additional % that is required to be paid at different intervals of the mortgage,
Broadly, you have it right. The % to be paid from year six is analogous to an interest rate which is used by the First Home Scheme company to administer the scheme etc.
The buyer can buy out the equity stake at any time, or can pay it out of the sales proceeds when the property is sold.
@@desquinn3834 thanking you
@@terrygorry Thanking you for these informative videos 👍
Great channel terry! Helping many including my self
looking forward to your advice Terry👍🏽
Does it have any positive impact on the housing crisis in Ireland? Are there any stats available?
Cute Watch Sir.
Does the scheme work for non-citizens buying? I am from the USA. Thanks Terry!
Not 100%, to be honest. But I think so👍
No hope for single people in Ireland
Can you merge help to buy scheme plus first home
Scheme?
You can get both, if that is what you are asking
I learned something new! Thank you. Can you rent out a room in your house if you avail this?
Don't see any problem with that, but check the website of the First Home Scheme. They have a FAQ. But I do not see a problem.
@@terrygorry thank you Terry I appreciate the information you provide us here. I didn’t see any clause against it.
Would be helpful for a single first time buyer to have some help to start with
Does a newly built self build property qualify for this scheme?
Hi, I am also looking for information on this subject, have you received an answer yet?
Because I have the opposite situation, I am in the process of buying a house, but it is a second-hand house and the rules mentioned here have the impression that they only apply to new houses, is that true?
I have 3 year 45k earning , how much my limit of buy property?
thank u
A bank will loan you 45 x 3.5 =157.5
Terry when are you going to talk about an bunreacht full 63 article?
this is irish law for irish men and women,
eiRe is a soverighn,independent,democractic State with our own an bunreact that has been hidden from the men and women of this island for far to long and now is the time to reignite the irish flame and spirit, there is a movement happening that no body can stop, an bunreact go duo,
please contact me to speak a little more, dont let our history and heritage be destroyed,
please help us and get on board
Is this only available for newly built houses?
To be eligible for the Scheme the property you are purchasing must:
be a newly built house or apartment OR be the house or apartment you are currently renting and residing in and are now looking to purchase it having received a Notice of Termination from your landlord, as the landlord is putting the property on the market
www.firsthomescheme.ie/faqs/rules-and-eligibility/
Smart government. Why drop the house prices when you can give the people more debt on their shoulders. In 5 years will be another government coming to power and it will be their problem.