Latest news with #FirstHomeScheme
The Journal
21-05-2025
- Business
- The Journal
This mortgage calculator does all the hard work for first-time buyers
BUYING YOUR FIRST home is sure to be one of the most exciting milestones of your life, as well as one of the biggest financial decisions you'll ever make. Making the journey smoother for first-time buyers is an essential part of Glenveagh's mission, which is why they have designed the free, easy-to-use Glenveagh Mortgage Calculator . With so many variables to take into account when deciding whether the home you want fits with your budget, the mortgage calculator can simplify your decision-making process by breaking down exactly what you can expect to pay, both in terms of deposit and monthly mortgage repayments. What sets the Glenveagh Mortgage Calculator apart from similar digital tools is the built-in functionality that allows you to see exactly how the Help to Buy scheme and First Home Scheme can help first-time buyers financially. The calculator is also unique in that it allows users to calculate their deposit payment and mortgage repayments when making use of the two support schemes in conjunction with one another. Glenveagh Homes / YouTube As you can see in the video above, the Glenveagh Mortgage Calculator is a digital tool with a user-friendly interface. All you need to do is enter some basic details, including house price, property type, local authority area, mortgage length and interest rates, and the calculator gives you a clear picture of what to expect from your mortgage. First-time buyers can also toggle the First Home Scheme and Help to Buy buttons on and off to see how these routes to payment can make a major difference for you. The calculator is available both on mobile and desktop. The Help to Buy scheme offers first-time buyers up to €30,000 as a tax rebate towards their deposit. The First Home Scheme provides additional support in the form of shared equity. When used in conjunction with the Help to Buy scheme, it can cover up to 20% of the property's value. If Help to Buy is not being used, it can even offer up to 30%. This scheme is designed to bridge the gap between the buyer's deposit and mortgage, helping to close the affordability gap. Let's use the Glenveagh Mortgage Calculator to see how Help to Buy and the First Home Scheme used together could help you buy a two-bedroom home Rath Rua – a new Glenveagh community of beautifully designed family homes in Portlaoise. Advertisement First, you open the calculator. You enter the price of a two-bedroom house in Rath Rua (€305,000), as well as its local authority area (which in this case would be Co Laois). You will also enter your household salary, the property type (house or apartment), the term of your prospective mortgage, and the interest rate. Simply adding the purchase price, mortgage interest rate and the term will also give you the calculations you're looking for. After that, all you need to do is toggle the sliders next to Help to Buy and First Home Scheme to see how either or both schemes could change the equation and put your dream home within your grasp. This is what the Glenveagh Mortgage Calculator will show after you've entered the details above. In the case of the Rath Rua two-bed, the Glenveagh Mortgage Calculator shows that the Help to Buy scheme would contribute €30,000 to the deposit, leaving a remainder of only €500 in this case. The calculator also shows that the First Home Scheme, when used in conjunction with Help to Buy, contributes €61,000 to the overall cost of the home, meaning that monthly repayments would come in at €895 over the course of a 35-year mortgage at an interest rate of 3.6%. Glenveagh offers newly built homes in a range of communities across Ireland, and it's well worth using any one of those homes to calculate the difference that government support schemes could make to your short-term and long-term outgoings when buying your first home. By visiting the Glenveagh website , you can explore a range of communities from Dublin to Cork, as well as some of Ireland's best-connected and most bustling commuter towns. For each of these homes, the mortgage calculator will be able to break down the deposit and mortgage repayment costs with or without the two government schemes, as well as showing you the recommended household income for the house that you want. Buying your first home is an enormous accomplishment and a major life event. Make it as easy on yourself as possible with the Glenveagh Mortgage Calculator .
RTÉ News
13-05-2025
- Business
- RTÉ News
First Home Scheme extended to 2027, with €30m more in funding
The Government has announced an additional €30m in funding and an extension to 2027 for the First Home Scheme (FHS). The scheme is a shared-equity initiative designed to help bridge the funding gap for eligible first-time buyers and other homebuyers between their deposit and mortgage, and the price of their new home. Under the scheme the State can fund up to 30% of a property's purchase price by taking an equity share in the home, which can be bought back by the homeowner. Minister for Housing James Browne said there has been "strong interest" in the scheme, with over 15,300 people registering their interest and 6,700 buyers approved since it was launched in July 2022. According to Government figures, use of the scheme among first-time buyers increased significantly in the first three months of this year. There were 858 new applications, which marked an increase of 49% on the last three months of 2024. Approvals over the same period were up 51% to 727. The additional €30m funding brings the State's total commitment to the scheme to €370m. The Government has said this will be matched 50:50 by the participating banks, and will bring the total commitment to the scheme to €740m. Minister Browne said that the FHS makes it possible for "everyone to be able to afford their own home" and "this is something that should be within reach for people". He added that the additional funding will "allow the Scheme to operate until at least June 2027 so that it is sufficiently resourced". The FHS is available to first-time buyers, or those making a fresh start, who have mortgage approval with a participating lender. But Sinn Féin's housing spokesperson Eoin Ó Broin has criticised plans to extend the scheme for another two years, saying he believes it is raising house prices. Speaking with reporters on the Leinster House plinth today, Deputy Ó Broin said he is "not a fan of raising prices" and is opposed to the extension of the scheme. Meanwhile, Sinn Féin's Natasha Newsome Drennan said in her view "rural Ireland is dying" due to what she said is a failure to properly plan infrastructure for new homes and apartments. Sinn Féin is raising the issue of housing infrastructure in a Dáil private members motion later today, with the party's housing spokesperson Deputy Ó Broin also saying "a lack of prioritisation" is damaging housing development plans. He said in his view there is a need for more planning officials in local authorities, more judges to examine planning cases and other changes.
The Journal
13-05-2025
- Business
- The Journal
First Home Scheme to be extended for another two years out to June 2027
THE FIRST HOME Scheme is to be extended for another two years at Cabinet today. Housing Minister James Browne will also seek approval for an additional €30 million in funding for the scheme, which will match commitments by the banks participating in the scheme. The First Home Scheme is a shared equity scheme for first-time buyers that involves the government and participating banks paying up to 30% of the cost of the home in exchange for a stake in it, which can later be bought back by the home buyer. Currently, the scheme is only available to first-time buyers who are purchasing a newly built property or building their own. Advertisement Following today's approval, the scheme will be in operation for another two years until 1 June 2027. During the election, the former housing minister Darragh O'Brien along with Taoiseach Micheál Martin spoke in favour of expanding the scheme to include second-hand homes. Fine Gael also pledged to broaden the First Home Scheme so that first-time buyers purchasing a second-hand home are eligible for the support. The programme for government includes a commitment to expand the scheme for first-time buyers of second hand homes, while also promising to increase targets and extend the supports out to 2030. The housing minister told The Journal last week that such a move is being examined, stating that concerns have been raised that expanding the programme out to second-hand homes could increase house prices. 'Some people feel that it would actually increase the prices for those properties. So we're examining it. It's not something that's going to be done in the immediacy, but it is examined as part of the new housing plan,' said Browne. Read Next Related Reads RPZ changes will have 'significant impact' says Minister, who claims he understands renters' fears Chaos of housing tsar controversy is a symptom of a longer running dysfunction in Housing Such concerns have been raised by members of the opposition in the past. The First Home Scheme progress report for Q1 2025 noted that since its launch to the end of the first quarter 15,356 people have registered for the scheme. There have been 6,774 approvals for individuals or families for the scheme with 3,323 drawdowns used to finance the purchase of new home. The government's new housing plan which is set to outline further housing interventions is due to be published in July. Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
RTÉ News
13-05-2025
- Business
- RTÉ News
Tánaiste to outline US-UK trade deal concerns to Cabinet
The Cabinet meets in Dublin this morning, with Tánaiste Simon Harris expected to express concern that last weeks' outline trade deal between the United States and the United Kingdom could formalise tariffs. Mr Harris, who is Minister for Foreign Affairs and Trade, will tell his colleagues that such an environment would be "far from the optimum outcome" for both the EU and Ireland. Taoiseach Micheál Martin met Commission President Ursula von der Leyen last Thursday in Brussels, the same day that the EU announced its draft countermeasures to proposed US tariffs - should trade talks fail. The hope, in both Dublin and Brussels, is that a trade agreement can be reached, and tariffs avoided. Last week, the US and UK announced an outline trade agreement, and the Tánaiste has discussed the possible implications with Northern Ireland's First Minister, Deputy First Minister and Minister for the Economy. Mr Harris will inform Cabinet today that initial analysis suggests the potential risk to the all-island economy, from differential tariff rates, has been averted for now. However, he will also express concern that the US-UK deal solidifies and formalises tariffs, and that the new reality for trading with the Trump administration would be far from the optimum outcome. The Tánaiste has also been in contact with Trade Commissioner Maroš Sefcovic about the EU's draft countermeasures to try and avoid any unintended consequences for the Irish economy. 'Global Talent Initiative' memo Separately, Minister for Further and Higher Education Minister James Lawless will bring a memo to Cabinet today to create a "Global Talent Initiative" aimed at attracting top research talent back to Ireland. It is reported that "talent attaches" will be deployed to find experts abroad in four priority areas: "renewable energy; medical technology and life sciences; cyber threats and flooding; as well as food security. The Minister plans to create competitive packages to entice researchers back home that combine research funding and start-up support. The hope is that this will increase the number of high-impact projects, generate new knowledge and patents, and create a world-class training base. First Home Scheme extension Minister for Housing James Browne will outline his plans at Cabinet to extend the First Home Scheme for another two years, until June 2027, and invest another €30 million. This Exchequer funding will match commitments by the banks participating in the scheme, which seeks to support first time buyers with buying or building a home. It was established in July 2022 and is managed as a partnership between the State and the pillar bank mortgage lenders AIB, Band of Ireland, and PTSB. To date 15,356 people have registered; 6,774 approvals have been granted to individuals or families and 3,323 drawdowns have been made. Reforms to Ireland's health and social care system Minister for Health Jennifer Carroll-MacNeill will bring two memos to Cabinet on Sláintecare - the strategy to reform Ireland's health and social care system by ensuring equal access to health services for every citizen. The Minister will share the 2024 implementation progress report as well as the 2025 plan. Last year, the cumulative daily trolley count in 2024 fell by 11% on 2023 figures, despite an 8% increase in the number of patients presenting to emergency departments. The Minister will also share with her colleagues an update on the urgent and emergency care situation report for May. It found that despite attendances at emergency departments in hospitals being 2% higher over the May Bank Holiday weekend, there were 21% fewer patients waiting on trolleys compared to the same period in 2024. Leaving Certificate reform Minister for Education Helen McEntee will update the Cabinet this morning on Leaving Certificate Reform, which is due to begin its first phase in September. The teaching unions, the ASTI and TUI, are to ballot their members on the proposed package, with results expected in early June. Minister McEntee will tell Cabinet that the plan would benefit the more than 70,000 students who are about to begin senior cycle, as the changes will reduce the pressure. She believes the reform also recognises a broader range of skills, and ensures that students have the necessary expertise to thrive. Around 26,000 teachers have already taken training and there has been €12 million in funding for science labs. This reform package also includes confirmation of new arrangements for teachers to secure permanent contracts earlier; a reconfiguration of the Croke Park (deal) hours; additional posts of responsibility in schools to support Senior Cycle Redevelopment; and the establishment of working groups on areas such as AI and workload in schools.
Irish Daily Mirror
13-05-2025
- Business
- Irish Daily Mirror
Tanaiste to warn Cabinet that US-UK trade deal 'solidifies & formalises tariffs'
The trade agreement struck between the United States and the United Kingdom 'solidifies and formalises tariffs', Cabinet will hear this Tuesday morning. Tánaiste Simon Harris will update ministers on the latest on trade and tariffs following a number of significant developments in recent days. This includes this announcement by the EU last week of possible countermeasures in response to US tariffs in the case that negotiations with US President Donald Trump's administration fail. It comes after the Tánaiste, who is also Foreign Affairs and Trade Minister, held a video conference with Northern Ireland's First Minister, Michelle O'Neill, Deputy First Minister, Emma Little-Pengelly and Minister for the Economy, Caoimhe Archibald. It follows the joint announcement last week from President Trump and UK Prime Minister Keir Starmer that the two nations had reached a trade deal. However, the 10 per cent tariff on UK goods entering the US will remain. Mr Harris will tell Cabinet that while initial analysis of that deal indicates that the potential risk to the all-island economy from differential tariff rates has been averted for now, he will also outline his belief that the US agreement with the UK 'solidifies and formalises tariffs'. He will say this is 'very different' from the desire of Ireland and the EU to implement a free trade deal that breaks down trade barriers, lowers and, in some instances, abolishes tariffs. The Tánaiste will tell colleagues that the evidence of this deal thus far suggests a new reality that even after any potential trade deal, countries may be operating in a tariff environment with the US, which is 'far from the optimum outcome'. Speaking last Friday, however, Taoiseach Micheál Martin said he 'welcomed the fact that the United Kingdom and US were able to agree a deal'. He added: 'We would like to see a similar deal resolved or worked out between the European Union and the United States.' The Tánaiste has been in contact with EU Trade Commissioner Maros Sefcovic in recent days regarding the proposed countermeasures to set out Ireland's position as it seeks to avoid any unintended consequences for the Irish economy. He will engage directly with the Commissioner and fellow trade ministers at the FAC Trade later this week. He will also tell colleagues that Ireland welcomes the 90-day tariff cut that resulted from negotiations between the US and China over the weekend. Elsewhere, Housing Minister James Browne will seek sign-off to extend the First Home Scheme for another two years until June 2027 and add an additional €30 million in funding to the scheme. It is understood that the new additional €30 million in Exchequer funding will match commitments by the banks participating in the shared equity 'bridge the gap' scheme. Since the scheme launched in 2023, 3,323 drawdowns have been used to finance the purchase of a new home. Higher Education Minister James Lawless will seek approval to launch a Global Talent Initiative to 'attract high-calibre research talent to Ireland'. Areas under consideration include renewable energy, food security, digital technologies and AI, semiconductors and quantum, MedTech and healthcare. They will also be recruited to look at "social resistance", which will examine matters like cyberattacks and flood defences. There are already two attaché in the United States attempting to woo researchers to Ireland. However, the Irish Mirror understands there is a plan to "double if not triple" this and to target universities in Europe and elsewhere where researchers may be having second thoughts about moving to the US. The Department of Higher Education will assist universities with salaries and housing supports, with sources pointing out that many Irish universities already have housing on campuses available. It is hoped to attract "as many researchers as possible" to Ireland through the programme. Health Minister Jennifer Carroll MacNeill will bring two memos on Sláintecare to Cabinet. This includes the 2024 implementation progress report and 2025 plan. The progress report states there have been "significant reductions" in the cumulative daily trolley count in 2024, with numbers down 11 per cent compared to 2023, despite an 8 per cent increase in the number of patients presenting to Emergency Departments. The Minister will also bring a memo to Government to update on the urgent and emergency care situation report for May. Similar to the Saint Patrick's Day bank holiday, performance improved over the May Bank holiday weekend when compared to the Easter and St. Brigid's bank holiday weekends. Despite attendances at emergency departments in hospitals being 2 per cent higher over the May Bank Holiday weekend, there were 21 per cent fewer patients waiting on trolleys compared to the same period in 2024. Education Minister Helen McEntee, meanwhile, will update Cabinet on Leaving Certificate Reform, which will begin its first phase in September and impact 70,000 students. Sources stated that the changes will 'reduce the pressure on students that comes from final exams while recognising a broader range of skills and ensuring that students have the necessary skills to thrive in a rapidly changing world'. Teaching unions have criticised the changes, saying their members have not received sufficient training ahead of their introduction. Ms McEntee will argue at Cabinet that 'significant supports' have been provided, including the sample papers, training for 26,000 teachers, and funding of €12 million for science labs.
