Errr - that €60k "First Home Scheme" needs to be paid at some stage before you can own that new build outright - and that €60k is subject to a not-insignificant service charge (every year) unless you redeem the full €60k within the first 5 years. That €60k equity share will also increase in-line with any increase in the value of your new property. Plus, not all "First Time Buyers" are entitled to both forms of home-buying assistance - if you're a divorced person who no longer has any interest in a property, then you can avail of the "First Home Scheme", but you cannot avail of the €30k from the "Help To Buy Scheme" ... and it's the latter scheme which is by far the most advantageous. We also need to consider that new builds generally cost a lot more to furnish than 2nd hand homes - and most new builds exclude flooring/tiling and electrical appliances ... and if they do include these items, then you're paying over the odds for them. Nor should we forget that you're going to pay more Stamp Duty on a new build than a comparable 2nd hand home.
Trade Republic is a German bank (marketed as a stock trading platform) that offers 4%. Lightyear offers 3.25% (guaranteed only up to £20k). I'd be interested in hearing your thoughts on those. And potentially even TransferWise.
If you have any questions or comments please post below. You can also check out our savings guide here moneysherpa.ie/savings-2/best-financial-services/best-bank-account/best-savings-account-ireland/
Apart from those on Trackers & with the Vulture Funds Irish mortgage holders have mostly avoided the impact of ECB rate hikes to date. Now variable and short term fixed rate households are to be hit as banks start to pass on rate increases for the first time. Are you are impacted or know someone who is please share your thoughts or questions! We will help if we can. If not please share so we can help as many as possible!
With rising interest rates, rising house prices and rising expenses, it's really tough out there if you are a First Time Buyer. That's why you need all the support you can get. Feel free to ask any questions you have in the comments and we will do our very best to answer! Help to Buy, the First Home Scheme, Equity Release and the right Broker can make a huge difference to your buying budget. If you are (or know someone who is a) First Time Buyer please check out and share our moneysherpa First Time Buyer video explainer to get the inside track. Even better subscribe to get all the latest explainers and tips!
