We are proud to support the Local Authority Affordable Purchase Scheme, which helps eligible buyers purchase a newly built home at a reduced price.
The scheme is aimed at households or individuals who need to bridge the gap between their deposit, their approved maximum mortgage and the market value of the property they would like to purchase.
The local authority will provide between 5% to 40% of the cost of your new home, in return for the same percentage of equity share in the property. For example, if you buy the home at a 20% discount, the local authority will own a 20% stake in your property.
You must repay the local authority’s stake after 40 years or if you decide to sell your home, but you can always pay it back any time before this. You can buy back the full amount in one payment or in different instalments. However, the minimum repayment is €10,000.