First Home Scheme launches in Republic of Ireland

The FHS is a shared equity scheme, designed to help bridge the gap for first-time buyers and eligible homebuyers between their deposit, mortgage and price of their new home. It is available for newly built houses or apartments in a private development in the Republic of Ireland.

The Scheme is funded and supported by the Government of Ireland along with Participating Lenders Allied Irish Banks (including AIB, Haven Mortgages and EBS), Bank of Ireland Group, and permanent tsb. The maximum stake that the Scheme will take is 20% if the buyer is also availing of the Government’s separate Help to Buy scheme, and 30% if Help to Buy is not used.

Since winning the new business in November 2021, BCMGlobal has engaged with all parties to design the end-to-end customer journey and processes, the equity product and the underlying fund and Scheme rules.

Simon Fitness, CEO of BCMGlobal in Ireland, said: “We are delighted to support the First Home Scheme. Buying a home can be an exciting time, but also stressful if potential buyers don’t have enough funds to get on the property ladder. We are proud to have partnered with the Government of Ireland and other key stakeholders to deliver the FHS and to be part of a solution helping bridge the funding gap for potential homebuyers. The First Home Scheme further evidences our market-leading expertise in the design and implementation of bespoke outsourced solutions, as well as leveraging our deep knowledge of the Irish mortgage market. Thank you to all key stakeholders, including the Government of Ireland, Allied Irish Banks plc, Bank of Ireland Group plc, permanent tsb, Deloitte and BPFI, involved in this launch for selecting BCMGlobal as TPO. We look forward to continuing to work together in rolling out the Scheme.”

Michael Broderick, interim CEO of the First Home Scheme, said: “This is an exciting scheme to help first-time buyers realise their ambition of buying a home. it will help close the affordability gap while ensuring people borrow at a level that reflects their individual financial circumstances. Our job is to make it as easy as possible for first-time buyers to benefit from this support and help them get keys in their hands as quickly as possible. We are committed to providing easy access and a high-quality service. The success of this launch has been achieved through the collaboration of all parties involved, enabling applicants of the Scheme to afford a new home and a fresh start. We partnered with BCMGlobal because of their unrivalled expertise and strong performance delivery and we look forward to working with BCMGlobal in the years ahead in delivering this very important scheme.”