Fresh Start principle should be applied to Help to Buy Scheme – Ahearn

The inclusion of the ‘Fresh Start’ Principle in the Help to Buy scheme would help a lot of renters re-enter the property ladder, a Fine Gael Senator has said.

Senator Garret Ahearn said, “The new Croí Cónaithe Scheme includes a ‘Fresh Start’ principle which essentially means that people who are divorced or separated and have no interest in the family home, or who have undergone personal insolvency, bankruptcy arrangement or proceedings, or other legal process, will be eligible to apply.

“Earlier this year, the Local Authority Home Loan Scheme was also expanded to include applicants under the fresh start principle, with the income ceiling for a single applicant raised by €15,000 to €65,000 in counties Cork, Dublin, Galway, Kildare, Louth, Meath and Wicklow.

“There are far more barriers in place for second time buyers than for those purchasing a home for the first time.

“I very much welcome the inclusion of second time buyers in the Croí Cónaithe and Local Authority Home Loan Scheme, but I believe that this principle should also be included in the Help to Buy scheme. This would help a lot of people who perhaps are separated or divorced buy a home for the second time.

“Second time buyers face a myriad of issues when buying a home, most notably, the need for them to have a 20% deposit.

“We have a lot of renters in Ireland who previously owned a home that they no longer live in. It is quite difficult to save a 20% deposit for a house while also paying current rent prices,” Senator Ahearn concluded.