What prospective home buyers should know: Sinn Féin wants to abolish Help to Buy and First Home Shared Equity Schemes

Sinn Féin wants to abolish two key housing schemes which have enabled tens of thousands of people buy their own homes, a Fine Gael Senator has outlined.

In a Private Members’ Motion set to be raised in the Dáil tonight, Sinn Féin will be calling for the Help to Buy scheme and First Home Shared Equity Scheme to be scrapped.

“This is a simply astounding proposal, even by Sinn Féin’s standards,” said Senator John Cummins. “To deliver more affordable homes, Sinn Féin wants to get rid of two of the housing schemes that have enabled so many people to finally purchase their own home.

“The Help to Buy scheme alone has facilitated over 38,000 individuals and families to buy their own homes. By giving applicants four years of their tax back as a grant towards the deposit for their new home, the Help to Buy scheme has been nothing short of a lifeline to countless people. Sinn Féin’s alternative to this is to put a month’s rent back in the pockets of renters to assist them with a deposit. So under Sinn Féin’s plans, Eoin Ó Broin would give prospective purchasers €1000-€2000 with one hand and would take €30,000 away with the other. You don’t need to be an accountant to know that simply doesn’t add up.

“The First Home Shared Equity Scheme was set up to bridge the gap between the value of a new home and the mortgage a prospective buyer can get from a bank. Despite only being launched last Summer, already over 3,500 people have registered their interest in the scheme and in the first quarter of this year, over 1300 purchasers in 24 counties around the country have been approved and are now eligible to purchase their own home using the scheme.

“The efficacy and value of these schemes are unquestionable. Daily we listen to Sinn Féin representatives criticise the lack of delivery on housing, but they consistently fail to outline to the public the detail of their own plans so they can be scrutinised. Worse still, they are now proposing to abolish vital supports that have proven to work for so many people.

“Prospective home buyers must be made aware of tonight’s motion – Sinn Féin want to strip away every support for those working hard in very challenging times with the dream of owning their own homes. Almost 40,000 people have or will be living in their own homes as a result of these schemes. And Sinn Féin want them gone. This should be a stark signal for the many striving for home ownership.”