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Help-To-Buy Scheme

Dáil Éireann Debate, Tuesday - 7 July 2020

Tuesday, 7 July 2020

Questions (143)

Réada Cronin


143. Deputy Réada Cronin asked the Minister for Finance if he will revisit the help-to-buy scheme in terms of its loan-to-value ratio borrowing requirement being 70% when such threshold precludes significant numbers from accessing the scheme; and if he will make a statement on the matter. [14510/20]

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Written answers (Question to Finance)

The Programme for Government ‘Our Shared Future’ includes a commitment to "retain and expand the Help to Buy scheme for new properties and self-build properties". The intention is to deliver on this and other commitments in the programme within the duration of the life of the Government.

In relation to the 70% loan to value floor in the scheme, I should also point out that one of the central policy aims of the Help to Buy scheme is to help make mortgages more accessible to first-time buyers, many of whom have difficulty securing the required deposit under the Central Bank macro-prudential rules. Individuals who are in the fortunate position of being able to avail of a mortgage at a lower loan-to-value ratio than 70% are considered to have sufficient resources to more than meet the deposit requirements of the macro-prudential rules and thus may be less in need of assistance from the Exchequer.