What is the Affordable Purchase Scheme?

If you are ready to start your journey to owning your own home, the Affordable Purchase Scheme may be an option for you. The Scheme is designed to help you bridge the gap between what you can afford to pay and the price of your new home.

Local authorities will provide access to affordable homes - offering you the chance to buy a newly built home at a price lower than its open market value. In return, the local authority will take a percentage equity share in the home equal to the difference between the open market value of the home and the reduced price paid by you, the purchaser.

A house that is divided into three sections: deposit, mortgage and equity, with a euro symbol on a flag flying from the equity section.

For example, if you purchase a home at a 20% reduction, the local authority takes a 20% equity share in your home.

A local authority will provide an affordable dwelling contribution which is a monetary contribution towards the purchase of your new home. The amount provided will be the difference between the combined total of your maximum mortgage capacity, deposit and savings (where relevant) and the open market value of the home on the date you purchase it. This contribution will be expressed as a percentage and represents the equity share the local authority will retain in your home.

You can redeem or "buy out" the equity share in part or in full at a time of your choosing, but there is no obligation to do so. Certain events will trigger the local authority to request their equity share to be redeemed. These include if you sell your home and other further triggers.

The price to be paid for your new home and the percentage equity share will be calculated by the local authority in accordance with current regulations. Finance can be secured from the main lending institutions or by way of a Local Authority Home Loan.

  1. Am I eligible?

  2. How do I apply?

  3. How much will I pay?

  4. What is the Equity Share?

  5. Eligibility Indicator

  6. Available Properties

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