Michael D’Arcy TD

North Wexford TD, Michael D’Arcy, has welcomed the commencement of the ‘Help to Buy Scheme’ which is designed to assist first-time buyers with obtaining the deposit required to purchase or self-build a new house or apartment to live in as their home.

The incentive will allow purchasers to claim a rebate of income tax already paid up to a maximum of €20,000, depending on the value of the property.
“Currently there are new developments with properties for sale in Wexford and I am aware that other new developments will launch in the coming year,” said Deputy D’Arcy, who added: “This scheme will help to stimulate supply of new housing by boosting confidence among builders and developers. It will also mean that first time buyers will be able to purchase homes in Wexford sooner.

First-time buyers either purchasing newly built homes or building their own can apply for rebates via a form available at the website of the Revenue Commissioners –revenue.ie.

The maximum rebate is 5 per cent of the value of the property, up to a maximum of €20,000. The relief will be linked to a mortgage being taken out for a minimum of 70% of the purchase price, or in the case of a self-build, 70% of the valuation approved by the mortgage provider.

For more on this story read THE GOREY ECHO this week.