The Government have confirmed that the highly debated first time buyers scheme will contact after new figures revealed a high number of applications in the past three month’s.
Under the state backed scheme first time buyers will be able to borrow up to 90% of their property’s value from their local council authority.
Although the scheme has been heavily criticised by opposition TD’s and banking officials alike, the Department of Housing say the scheme will remain as there has been already over 500 applications made in the first three months since it was introduced.
The Deparetment say potential property buyers must be refused a mortgage application at least twice in order to avail of the scheme.
However in previous months the scheme, which was introduced by Eoghan Murphy last year, has faced repeated criticism as guidelines for the required criteria to apply for the scheme hasn’t been outlined correctly.