The government’s new housing scheme includes warnings for first-time buyers and will not be regulated by the Central Bank.
Minister Darragh O’Brien launched the controversial First Home Scheme, which will help start-ups by taking a share in their home.
An advertising booklet about the scheme contains three warnings to new buyers, “highly recommending” buyers to “obtain independent financial and legal advice when applying for this product”.
Buyers are also warned that the equity they owe may increase as home prices rise.
Michael Broderick, former director of Home Building Finance Ireland, which leads the scheme, said: “As with any financial product, it is our duty to make customers aware that there are risks involved, although these are low, but there are are associated with risks. †