‘The Help to Buy scheme would be great if it worked’ – full-time working couple struggle to buy home

Rising cost of housing of housing has become a significant obstacle for first-time buyers. Photo: Depositphotos.

Gabija Gataveckaite Twitter Email

March 20 2021 02:30 AM

A couple working full-time have faced enormous challenges in buying a house.

Melissa Doyle and her partner, who both work full time, have been approved for a mortgage of €365,000 and have been saving for a deposit for two years.

They were also eligible for the Help to Buy scheme and the amount they were approved for increased from €10,000 to €30,000 in recent weeks.

Despite having spotted a three-bedroom semi-detached house in Swords, Co Dublin, they have faced enormous struggles in finding a house to buy.

“We’ve been saving for the last two years and we’re currently renting. It has been kind of a struggle to save because we are renting,” she said. “We were going to move back in with my partner’s family down the road but that’s out of the question now due to the pandemic.

“We’ve no choice but to keep going as we are.”

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She said that despite having the Help to Buy supports, it has not helped in getting them on the property ladder as there are so few houses available in their price range.

“The Help to Buy scheme would be great if it worked, but it doesn’t,” she said.

“With a second-hand home, you’re talking of a deposit of €45,000. Then you’re going to have to put money into the house and make the house to your standard.”

She said that they had aimed to buy a house for €350,000. However, Ms Doyle said that houses similar to the ones that she has been looking at have now gone up in price to €370,000.

“To be saving and saving, and now to be told, it’s that little bit more, it’s very tough,” she said.

“It’s sickening. It just feels like it’s one step forward and two steps back.”

Sinn Féin TD Eoin Ó Broin said that a couple who works full time should not be struggling to buy a home.

“A hard-working couple with a good income – the combined income between the two of them is not a bad income – the fact that they are struggling so hard to buy a property, house prices are simply too high,” he said.

“This affordability crisis affects not just households on modest or below-average incomes that are struggling, single people and couples who are aiming to bring a significant amount of mortgage finance to the table are finding it exceptionally difficult.”