Affordable Purchase Scheme
Priory fields, Skerries
what is the affordable purchase scheme?
The Local Authority Affordable Purchase Scheme is designed to support buyers who are ready to begin their journey to home ownership but need help bridging the gap between their mortgage, savings, and the full price of a newly built home. Applicants who are eligible for the Fresh Start Principle may also be eligible for the scheme.
Under the Local Authority Affordable Purchase Scheme, homes are sold at a reduced price below open market value, with the exact price calculated by the local authority based on your income and mortgage capacity. The local authority contributes the difference between the market value and what you pay, retaining this contribution as an equity share in your home.
Each property has a Minimum Sale Price, already set below market value, and you must be able to show you can meet this amount through a combination of mortgage, savings, and (if eligible) the Help to Buy scheme. If your income and borrowing capacity are higher, the purchase price will reflect that. Over time, you can choose to redeem or “buy out” the local authority’s equity share in part or in full, although there is no obligation to do so. Certain events, such as selling your home, will trigger repayment of the equity share, as set out in the Affordable Dwelling Purchase Agreement, which should be reviewed carefully with your solicitor.
Building homes for generations
Lydon began in 1977 when our parents Martin and Patricia developed and built their first site at Kilcarty in CountyMeath. Since then, we’ve grown steadily into one of Ireland’s largest independent homebuilders, known for large-scale developments aimed at first-time buyers and families.Today, Anthony, Pearse, Mairtin and Conor carry on the Lydon name in the company our parents started. As a privately owned family business spanning two generations, we bring a personal touch to every house we develop.
We’re hands-on with our projects, looking after the smallest of details onsite and taking pride in building homes with care, from the foundations to the roof.
Disclaimer: The information contained in this website, including any plans, descriptions, specifications or dimensions provided herein or communicated separately to prospective buyers, is indicative and intended as a guide only. It should not be relied upon as the basis for any contract and does not constitute any statement of fact, representation or warranty. Any plans provided are not to scale. Measurements and areas, including approximate gross internal areas (from internal blockwork, excluding all internal finishes), are estimates only and may vary. The Lydon Group reserves the right to make changes to designs, features, finishes and specifications. Consequently, the finished home may differ from the information provided. No employee or representative of has the authority to bind The Lydon Group or make any representations or warranties in relation to this development or any part of it.