New financial support to help buy a first home or make a fresh start has been launched.

Most renters would rather pay a mortgage than rent, this will give them a chance of owning their own home.

The First Home Scheme provides financial support to bridge the gap by providing buyers with part of the purchase price for their home, in return for the Scheme taking a minority ownership stake.

The maximum stake that the Scheme will take is 20pc, if the buyer is also availing of the Government’s Help to Buy scheme, and 30pc if Help to Buy is not used.

The First Home Scheme application process runs in parallel with the mortgage application process.

The scheme is available initially to First-Time Buyers and other qualifying homebuyers who are taking out mortgages from AIB (including its EBS and Haven Mortgages businesses), Bank of Ireland or Permanent TSB. Other lenders may join the scheme in the coming months.

It is open to buyers of newly-built houses and apartments in private developments.