Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

The help-to-buy scheme is already legislated to be in existence until the end of 2024. What I signalled on budget day, and what I am proposing to enact here, is that it would be extended. I also indicated on budget day that I would examine the scheme across next year to see what changes, if any, might need to be introduced to it. Any such changes would take effect for 2025, but I will undertake some work across the year to examine that and to look at the evidence base once more.

It is worth making the point, however, that when the Deputy talks about loan-to-value and the percentage deposit somebody has, that does not necessarily bear a relation to his or her ability to service a loan or, based on existing interest rates, to make the necessary repayments on that loan to pay for the home he or she purchases. For many people it is undoubtedly the case that without the help-to-buy scheme, without the support that is there, and when one takes into account the other costs involved in purchasing a home, the increased interest rates and the increased mortgage repayments that people have to make, they simply would not be able to buy or sustain a home. Looking at the data since the scheme's inception, the majority of recipients of the help-to-buy scheme had a loan-to-value ratio in excess of 85%.