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

I felt in the lead-up to the budget that providing certainty that the help-to-buy scheme would continue beyond 2024 for a further year to the end of 2025 was important for prospective homebuyers and would help stimulate supply, as builders and developers would know for sure the scheme would be there to support prospective house purchasers for the period in question. I believe that was the right policy decision. I also indicated in my budget day speech that, across next year, I will consider whether changes are warranted to the scheme.

On low loan-to-value ratios, it is important to point out that the proportion of claims in the lower loan-to-value bands are much higher for self-builds. Self-builds only account for about a quarter of all claims but for more than 40% of claims in the low loan-to-value bands. That point does not get the acknowledgement it should. It is a significant factor in the data the Deputy and others have relied upon in reaching their conclusion that many people are availing of the scheme who do not need it.

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