21 September 2022
In July 2022, the First Home Scheme (FHS) launched in the Republic of Ireland, supported throughout the end-to-end process by BCMGlobal.
The FHS is a shared equity scheme, designed to help bridge the gap for first-time buyers and eligible homebuyers between their deposit, mortgage and price of their new home. It is available for newly built houses or apartments in a private development in the Republic of Ireland.
The Scheme is funded and supported by the Government of Ireland (Department of Housing, Local Government and Heritage) along with Participating Lenders Allied Irish Banks plc (including AIB, Haven Mortgages and EBS), Bank of Ireland Group plc, and permanent tsb plc. The maximum stake that the Scheme will take is 20 per cent if the buyer is also availing of the Government’s separate Help to Buy scheme, and 30 per cent if Help to Buy is not used.
Since winning the new business in November 2021, BCMGlobal has collaborated with all key stakeholders, including the Government of Ireland, Allied Irish Banks plc, Bank of Ireland Group plc, permanent tsb, Banking & Payments Federation Ireland (BPFI) to deliver an online digital-first solution that will help thousands of homebuyers get on the property ladder.
BCMGlobal engaged with all parties to design the end-to-end customer journey and processes, the equity product and the underlying fund and Scheme rules. BCMGlobal led the design, development, testing and implementation of the end-to-end solution, including the public-facing website and online application portal. BCMGlobal also successfully recruited and trained a team of contact centre agents, case managers and operations colleagues who will support customers and manage the end-to-end process.
Simon Fitness, CEO of BCMGlobal in Ireland said: “‘We are delighted to support the First Home Scheme. Buying a home can be an exciting time, but also stressful if potential buyers don’t have enough funds to get on the property ladder. We are proud to have partnered with the Government of Ireland and other key stakeholders to deliver the FHS and to be part of a solution helping bridge the funding gap for potential homebuyers. The First Home Scheme further evidences our market-leading expertise in the design and implementation of bespoke outsourced solutions, as well as leveraging our deep knowledge of the Irish mortgage market. Thank you to all key stakeholders, including the Government of Ireland, Allied Irish Banks plc, Bank of Ireland Group plc, permanent tsb, Deloitte and BPFI, involved in this launch for selecting BCMGlobal as TPO. We look forward to continuing to work together in rolling out the Scheme.”
Michael Broderick, interim CEO of the First Home Scheme said: “This is an exciting scheme to help first-time buyers realise their ambition of buying a home. it will help close the affordability gap while ensuring people borrow at a level that reflects their individual financial circumstances. Our job is to make it as easy as possible for first-time buyers to benefit from this support and help them get keys in their hands as quickly as possible. We are committed to providing easy access and a high-quality service. The success of this launch has been achieved through the collaboration of all parties involved, enabling applicants of the Scheme to afford a new home and a fresh start. We partnered with BCMGlobal because of their unrivalled expertise and strong performance delivery and we look forward to working with BCMGlobal in the years ahead in delivering this very important scheme.”