It’s good news for first-time buyers.

Although the government-backed mortgage scheme announced this week has been met with a rather lukewarm reception, it will see 1,000 people find a footing on the property ladder this year.

Applications for the Rebuilding Ireland Home Loan’ open in Cork on February 1st. With fixed interest rates of 2-2.25% (lower than any bank’s interest rate) Cork families will be able to know exactly what their payments will be for the entire lifetime of a mortgage.

Here’s what you need to know if you’re interested in applying:

The scheme will be open to first-time buyers in the following categories:
– A single person earning €50,000 or less.
– A couple earning €75,000 or less.

You must be in continuous employment for a minimum of two years as a primary applicant or for a minimum of one year, as a secondary applicant. You’ll also need to submit two years certified accounts if you’re self-employed.

The value of the home you can buy must not exceed €320,000 in Cork City, Dublin or Galway. In the rest of the country, the maximum is €250,000.

New homes, new builds and second hand homes all qualify and the person or couple can borrow 90% of the value of the property, provided they have been turned down by two different lenders.

The government has put in place €200m, enough money for 1,000 mortgages, to fund the project and the scheme opens on February 1st.