Depends on the builder. Some take the HTB as part of the 10% some don’t.
It should be stated in the contract, it was for mine.
I paid 7 booking deposit, 17.9 HTB and paid the balance of 10.9 when when signing the contract. I’ve another 10% waiting to pay off at closing which I’ve held onto.
They’ll require you to complete step two of the HTB on revenue to get the claim code and send them to the solicitor before they can claim the HTB rebate. You can only get these once you’ve uploaded your contract and your bank loan offer letter.
In a joint claim, if one person is eligible but the other has been signed up years ago as the lpt payer for a parents property, is said claim screwed?
Both parties must be eligible.
I see the Indo has a piece today on Budget speculation - mentions a possible Help to Buy ISA like they have in the UK.
I am buying a new home in Drogheda Co. Louth. Can anyone tell me how I do the help to buy scheme and who gets the money? Dose the contractor get the money and then take it off the asking price or do I get it. Would be grateful for any advice.
You need to log into revenue.ie as to who gets the money it depends, the contractor has to register with the scheme. It's a rebate that you claim (amount you claim is based off how much you've paid tax in the last 4 or so years, 5% of property price or €20k whichever is lower). Some contractors will allow it to be used as part of the 10% booking deposits at contract signing stage. some won't.
If the contactor gets the money from help to buy dose this come off the final price of the house ie €255,000 - 5% = €242,250
You'll need to register, apply and supply paperwork first but it effectively reduces the purchase price by the amount you are approved for.
Panic stations here, I was under the impression that the help to buy scheme was to help you with the deposit to buy a house!!!!! I thought it would provide 5% (subject to aproval) of the deposit.....
So you still need to have the 10% deposit in cash ready to go and then they take the help to buy money off the house price!!???? How does this help first time buyers ðŸ˜”ðŸ˜”ðŸ˜”
Any mention of these special savings accounts that were being mooted for first time buyers in the budget? Haven’t heard anything so far today?
That is what it’s for, but in effect it is the same as taking 5% off the total price of the house.
Some builders aren’t taking it at deposit stage though and there doesn’t seem to be anything revenue can do to enforce it. In terms of applying for a mortgage the bank will consider HTB as part of your 10% savings.
I get what your saying but no it's not helping first time buyers to buy houses if it's given to you like that.
Most first time buyers need help raising the deposit which is the difficult part especially if your in a position like me and my other half paying 1800 euro a month in rent.... We can get a mortgage for the price of the house but saving the deposit takes a long time if your not getting handed a lump sum from bank of mam and dad.
Taking it off the house price isint helping first time buyers ... That is just driving up house prices.
Revenue should have put something in place to allow first time buyers to use this at deposit stage when it's most needed
You can check the list of contractors on the revenue website. If they are already on there, it is likely they will accept it at deposit.
No, they will accept it as payment but may not at contract signing stage
Myself and my partner are applying for our mortgage in early January with the hope to buy a new build in February.
Should we apply for the HTB now to have it in place for our mortgage application?