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2017-21 help to buy scheme - megathread. All help to buy discussion here please

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    #3302
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Apologies if this has been answered already. My partner and I have submitted a joint application. When I log into my account it says "Your max relief available" is €26k and when she logs into her account it says €24k.
    The application number is identical and its saying that "application max relief available is €30k"


    Am I right in assuming that they combine our totals and cap it at €30k?


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    #3303
    dalex15
    Registered Users Posts: 23 ✭dalex15


    Deleted User wrote: »
    Apologies if this has been answered already. My partner and I have submitted a joint application. When I log into my account it says "Your max relief available" is €26k and when she logs into her account it says €24k.
    The application number is identical and its saying that "application max relief available is €30k"


    Am I right in assuming that they combine our totals and cap it at €30k?

    Your part is 24k and your partner part is 26K

    But the joint application is capped at 30k, total max relief.


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    #3304
    Rock77
    Closed Accounts Posts: 1,123 ✭✭✭Rock77


    [Deleted User] wrote: »
    Apologies if this has been answered already. My partner and I have submitted a joint application. When I log into my account it says "Your max relief available" is €26k and when she logs into her account it says €24k.
    The application number is identical and its saying that "application max relief available is €30k"


    Am I right in assuming that they combine our totals and cap it at €30k?

    Yes you are correct.


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    #3305
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    dalex15 wrote: »
    Your part is 24k and your partner part is 26K

    But the joint application is capped at 30k, total max relief.


    Rock77 wrote: »
    Yes you are correct.


    Thank you both.


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    #3306
    pandaa
    Registered Users Posts: 63 ✭✭pandaa


    Only moved to Ireland in early part of 2019. Possibly around 10k


    What happens to 2020 Tax ? Will that be considered for HTB or have to wait until Dec 20 and filing of return for 2020 in 2021.


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    #3307
    GardaTrainee
    Registered Users Posts: 3 ✭GardaTrainee


    Hi All,

    We have been Approved HTB 20k initially back in Feb 2020, since the new HTB rules came in it has auto calculated to €23,750.00

    We signed our contracts with the developers on the 8th of July and the new HTB came into effect on 23rd of July. We only got mortgage approved this week. Is there anything we can do to avail of the new HTB amount?


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    #3308
    ParkyJiSung
    Registered Users Posts: 326 ✭✭ParkyJiSung


    GardaTrainee wrote: »
    Hi All,

    We have been Approved HTB 20k initially back in Feb 2020, since the new HTB rules came in it has auto calculated to €23,750.00

    We signed our contracts with the developers on the 8th of July and the new HTB came into effect on 23rd of July. We only got mortgage approved this week. Is there anything we can do to avail of the new HTB amount?

    I would think the contract you signed on the 8th was only for a booking deposit or a conteact subject to loan approval. A lot of builders doing these now.
    As far as I know, once you are mortgage approved you will be signing a new contract with the developer. You should ask your solicitor to be sure, and try as hard as you can to get a contract dated post 23rd to satisfy the new rules. Its in the developers interest too as theyll be getting access to that too.


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    #3309
    dalex15
    Registered Users Posts: 23 ✭dalex15


    GardaTrainee wrote: »
    Hi All,

    We have been Approved HTB 20k initially back in Feb 2020, since the new HTB rules came in it has auto calculated to €23,750.00

    We signed our contracts with the developers on the 8th of July and the new HTB came into effect on 23rd of July. We only got mortgage approved this week. Is there anything we can do to avail of the new HTB amount?

    Are you sure you signed the building contract before you got mortgage approved?
    As far as I know solicitors would not do such thing.

    Maybe you refer in paying a booking deposit?


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    #3310
    GardaTrainee
    Registered Users Posts: 3 ✭GardaTrainee


    dalex15 wrote: »
    Are you sure you signed the building contract before you got mortgage approved?
    As far as I know solicitors would not do such thing.

    Maybe you refer in paying a booking deposit?

    We got AIP at the time, we paid deposit €13,750 for the house and signed a contract issued by the developers not the banks. Loan offer only came in this week from EBS


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    #3311
    dalex15
    Registered Users Posts: 23 ✭dalex15


    GardaTrainee wrote: »
    We got AIP at the time, we paid deposit €13,750 for the house and signed a contract issued by the developers not the banks. Loan offer only came in this week from EBS

    I guess your contract was marked with subject to loan clause, I can’t see how a solicitor would let you sign otherwise.

    Regarding the HTB question, I don’t think you can avail of the increase as the building contract was signed prior 23 July.

    If contract was not uploaded on revenue, it’s worth asking your solicitor if the developer signed the contract on their end. If not there’s a chance they can understand the circumstances.

    If I’m wrong, someone please correct me.


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    #3312
    Mathieu1985
    Registered Users Posts: 3 ✭Mathieu1985


    I got approved in March '20. I wonder if I claim H2B now it will be calculated according to the new rules or I have to reapply from the beginning to get a new approval and then claim according to the new rules? What do you think Guys?


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    #3313
    dalex15
    Registered Users Posts: 23 ✭dalex15


    Mathieu1985 wrote: »
    I got approved in March '20. I wonder if I claim H2B now it will be calculated according to the new rules or I have to reapply from the beginning to get a new approval and then claim according to the new rules? What do you think Guys?

    If you got approved for HTB in March, but did not claim it, your application should automatically update for the new scheme, of course if you avail of the increase.

    My understanding is that, only the date when you signed the contracts will affect you availing of new scheme, therefore if you got approved for HTB in March, but only signing contract in September, you should avail of the new HTB scheme increase.


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    #3314
    JohnK
    Registered Users Posts: 4,780 ✭✭✭JohnK


    I had to cancel mine and reapply but when I reapplied it was approved instantly


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    #3315
    Mathieu1985
    Registered Users Posts: 3 ✭Mathieu1985


    dalex15 wrote: »
    If you got approved for HTB in March, but did not claim it, your application should automatically update for the new scheme, of course if you avail of the increase.

    My understanding is that, only the date when you signed the contracts will affect you availing of new scheme, therefore if you got approved for HTB in March, but only signing contract in September, you should avail of the new HTB scheme increase.

    "application should automatically update for the new scheme" - someone earlier was suggesting the same. Did you check it by yourself or received such an information from Revenue? This would be much easier since approval time for a new application can be very long and if it's like you said I would just claim straight


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    #3316
    Mathieu1985
    Registered Users Posts: 3 ✭Mathieu1985


    JohnK wrote: »
    I had to cancel mine and reapply but when I reapplied it was approved instantly

    I saw in one Irish Times or The Journal article that people approved for H2B before increase should cancel the application and apply again so basically as you did. Did you try, however, to claim and it didn't show the increased value or you were informed by the Revenue that you need to cancel and reapply?


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    #3317
    QuiteInterestin
    Registered Users Posts: 623 ✭✭✭QuiteInterestin


    Just about to apply for the Help to Buy scheme. Does anyone know if there is a minimum mortgage term when availing of the HTB? I know the mortgage must be 70% of the house value and you must live there for 5 years but is there any rules about how long it takes you to pay off your mortgage? Couldn't see it mentioned anywhere on the Revenue site


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    #3318
    Creamy Goodness
    Registered Users Posts: 26,556 ✭✭✭✭Creamy Goodness


    QuiteInterestin wrote: »
    Just about to apply for the Help to Buy scheme. Does anyone know if there is a minimum mortgage term when availing of the HTB? I know the mortgage must be 70% of the house value and you must live there for 5 years but is there any rules about how long it takes you to pay off your mortgage? Couldn't see it mentioned anywhere on the Revenue site

    Nope there’s no rules on the term of the mortgage.


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    #3319
    Daniogroove
    Registered Users Posts: 255 ✭✭Daniogroove


    QuiteInterestin wrote: »
    Just about to apply for the Help to Buy scheme. Does anyone know if there is a minimum mortgage term when availing of the HTB? I know the mortgage must be 70% of the house value and you must live there for 5 years but is there any rules about how long it takes you to pay off your mortgage? Couldn't see it mentioned anywhere on the Revenue site

    If you pay it off or sell it within 5 years (rings a bell) they can claw the money back.


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    #3320
    IamMe33
    Registered Users Posts: 97 ✭✭IamMe33


    Currently sizing up to buy a new or used house in Limerick as a FTB.
    Many second-hand properties on Daft are priced in the ballpark of similar new houses on Daft when the HTB is taken into account.
    I've never bought property before so if the a glaringly obvious question only a newbie would ask please bear with me.

    If I pay the 10% deposit of €30k on a €300k house, will the HTB then pay the builder the €30k and the builder then keep my €30k also towards the total cost i.e. the builder now has a 20% deposit effectively?


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    #3321
    WhatsUp2014
    Registered Users Posts: 29 ✭WhatsUp2014


    Hello,

    I was hoping to get a bit of information if possible.

    My partner only began to work in 2018 officially on paper, she's young.... We are looking to apply as a couple now I have the qualifying years built up but would we still qualify with her only having 2 years, or are both parties involved required to have the full 4 years of tax built up.

    Also we are renting at the moment a quite large amount for the past 2 years. We do not have a deposit , would the help to buy qualify as the 10% needed to get a mortgage or would you also need a certain % to contribute. Any info would be great.


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    #3322
    IamMe33
    Registered Users Posts: 97 ✭✭IamMe33


    WhatsUp2014 wrote: »
    Hello,

    I was hoping to get a bit of information if possible.

    My partner only began to work in 2018 officially on paper, she's young.... We are looking to apply as a couple now I have the qualifying years built up but would we still qualify with her only having 2 years, or are both parties involved required to have the full 4 years of tax built up.

    Also we are renting at the moment a quite large amount for the past 2 years. We do not have a deposit , would the help to buy qualify as the 10% needed to get a mortgage or would you also need a certain % to contribute. Any info would be great.

    From what I have read having paid tax less than the four years doesn't render a claimant ineligible. It will only impact the amount of the HTB entitlement if the total tax paid within the previous four years is less than the 10% for which you could qualify.

    Your second question is a variant on mine above, I suppose. From my research it seems you pay the builder a deposit, then the builder can claim the HTB. Whether or not you have to pay the full 10% deposit is my question.


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    #3323
    WhatsUp2014
    Registered Users Posts: 29 ✭WhatsUp2014


    IamMe33 wrote: »
    From what I have read having paid tax less than the four years doesn't render a claimant ineligible. It will only impact the amount of the HTB entitlement if the total tax paid within the previous four years is less than the 10% for which you could qualify.

    Your second question is a variant on mine above, I suppose. From my research it seems you pay the builder a deposit, then the builder can claim the HTB. Whether or not you have to pay the full 10% deposit is my question.

    Yes I'm just wondering can the help to buy contribute as your 10% from what I think it will.


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    #3324
    Renjit
    Registered Users Posts: 949 ✭✭✭Renjit


    IamMe33 wrote: »
    Currently sizing up to buy a new or used house in Limerick as a FTB.
    Many second-hand properties on Daft are priced in the ballpark of similar new houses on Daft when the HTB is taken into account.
    I've never bought property before so if the a glaringly obvious question only a newbie would ask please bear with me.

    If I pay the 10% deposit of €30k on a €300k house, will the HTB then pay the builder the €30k and the builder then keep my €30k also towards the total cost i.e. the builder now has a 20% deposit effectively?

    You should only pay the the percentage remaining after taking the mortgage. Maximum mortgage for FTB (purchase or self-build a new house or apartment) is 90% of the property value. If you get 90% mortgage then you should only pay 10% as deposit to the builder in this case.


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    #3325
    uncle-mofo
    Registered Users Posts: 259 ✭✭uncle-mofo


    Our house is currently being built and was due to be finished in November/December. With delays in material due to Covid-19, it's a possibility that the house might not be ready before the end of the year.

    Do we have any options in terms of cashing in our HTB with the builder before the end of the year with the expanded scheme if the house is not fully finished?


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    #3326
    8-10
    Registered Users Posts: 13,329 ✭✭✭✭8-10


    uncle-mofo wrote: »
    Our house is currently being built and was due to be finished in November/December. With delays in material due to Covid-19, it's a possibility that the house might not be ready before the end of the year.

    Do we have any options in terms of cashing in our HTB with the builder before the end of the year with the expanded scheme if the house is not fully finished?

    Yes I'd imagine it's unlikely they're going to wait until after its built to take a deposit if you're already signed!


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    #3327
    JohnK
    Registered Users Posts: 4,780 ✭✭✭JohnK


    Mathieu1985 wrote: »
    I saw in one Irish Times or The Journal article that people approved for H2B before increase should cancel the application and apply again so basically as you did. Did you try, however, to claim and it didn't show the increased value or you were informed by the Revenue that you need to cancel and reapply?

    I hadn't tried to claim but when I viewed my existing application online it still had the max relief down as 20k so I canceled and reapplied at which point it went up to the 30k.


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    #3328
    dpham178
    Registered Users Posts: 20 ✭dpham178


    pandaa wrote: »
    Only moved to Ireland in early part of 2019. Possibly around 10k


    What happens to 2020 Tax ? Will that be considered for HTB or have to wait until Dec 20 and filing of return for 2020 in 2021.

    Same question. Anyone knows if it's possible to include 2020 tax?

    I've been experiencing the 'Something went wrong and we are having trouble processing your request at this time... error message since yesterday. Not sure if it means there is some issue with our joint application or it is just a technical issue with the website...


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    #3329
    Cutielaide
    Registered Users Posts: 17 ✭Cutielaide


    dpham178 wrote: »
    Same question. Anyone knows if it's possible to include 2020 tax?

    I've been experiencing the 'Something went wrong and we are having trouble processing your request at this time... error message since yesterday. Not sure if it means there is some issue with our joint application or it is just a technical issue with the website...


    You can't include the current year.


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    #3330
    Renjit
    Registered Users Posts: 949 ✭✭✭Renjit


    dpham178 wrote: »
    Same question. Anyone knows if it's possible to include 2020 tax?

    It's only applicable until last year end. Current year is not included. For 2020. you have to apply again in 2021 then.


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    #3331
    dpham178
    Registered Users Posts: 20 ✭dpham178


    Renjit wrote: »
    It's only applicable until last year end. Current year is not included. For 2020. you have to apply again in 2021 then.

    Thank you. Have you any idea if it is ok for a couple to do a single application (not a joint one) for HTB while the couple jointly get a bank mortgage?


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