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

cronos

xmazyx wrote: »

I got a message aswell sent all my paperwork in the 6th and called today! was told I was in the queue!

Suggests it helps to ring so.

Blingy

Sorry i am new to all this and trying to get my head around this scheme. We are first time buyers considering putting a deposit down on a new build next week. Is there a way to find out how much we would be eligible for before we sign contracts? Presumably you would need to know how much you could get before you sign contracts and pay final deposit.
Any help appreciated. Thanks.

PedroDublin

I just created one with the requirements they have on the website, copy/pasting the list and adding the information for each of the bulletpoints

PedroDublin

davidsr20 wrote: »

Great. Where do I find the word document

I just created one with the requirements they have on the website, copy/pasting the list and adding the information for each of the bulletpoints

68 lost souls

Blingy wrote: »

Sorry i am new to all this and trying to get my head around this scheme. We are first time buyers considering putting a deposit down on a new build next week. Is there a way to find out how much we would be eligible for before we sign contracts? Presumably you would need to know how much you could get before you sign contracts and pay final deposit.
Any help appreciated. Thanks.

House Value X 5% up to up to €20,000 max is the most you will get then check your PAYE tax for the last 4 years. if you've paid 20,000 and 5% is 20,000 thats how much you get. If you paid 18,000 but 5% is 20,000 you get 18,000 and vica versa if you've paid €50,000 PAYE you can still only get €20,000

Blingy

68 lost souls wrote: »

House Value X 5% up to up to €20,000 max is the most you will get then check your PAYE tax for the last 4 years. if you've paid 20,000 and 5% is 20,000 thats how much you get. If you paid 18,000 but 5% is 20,000 you get 18,000 and vica versa if you've paid €50,000 PAYE you can still only get €20,000

Thank you for making sense of it all. It looks like we would be eligible for the full 20k

68 lost souls

Blingy wrote: »

Thank you for making sense of it all. It looks like we would be eligible for the full 20k

So to be sure for you, the house is valued at 400,000 or more and you have paid more than 20,000 in PAYE tax in the past 4 years then you are correct

Blingy

68 lost souls wrote: »

So to be sure for you, the house is valued at 400,000 or more and you have paid more than 20,000 in PAYE tax in the past 4 years then you are correct

Well i should get the max 5% based on the asking price. Won't be 20k as it's priced slightly lower than 400k. Thank you.

davidsr20

Guys where do I find the loan to value ratio paperwork or is this the valuation u get done? Also when sending in the letter of offer and signed contracts did u send all pages from each.

Our house won't be ready for 4 weeks so still have not got valuation done yet. We signed contracts a few weeks back.

Thanks
David.

CramCycle

cronos wrote: »

Did you ring them recently?

This morning

Blingy wrote: »

Sorry i am new to all this and trying to get my head around this scheme. We are first time buyers considering putting a deposit down on a new build next week. Is there a way to find out how much we would be eligible for before we sign contracts? Presumably you would need to know how much you could get before you sign contracts and pay final deposit.
Any help appreciated. Thanks.

Apply via my account and they will tell you how much you are clear for and give you all the details you need for the bank and builders.

PedroDublin wrote: »

I just created one with the requirements they have on the website, copy/pasting the list and adding the information for each of the bulletpoints

Exactly what I done, then attached any important docs that verified the claims.

davidsr20 wrote: »

Guys where do I find the loan to value ratio paperwork or is this the valuation u get done? Also when sending in the letter of offer and signed contracts did u send all pages from each.

Our house won't be ready for 4 weeks so still have not got valuation done yet. We signed contracts a few weeks back.

Thanks
David.

I asked the bank for a letter stating LTV (they gave one with a bandwidth).

davidsr20

CramCycle wrote: »

This morning

Apply via my account and they will tell you how much you are clear for and give you all the details you need for the bank and builders.

Exactly what I done, then attached any important docs that verified the claims.


I asked the bank for a letter stating LTV (they gave one with a bandwidth).

I take it tho this can't be got until house valuation is done?

fret_wimp2

is there a point where its worth paying more deposit, meaning that you cant avail of the scheme?

e.g. house value 400k
80% LTV would be loan of 320k and allow for full 20k rebate based on the scheme.
means a deposit of 80k.

But if buyer had a deposit of 100k, is it worth paying a bigger deposit and forefitting this scheme?

Im just trying to see if it could be a case of paying less of a deposit to get the 20k, but end up paying 30k extra interest in the long run.

CramCycle

Or just use that cash to pay it off earlier. Throw the 20k you get and the 20k you didn't use straight in and save even more. Get the LTV reviewed as soon as possible to get a lower interest rate.

Take your LTV from 80% below your potential 75% down straight to 70%

fret_wimp2

CramCycle wrote: »

Get the LTV reviewed as soon as possible to get a lower interest rate.

We are just approved in principal at the mo, and paid our initial deposit but haven't signed anything yet, or got final approval from the bank.

can i still log into "MyAccount" on revenue and kick off proceedings there, or should i wait until things are a little more solid?

CramCycle

fret_wimp2 wrote: »

We are just approved in principal at the mo, and paid our initial deposit but haven't signed anything yet, or got final approval from the bank.

can i still log into "MyAccount" on revenue and kick off proceedings there, or should i wait until things are a little more solid?

F9re away, at this point all they will tell you is how much you can get back and it's far handier to have it ready to go if you find the right place.

Essien

Is the tax calculated on 4 years from when you apply or 4 previous full years?

I ask because we only returned to Ireland a couple of months into 2013 so were not working for that full year.

Edit: Found it, it's the 4 previous full years.

morrga

Essien wrote: »

Is the tax calculated on 4 years from when you apply or 4 previous full years?

I ask because we only returned to Ireland a couple of months into 2013 so were not working for that full year.

Edit: Found it, it's the 4 previous full years.

You can pick 1, 2, 3 or 4 tax years. We only selected 2014 and 2015. Once your PAYE tax is above your grant you should be ok.

Blingy

I have a Med 1 to do for 2015 does anyone know should I do this before filling out the Form 12 for that year? Or does it make a difference. Thanks

CramCycle

Blingy wrote: »

I have a Med 1 to do for 2015 does anyone know should I do this before filling out the Form 12 for that year? Or does it make a difference. Thanks

If your a PAYE employee, request a P21 online and claim the total from your med1 form under Health expenses. You do not need to submit it, just make sure you have it if asked for it. Once you get your P21 you can go into the form12 section in myaccount and all the numbers will be filled in and you just roll through them and double check. It appears to be alot easier that way. You may be able to give the med1 numbers onto the form 12 anyway, so maybe I am just adding on an unnecessary step.

GDK_11

Apologies in advance if this has been covered,

If we say a property cost's 313k (15650 = 5%)
If the couple have paid over that amount in that period they will get the full 5%? As in there is no tax on the rebate?

Secondly the very first question on the application,
Did you buy a home or draw down the 1st tranche of a qualifying loan between 19th July and 31st December 2016?

We signed the contracts and paid the full deposits before christmas but will not move in for another week or two yet, if we put no to this question does that mean we have to go through the developer? Also it says about a completion date on the application list, what are people putting here? Like I said ours should be a couple of weeks but it's not official as of yet.

Apologies if any of that sounds a bit messy, and thanks in advance

CramCycle

GDK_11 wrote: »

Apologies if any of that sounds a bit messy, and thanks in advance

So you drew down your mortgage before the 31st of December? or not? your post was not clear to me. If you drew down the mortgage before the 31st then it goes to you. I presume since you have only paid 5% deposit though, you haven't, in which case it goes straight to the developer.

GDK_11

CramCycle wrote: »

So you drew down your mortgage before the 31st of December? or not? your post was not clear to me. If you drew down the mortgage before the 31st then it goes to you. I presume since you have only paid 5% deposit though, you haven't, in which case it goes straight to the developer.

Apologies, a bit confusing I know.

Ok we have paid the full 10% of the deposit and signed a week or so before christmas. We have the full mortgage approval but have not drawn down as we won't be completing the purchase for a couple of weeks.

CramCycle

GDK_11 wrote: »

Apologies, a bit confusing I know.

Ok we have paid the full 10% of the deposit and signed a week or so before christmas. We have the full mortgage approval but have not drawn down as we won't be completing the purchase for a couple of weeks.

I think it will have to go to the developer as you have not drawn down the mortgage. Maybe ring up Revenue but my understanding is that you are not technically a retrospective buyer as you have not drawn down the mortgage yet. Good news is that either you will get 5% back from the developer straight away or even better IMO, your LTV will drop by 5% instantly.

OfflerCrocGod

It's from when you signed the contract.

Monfreid

It seems that this scheme does not really target self build as most of the self builders will have an LTV < 70% ... 
The scheme takes the valuation of the finished house and not the cost of building it ... unreal ... because of this, I do not qualify for this scheme ... :(:angry:

Monfreid

It seems that this scheme does not really target self build as most of the self builders will have an LTV < 70% ... 
The scheme takes the valuation of the finished house and not the cost of building it ... unreal ... because of this, I do not qualify for this scheme ... :(:angry:

TheUnderfaker

I'm waiting on my p60 so I can complete the form 12, but does anybody know will the details on my final payslip of 2016 suffice? I won't get the p60 until mid-february and I'm anxious to get the application in!

Eireann81

Monfreid wrote: »

The scheme takes the valuation of the finished house and not the cost of building it ... unreal ... because of this, I do not qualify for this scheme ... :(:angry:

Did you confirm this with revenue? I couldn't get a straight answer from revenue as to whether they use the 'cost to build' or the 'estimated completed valuation' as the basis for the rebate.

youcancallmeal

TheUnderfaker wrote: »

I'm waiting on my p60 so I can complete the form 12, but does anybody know will the details on my final payslip of 2016 suffice? I won't get the p60 until mid-february and I'm anxious to get the application in!

My wife and I filled in the details ourselves from our last payslips from Dec 12. It should be fine as long as you're not miles off. When your P60 does finally issue revenue will get a P35 which is basically the same as P60 but for their records. They'll then do a P21 and if you made any mistakes it all be balanced out.

TheUnderfaker

youcancallmeal wrote: »

My wife and I filled in the details ourselves from our last payslips from Dec 12. It should be fine as long as you're not miles off. When your P60 does finally issue revenue will get a P35 which is basically the same as P60 but for their records. They'll then do a P21 and if you made any mistakes it all be balanced out.

I think I'll go ahead and do that. Dying to get this done! Thanks for the info