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

Mantis Toboggan

Does the new help to buy scheme replace the old one?

GingerLily

Tyson Fury wrote: »

Does the new help to buy scheme replace the old one?

The help to buy scheme is open until 2019 so I doubt it.

Can you combine the two? I don't qualify as I'm mortgage approved but just curious.

MSVforever

Hi Guys.

A friend of mine has saved €15k for a deposit and €6k for solicitor fees & stamp duty. He also got HTB approval for €18k max. The new house he wants to buy costs €300k (builder is approved for HTB scheme).

He had an appointment with a bank re mortgage approval in principle and was told that his savings would have to be at least €30k.
He was hoping to buy in the next few months. ..
Surely this couldn't be right as the builder would get the €15k from Revenue as well?

Has anyone experience with this?

GingerLily

MSVforever wrote: »

Hi Guys.

A friend of mine has saved €15k for a deposit and €6k for solicitor fees & stamp duty. He also got HTB approval for €18k max. The new house he wants to buy costs €300k (builder is approved for HTB scheme).

He had an appointment with a bank re mortgage approval in principle and was told that his savings would have to be at least €30k.
He was hoping to buy in the next few months. ..
Surely this couldn't be right as the builder would get the €15k from Revenue as well?

Has anyone experience with this?

For CBI limits yes but the bank might choose their own criteria to approve the mortgage.
Is the house in Dublin or Cork/Galway City?
They might be able to avail of the new government back mortgages if they can prove two refusals and their income is below the limits

tusk

MSVforever wrote: »

Hi Guys.

A friend of mine has saved €15k for a deposit and €6k for solicitor fees & stamp duty. He also got HTB approval for €18k max. The new house he wants to buy costs €300k (builder is approved for HTB scheme).

He had an appointment with a bank re mortgage approval in principle and was told that his savings would have to be at least €30k.
He was hoping to buy in the next few months. ..
Surely this couldn't be right as the builder would get the €15k from Revenue as well?

Has anyone experience with this?

This doesn't make sense to me. We're in a similar position, give or take a few Grand, with a house of 355k and we got loan offer from two banks.

MSVforever

GingerLily wrote: »

For CBI limits yes but the bank might choose their own criteria to approve the mortgage.
Is the house in Dublin or Cork/Galway City?
They might be able to avail of the new government back mortgages if they can prove two refusals and their income is below the limits

They are living in Dublin. Their joint income is around €80k..... just above the threshold I guess....

MSVforever

tusk wrote: »

This doesn't make sense to me. We're in a similar position, give or take a few Grand, with a house of 355k and we got loan offer from two banks.

Can you elaborate please? How did the process go? Is one of the banks AIB?

tusk

MSVforever wrote: »

Can you elaborate please? How did the process go? Is one of the banks AIB?

We have just over 20k saved. Htb to cover the 5% . Yes aib is one.

Process went as I guess it normally would. Went in for a meeting, got aip. Submitted all docs and application and full approval was granted a short while later. And a well or so later we got the loan offer and contact posted out.

Haidee_Hammond

Hi guys,

Apologies if this has been discussed before (but the thread is 141 pages and on the search I didn't manage to find what I needed). So we got our contracts signed by us and the builder, and now that I am about to claim I am not 100% sure if the claim is meant to happen now that I got the contracts or when the mortgage is drawn down (house is not ready, so valuation hasn't happened yet, we only have the letter of offer right now). Do we need to have the mortgage? And if not, do we need to submit the letter of offer? (actually my solicitor has it, he never sent it to us).

Thanks a million in advance!

MSVforever

tusk wrote: »

We have just over 20k saved. Htb to cover the 5% . Yes aib is one.

Process went as I guess it normally would. Went in for a meeting, got aip. Submitted all docs and application and full approval was granted a short while later. And a well or so later we got the loan offer and contact posted out.

Cheers Tusk.
I will let him know.

Aaron15

Haidee_Hammond wrote: »

Hi guys,

Apologies if this has been discussed before (but the thread is 141 pages and on the search I didn't manage to find what I needed). So we got our contracts signed by us and the builder, and now that I am about to claim I am not 100% sure if the claim is meant to happen now that I got the contracts or when the mortgage is drawn down (house is not ready, so valuation hasn't happened yet, we only have the letter of offer right now). Do we need to have the mortgage? And if not, do we need to submit the letter of offer? (actually my solicitor has it, he never sent it to us).

Thanks a million in advance!

You put in the claim as soon as you've signed your contracts, and you've signed the letter of approval from the banks, upload them to the revenue website via the help to buy section, you will receive a claim reference number, you give that to the solicitor who should then give it to your builders solicitor , they log on and claim the money. we've done the same, our build won't be ready for nearly 6 months but we've signed everything and claimed the Help to buy. hope this helps and makes sense to you.

Catrionanich

Anyone know if you will be able to use the 'Help to Buy' 5% in conjunction with the new mortgage application from the goverment?

Haidee_Hammond

Catrionanich wrote: »

Anyone know if you will be able to use the 'Help to Buy' 5% in conjunction with the new mortgage application from the goverment?

As far as I know they haven't clarified that yet but nothing seems to indicate that you won't.

Haidee_Hammond

Aaron15 wrote: »

You put in the claim as soon as you've signed your contracts, and you've signed the letter of approval from the banks, upload them to the revenue website via the help to buy section, you will receive a claim reference number, you give that to the solicitor who should then give it to your builders solicitor , they log on and claim the money. we've done the same, our build won't be ready for nearly 6 months but we've signed everything and claimed the Help to buy. hope this helps and makes sense to you.

It does, thanks a lot

Dewey

Hi everyone,

Looking for some help. We have done the help to buy scheme and mortgage has been approved and funds transferred. The only hold up is they are asking me what does the builder need to do to claim the money? My Solidtor doesn’t know and neither doesn’t his. We are the first ones who have used the help to buy scheme with the builder. Cheers thanks

GingerLily

Dewey wrote: »

Hi everyone,

Looking for some help. We have done the help to buy scheme and mortgage has been approved and funds transferred. The only hold up is they are asking me what does the builder need to do to claim the money? My Solidtor doesn’t know and neither doesn’t his. We are the first ones who have used the help to buy scheme with the builder. Cheers thanks

We are just finishing snagging and might start the drawdown process tomorrow (we're eagerly waiting to hear form the developer).

We got a message from revenue last week that our claim had been verified by our "solicitor or building contractor" and the refund will be processed in 5 working days.

What have you done for your help to buy so far?

Dewey

Hi everyone,

Looking for some help. We have done the help to buy scheme and mortgage has been approved and funds transferred. The only hold up is they are asking me what does the builder need to do to claim the money? My Solidtor doesn’t know and neither doesn’t his. We are the first ones who have used the help to buy scheme with the builder. Cheers thanks

GingerLily

Dewey wrote: »

Hi everyone,

Looking for some help. We have done the help to buy scheme and mortgage has been approved and funds transferred. The only hold up is they are asking me what does the builder need to do to claim the money? My Solidtor doesn’t know and neither doesn’t his. We are the first ones who have used the help to buy scheme with the builder. Cheers thanks

Have you been approved for the scheme? Has the builder?

Dewey

GingerLily wrote: »

We are just finishing snagging and might start the drawdown process tomorrow (we're eagerly waiting to hear form the developer).

We got a message from revenue last week that our claim had been verified by our "solicitor or building contractor" and the refund will be processed in 5 working days.

What have you done for your help to buy so far?

We got a e-mail from revenue stating the builder would new claI’m code and application number in order to get the email. He codes and numbers I have forward on to him

GingerLily

Dewey wrote: »

We got a e-mail from revenue stating the builder would new claI’m code and application number in order to get the email. He codes and numbers I have forward on to him

It sounds like it's on his end then.

Our developer gets the rebate itself, we just applied.

sdssarah

pixiedoodle wrote: »

Thanks Sarah. We have already given our application and access codes over but the EA came back to us looking for us to upload the necessary claim documents so that they could take the application further. So I'm presuming now that we just have to request that they put things on hold until closer to the completion date?

Sorry only seeing this now! You don't need to wait until completion date to make your Claim on Revenue for the HTB.

All you need is your Loan Offer letter from the bank and a copy of the Signed contracts - you uploads those and fill in some fields and then at the end you get a claim code. I did mine just today, took about 5 minutes.

sdssarah

MSVforever wrote: »

They are living in Dublin. Their joint income is around €80k..... just above the threshold I guess....

If they have a combined income of 80k they only qualify for 3.5 times that which is 280k - so if he wants a house for 300k he definitely need another 20k in cash on top of the deposit money - possibly that's what the bank was talking about?

They could try another bank and see if they can get an exemption to get the extra 20k, but all the banks have their own rules around who they offer exemptions.

Hope that helps

allywally

Hi all,

My partner and I are in the process of applying for HTB.

Question- is there any way we can apply separately and combine the amounts after? I ask because he is missing a P60 for 2015 as the company he was working for went under and never submitted his P60. He can submit any of the other years but online Revenue will only let him submit for consecutive years. As a result, he can only submit Form 12 for 2016 and 2017 whereas I can submit for the last 4 years.

Is there any way around this or can we only use mine?

Many thanks!

sdssarah

allywally wrote: »

Hi all,

My partner and I are in the process of applying for HTB.

Question- is there any way we can apply separately and combine the amounts after? I ask because he is missing a P60 for 2015 as the company he was working for went under and never submitted his P60. He can submit any of the other years but online Revenue will only let him submit for consecutive years. As a result, he can only submit Form 12 for 2016 and 2017 whereas I can submit for the last 4 years.

Is there any way around this or can we only use mine?

Many thanks!

Hmm that's very annoying - are you sure he can't just skip 2015? I know when I was filling out the application I only selected 3 years and they are checkboxes so it looked like you can tick any of them you want.

You definitely can't apply separately because you have to upload your mortgage loan offer document with both named parties on it and it has to match you application.

I'd try just selecting 3 years for both of you (2014, 2016 and 2017) and exclude 2015 - you'll probably still qualify for the full amount if both of you have been in full time employment for those 3 years.

If this doesn't work I would call Revenue and explain the situation, they may have a workaround to help you.

Haidee_Hammond

allywally wrote: »

Hi all,

My partner and I are in the process of applying for HTB.

Question- is there any way we can apply separately and combine the amounts after? I ask because he is missing a P60 for 2015 as the company he was working for went under and never submitted his P60. He can submit any of the other years but online Revenue will only let him submit for consecutive years. As a result, he can only submit Form 12 for 2016 and 2017 whereas I can submit for the last 4 years.

Is there any way around this or can we only use mine?

Many thanks!

Pretty sure you can't apply separately. But depending on the maximum amount your would get and what your salaries were during those years, I would say is likely that it won't make a difference and you'll get the maximum amount anyway, you usually have paid more taxes than the maximum amount of the scheme (aka 5% of the value of the house or 20k whatever is less). I couldn't apply for all the years either, my partner could, so that is what we did, he submitted all his years, I skipped one. Then the claim is processed as a group (technically at the end, when you are submitting the claim once you have your contract, you can assign to each part a a sum of the total, the consequences of this I'm not sure of, we just left it as half each).

allywally

Haidee_Hammond wrote: »

Pretty sure you can't apply separately. But depending on the maximum amount your would get and what your salaries were during those years, I would say is likely that it won't make a difference and you'll get the maximum amount anyway, you usually have paid more taxes than the maximum amount of the scheme (aka 5% of the value of the house or 20k whatever is less). I couldn't apply for all the years either, my partner could, so that is what we did, he submitted all his years, I skipped one. Then the claim is processed as a group (technically at the end, when you are submitting the claim once you have your contract, you can assign to each part a a sum of the total, the consequences of this I'm not sure of, we just left it as half each).

Thanks for the info. How did you select 3 years and your partner 4 if it was part of a group applications?

allywally

sdssarah wrote: »

Hmm that's very annoying - are you sure he can't just skip 2015? I know when I was filling out the application I only selected 3 years and they are checkboxes so it looked like you can tick any of them you want.

You definitely can't apply separately because you have to upload your mortgage loan offer document with both named parties on it and it has to match you application.

I'd try just selecting 3 years for both of you (2014, 2016 and 2017) and exclude 2015 - you'll probably still qualify for the full amount if both of you have been in full time employment for those 3 years.

If this doesn't work I would call Revenue and explain the situation, they may have a workaround to help you.

Sadly it won't let me exclude a year that is between other years. But if I can't find a way around it, I'll contact Revenue and see what they say. We may just have to go off my last 4 years. Thanks for your advice

Bargain_Hound

Looking to submit my application for HTB on revenue. I've been working the last 5 years in good employment. I can't submit the application using 2017 as my P60 has not be submitted to revenue yet. Is it worth waiting for that to include 2017 or just use the previous four years ( 13,14,15,16)?

conf101

Bargain_Hound wrote: »

Looking to submit my application for HTB on revenue. I've been working the last 5 years in good employment. I can't submit the application using 2017 as my P60 has not be submitted to revenue yet. Is it worth waiting for that to include 2017 or just use the previous four years ( 13,14,15,16)?

As far as I know you have to use the previous 4 years, so you'll have to wait for your 2017 P60. Maybe someone else can confirm that?

Haidee_Hammond

allywally wrote: »

Thanks for the info. How did you select 3 years and your partner 4 if it was part of a group applications?

You create a group application, add the other person, and select your own, then, if I recall correctly (anyone else mind confirming how it was?) the other person has to confirm and add on their side however many years of the deduction they want. It was pretty self explanatory once you realize you both have to confirm the thing on your account.