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

Daniogroove

Mushy wrote: »

Quick question on calculating the HTB, myself and wife will be applying when get the 2018 Form 12 back. The 5% figure will be 12,850. Does that mean, between us, we have to have paid 12,850 tax in last 4 years? Have heard we combine and then half the amount paid, hence the question. Between us we'll have comfortably paid enough, but may be slightly less than fat if halved

I'd reckon you'll be fine. I'm not 100% on how it is on joint applications but for me as a single my max htb return was more than the mortgage rules would allow me to buy.
I would've need to buy for 55k more to use it all

Mushy

GingerLily wrote: »

You can claim from anyone in the group or split it however you want so that it adds to 5% provided that you've paid enough tax to claim it.

I could have claimed the 5% myself where as my husband didn't quite have enough for half that from his tax, so we split it 70/30.

Cheers. I think I'll have paid slightly more than the 5% figure, my wife slightly less, so would like to think we'll get the full 5% (thats the lowest of the options for us...house is nowhere near 400k)

Maxed-irl

Mushy wrote: »

Quick question on calculating the HTB, myself and wife will be applying when get the 2018 Form 12 back. The 5% figure will be 12,850. Does that mean, between us, we have to have paid 12,850 tax in last 4 years? Have heard we combine and then half the amount paid, hence the question. Between us we'll have comfortably paid enough, but may be slightly less than fat if halved

It's based on the tax you paid so if you paid 20k over 4 years you'll be entitled to 5% of the purchase price up to a max of 20k. If you're being offered 12850 it's what tax you've paid

z0oT

So in our case, the builder still isn't down on the list of contracters on the Revenue's website. Some people have already moved in our development who are First Time Buyers. Apparently they've done a deal whereby they decrease the price by the HTB amount which is good.

Now assuming they do get registered by the time we're ready to close, is my thought process below correct to avail of the HTB?

• Wait for Builder to appear on the List of Qualifying Contracters on the Revenue website.
• Contact the Bank and get them to reduce the Mortgage amount by the HTB amount and issue a new Letter of Offer.
• Then do the claim via the Revenue website with the signed contracts and updated (reduced) Letter of Offer from the Bank.

Mushy

Maxed-irl wrote: »

It's based on the tax you paid so if you paid 20k over 4 years you'll be entitled to 5% of the purchase price up to a max of 20k. If you're being offered 12850 it's what tax you've paid

It's more the 12850 is the 5% of the price. It hasn't been offered just yet till we formally submit the application. Just awaiting the Form 12 for 2018

Mushy

Said I’d put in the application today, got notified no Form 12 submitted for 16 or 18(latter done just last week, former one I re-submitted but is still listed as not filed). I hope this is just a case of calling Revenue to sort it, probably more uptight cos anxious to get the codes to bank/developer

z0oT

Mushy wrote: »

Said I’d put in the application today, got notified no Form 12 submitted for 16 or 18(latter done just last week, former one I re-submitted but is still listed as not filed). I hope this is just a case of calling Revenue to sort it, probably more uptight cos anxious to get the codes to bank/developer

We had a similar problem last year.



Calling them solved the issue within a day.

TomasMacR

z0oT wrote: »

So in our case, the builder still isn't down on the list of contracters on the Revenue's website. Some people have already moved in our development who are First Time Buyers. Apparently they've done a deal whereby they decrease the price by the HTB amount which is good.

Now assuming they do get registered by the time we're ready to close, is my thought process below correct to avail of the HTB?

• Wait for Builder to appear on the List of Qualifying Contracters on the Revenue website.
• Contact the Bank and get them to reduce the Mortgage amount by the HTB amount and issue a new Letter of Offer.
• Then do the claim via the Revenue website with the signed contracts and updated (reduced) Letter of Offer from the Bank.

Are you absolutely sure that the builder isn't on their list? Some are registered and trading under a different name. What name are they going by while building?

z0oT

TomasMacR wrote: »

Are you absolutely sure that the builder isn't on their list? Some are registered and trading under a different name. What name are they going by while building?

Yes, they're not on the list, and they're not trading under a different name. It's been ongoing for a while now.


The latest from the Estate Agent is that the registration process is done and they'll be up on the list within a few weeks. Guess I'll believe it when I see it.

mur223

Hi there,
Apologies if this has been asked before. We are buying off the plans and we want to use our HTB amount as part of our deposit. We have AIP with KBC but they require a final valuation when the property is completed. Can we use our AIP letter as proof of "mortgage contract with the lender" when we upload our signed contracts to the My ROS website? Or does it have to be the actual mortgage contract/loan pack we receive at drawdown?

Natashaw88x

mur223 wrote: »

Hi there,
Apologies if this has been asked before. We are buying off the plans and we want to use our HTB amount as part of our deposit. We have AIP with KBC but they require a final valuation when the property is completed. Can we use our AIP letter as proof of "mortgage contract with the lender" when we upload our signed contracts to the My ROS website? Or does it have to be the actual mortgage contract/loan pack we receive at drawdown?

Hi we have bought a new build also. It won’t be ready till September. We signed contracts for it last week. We need the signed contracts plus signed loan offer to claim the HTB. We’ve had an initial valuation done and will have another before drawdown. I imagine you will need to get your loan offer and sign contracts with builder and it is the signed contracts that are required for revenue.

mur223

Natashaw88x wrote: »

Hi we have bought a new build also. It won’t be ready till September. We signed contracts for it last week. We need the signed contracts plus signed loan offer to claim the HTB. We’ve had an initial valuation done and will have another before drawdown. I imagine you will need to get your loan offer and sign contracts with builder and it is the signed contracts that are required for revenue.

Thanks Natasha, We have also signed contracts with the builder last week and have transferred remaining deposit but they also need the HTB amount, we are waiting on the initial Valuation to take place and I have heard the banks take another 7-10 working days to send out the full Loan offer. Timing is a bit of a pain but I suppose we will just have to keep the builders at bay until then!

vets05

Hi all,

Sorry if these questions have been asked before but finding it difficult to find any information for my particular circumstances.

My wife and I returned to Ireland after about 10 years away. We have just agreed on a New Build purchase and I have 2 questions around the HTB.

1. Considering we are only working in the state since January of this year, are we entitled to get anything back in terms of the Income tax refund as part of the HTB scheme? The house is due to be ready around October so just wondering if we could claim the 9 months we have been working or if that's a no go?

2. If we are entitled to claim does anyone know if the max of 5% is basically divided into 4 years(so 1.25% max per year) or can we claim say 3% of the value of the house if our tax for this year comes up to that value?

Also a final note I've tried to register revenue but keep getting a "Please quote rule 1" error message.

Any information would be great!

Thank you

GingerLily

You can claim up to 5% from any of the qualifying years!

Unfortunately, you can't claim back on tax paid in 2019 until 2020.

vets05

Thank you very much GingerLily

Its great to have some clarification! If the purchase goes head this year do you know if I can retrospective claim back 2019?

Thank you!

Mickiemcfist

vets05 wrote: »

Thank you very much GingerLily

Its great to have some clarification! If the purchase goes head this year do you know if I can retrospective claim back 2019?

Thank you!

No you cant. HTB scheme is supposed to be finished at year-end 2019 also.

vets05

Thank you Mickiemcfist.

Great to get the clarification!

smurfette2212

It is very possible that this has been asked (and answered) but I just can't see it.

When uploading the documents for the claim, does it need to be the entire contract, or just the initial pages and building agreement? I had asked our solicitor to send a copy, but she advised it is very lengthy.

I've submitted a query to Revenue, but imagine it might take a while for a response.

Creamy Goodness

smurfette2212 wrote: »

It is very possible that this has been asked (and answered) but I just can't see it.

When uploading the documents for the claim, does it need to be the entire contract, or just the initial pages and building agreement? I had asked our solicitor to send a copy, but she advised it is very lengthy.

I've submitted a query to Revenue, but imagine it might take a while for a response.

Your solicitor should have an electronic copy. If you they should have one of those commercial scanners that can scan it fairly sharpish. Request an electronic copy (Make sure signatures from you and builder are included) from your solicitors

Phileas Frog

z0oT wrote: »

Yes, they're not on the list, and they're not trading under a different name. It's been ongoing for a while now.


The latest from the Estate Agent is that the registration process is done and they'll be up on the list within a few weeks. Guess I'll believe it when I see it.

I find myself in exactly the same position.

el Fenomeno

Can I ask, we uploaded contracts today for the claim stage and got a Reference number, which we have provided to our solicitor along with our Access code.

But at not stage was I asked who our builder/developer was - the only list I was given was the list of institutions to choose which one our loan offer was from.

This is for a new build, first time buyer. Any ideas?

awec

el Fenomeno wrote: »

Can I ask, we uploaded contracts today for the claim stage and got a Reference number, which we have provided to our solicitor along with our Access code.

But at not stage was I asked who our builder/developer was - the only list I was given was the list of institutions to choose which one our loan offer was from.

This is for a new build, first time buyer. Any ideas?

You don't need to specify who the builder is. Your builder will do that when their solicitor claims the money from revenue, using the codes that you gave to your solicitor.

el Fenomeno

awec wrote: »

You don't need to specify who the builder is. Your builder will do that when their solicitor claims the money from revenue, using the codes that you gave to your solicitor.

Ah right, thanks. Sorry, I saw people mentioning not being able to find the builder so I was a bit confused is all. Cheers.

Phileas Frog

el Fenomeno wrote: »

Ah right, thanks. Sorry, I saw people mentioning not being able to find the builder so I was a bit confused is all. Cheers.

If the builder isn't listed on this list, then the HTB won't apply.

igabar

Hi guys,
myself and my partner applied for HTB scheme and the application is under review. The message we got says "Applications may need to be reviewed for a variety of reasons. This can include a change in personal circumstance in the years selected. Please contact us for further information." I did fill the Enquiry, but just wondering if that has to do with the fact that our daughter was born in one of the years we claim for? Does it have to be reported to the Revenue when the child is born? Obviously she has a PPS no and all.

smurfette2212

Just in the middle of trying to submit the application, but have hit a stumbling block.

There are two sections to fill in: deposit payable and amount of deposit paid.

The first is the 10%, which is fine. However, we paid the full deposit on signing the contract. However, should we be putting that in the second box, or the 10% less what we are claiming from HTB? We couldn’t get the contracts signed without paying the full deposit, and needed the contracts for the HTB.

Has anyone else encountered this? Any advice gratefully received!

GingerLily

smurfette2212 wrote: »

Just in the middle of trying to submit the application, but have hit a stumbling block.

There are two sections to fill in: deposit payable and amount of deposit paid.

The first is the 10%, which is fine. However, we paid the full deposit on signing the contract. However, should we be putting that in the second box, or the 10% less what we are claiming from HTB? We couldn’t get the contracts signed without paying the full deposit, and needed the contracts for the HTB.

Has anyone else encountered this? Any advice gratefully received!

It sounds like you should but down what you paid in both

We paid the 10% is cash and didn't make any adjustments for that, we claimed the maximum amount available based on property amount and our tax credits, the value of our deposit paid didn't change anything

(provided your mortgage is >70% ltv)

smurfette2212

GingerLily wrote: »

It sounds like you should but down what you paid in both

We paid the 10% is cash and didn't make any adjustments for that, we claimed the maximum amount available based on property amount and our tax credits, the value of our deposit paid didn't change anything

(provided your mortgage is >70% ltv)

That makes sense. I didn’t want to be untruthful, but also thought saying the deposit had been fully paid might raise an eyebrow. Thanks!

ruaneg

We have signed contracts and given a bank draft for approx 6% of the deposit. For the other 4% we need the HTB grant. We have being approved for the HTB. I noticed today when I went to upload the contract that we must give the loan details with the application. However, we are still unsure which loan offer we will go with (waiting on an additional approval from another preferred bank). I've being told by revenue that its not possible to update the application with the new loan details should they change. I would have to cancel the application and reapply.

Has anybody had similar problems and found a way around it?

zig

Hey all, does anyone know how strict they are on the 70% rule for mortgage vs value of house?

We have saved a lot and are in a position to get a mortgage of 55% of value of house. I know the whole idea of the scheme is to help with deposits but ironically even though we have the deposit we’d have to rule ourselves out of buying the house without it.

We can’t get any higher a mortgage and also there wouldn’t be any point because it would probably cost more long term anyway.

Edit: ok I read some older posts and it seems there would be no wriggle room with this.