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

Doff

ruaneg wrote: »

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?

The contract you upload is when you have gotten full approval and have agreed to buy the house using that mortgage.

Phileas Frog

zig wrote: »

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

It's a hard stop. If your mortgage is only 69.9999% you won't be able to get the HTB

drinkingwater

ruaneg wrote: »

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?

Well, we uploaded our BOI offer letter and the builder received the 5% from revenue around February. Because of constant delays with our new build, our loan offer with boi ran out and we ended up drawing down with ulster Bank in april...our HTB claim was already approved and paid at this point, so we said nothing and Don't think revenue will ever notice it...

awec

ruaneg wrote: »

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?

You can't proceed until you have a full loan offer in place.

You need to pick a bank and start the proceedings for getting full approval ASAP.

smurfette2212

Does anyone know what stages there are once the claim has been submitted? Our one is currently ‘pending’, but I’m not sure what stages are to follow. Might anyone be able to advise?

tomister

Hi everyone,

I’ve gone through a good chunk of this thread and didn’t find this question so apologies if it has been asked:

I’m approved for the max on HTB and am busy saving at the moment. Had a meeting with BOI last week and they’ve told me that I still need to have the full 10% saved regardless of the HTB. Has this been the case for others? Surely the point of the HTB was to help with the deposit.
I’ve limited my scope to new builds and qualifying contractors to ensure I can claim the refund.

Any insights anyone may have would be great!

el Fenomeno

tomister wrote: »

Hi everyone,

I’ve gone through a good chunk of this thread and didn’t find this question so apologies if it has been asked:

I’m approved for the max on HTB and am busy saving at the moment. Had a meeting with BOI last week and they’ve told me that I still need to have the full 10% saved regardless of the HTB. Has this been the case for others? Surely the point of the HTB was to help with the deposit.
I’ve limited my scope to new builds and qualifying contractors to ensure I can claim the refund.

Any insights anyone may have would be great!

We applied with PTSB, KBC, Haven and Ulster Bank. They only wanted to see 5% + extra to cover other costs (solicitors, stamp duty etc.)

So them asking you for the full 10% seems odd to me.

Did you ask them why?

tomister

el Fenomeno wrote: »

We applied with PTSB, KBC, Haven and Ulster Bank. They only wanted to see 5% + extra to cover other costs (solicitors, stamp duty etc.)

So them asking you for the full 10% seems odd to me.

Did you ask them why?

Thanks for the info - it did seem very odd to me too!

I did and he said it’s part of their requirements but that he would look into it further and get back to me.

Dolbhad

tomister wrote: »

Thanks for the info - it did seem very odd to me too!

I did and he said it’s part of their requirements but that he would look into it further and get back to me.

Ulster Bank required us to have the 10% not including HTB but that was back in October last year.

el Fenomeno

Dolbhad wrote: »

Ulster Bank required us to have the 10% not including HTB but that was back in October last year.

Hmm, strange. We just brought proof that we were approved for HTB to our Ulster Bank meeting and he was absolutely fine with it. We got AIP from them too.

We just about had the 5% too so definitely wasn't a case of us having 10% anyway.

Kind of defeats the main purpose of the scheme if some places want to see the full 10%, but it's odd that there seems to be an inconsistent approach.

Dolbhad

el Fenomeno wrote: »

Hmm, strange. We just brought proof that we were approved for HTB to our Ulster Bank meeting and he was absolutely fine with it. We got AIP from them too.

We just about had the 5% too so definitely wasn't a case of us having 10% anyway.

Kind of defeats the main purpose of the scheme if some places want to see the full 10%, but it's odd that there seems to be an inconsistent approach.

We had the 10% anyway and our HTB was minimal around €4,500 and we were getting an exemption. Also we were getting a slightly higher rate from Ulster Bank over the exemption. We also went through a mortgage broker. But broker said Ulster Bank and KBC don’t look at the HTB. I’ve long tried to understand why bank make the decisions they do. But does defeat the whole purpose of HTB if banks won’t consider it.

el Fenomeno

Dolbhad wrote: »

We had the 10% anyway and our HTB was minimal around €4,500 and we were getting an exemption. Also we were getting a slightly higher rate from Ulster Bank over the exemption. We also went through a mortgage broker. But broker said Ulster Bank and KBC don’t look at the HTB. I’ve long tried to understand why bank make the decisions they do. But does defeat the whole purpose of HTB if banks won’t consider it.

Maybe it's a branch thing, because we were approved by both UB and KBC with only 5% and HTB confirmation. KBC was through a broker, UB wasn't.

tomister

Interestingly enough I just got the mortgage document checklist form from BOI and under source of funds it has HTB scheme.

I’ll post in the Talk to BOI section and see. As HTB is due to end at the end of Dec if they don’t accept it then I won’t have the full 10% saved by then and won’t be able to get the refund

Lux23

Dolbhad wrote: »

We had the 10% anyway and our HTB was minimal around €4,500 and we were getting an exemption. Also we were getting a slightly higher rate from Ulster Bank over the exemption. We also went through a mortgage broker. But broker said Ulster Bank and KBC don’t look at the HTB. I’ve long tried to understand why bank make the decisions they do. But does defeat the whole purpose of HTB if banks won’t consider it.

We were approved by UB with HTB last week and we were about €8000 off the full 10%. Granted by the time we drawdown, we will probably have the full amount saved anyway.

Dolbhad

Lux23 wrote: »

We were approved by UB with HTB last week and we were about €8000 off the full 10%. Granted by the time we drawdown, we will probably have the full amount saved anyway.

Mine was October or November last so it might have changed since then.

You can use the HTB for the balance of contract deposit of 10% so you don’t need the house to be complete and close to request HTB. However in current climate I can’t see the government getting rid of the HTB. For some it’s the only way they can buy a house and with the dire renting situation, it would be madness on the government’s part to remove it unless they replace with something else

tomister

Dolbhad wrote: »

Mine was October or November last so it might have changed since then.

You can use the HTB for the balance of contract deposit of 10% so you don’t need the house to be complete and close to request HTB. However in current climate I can’t see the government getting rid of the HTB. For some it’s the only way they can buy a house and with the dire renting situation, it would be madness on the government’s part to remove it unless they replace with something else

Yeah would be aiming to get contracts signed in September/October time and would get the 10% paid before the end of the year. Waiting for BOI to call back but I’ve talked to someone who just completed their sale and BOI took the HTB as part of the deposit.

Time will tell...

myshirt

For a new build, has anyone here had an engineer compare the site map provided by the vendor to the actual site. Like to confirm if boundaries match up with map provided by the seller.

awec

myshirt wrote: »

For a new build, has anyone here had an engineer compare the site map provided by the vendor to the actual site. Like to confirm if boundaries match up with map provided by the seller.

What map? The site maps you get when you buy are indicative only, just illustrations to give you an idea of what it'll look like.

myshirt

awec wrote: »

What map? The site maps you get when you buy are indicative only, just illustrations to give you an idea of what it'll look like.

The scheme map.

Dolbhad

myshirt wrote: »

The scheme map.

Yes when engineer is doing the snagging have the scheme map checked. This is what will be registered as the official boundaries with land registry so important to get checked.

colly10

Hi, I'm filling out a help to buy claim at the moment. I'm planning on getting a place with my gf shorty.
It asks if I want to apply as an individual or group.

I assume I can apply as an individual, providing I've paid enough tax, I won't need her in the claim even though we're going for the mortgage together?

If I don't have to, i'd prefer not to cause she's been out of work for some parts of the last 4 years and it will be a mess working out what to put down on the form 12 for her i'd say with tax claimed back some years

Creamy Goodness

colly10 wrote: »

Hi, I'm filling out a help to buy claim at the moment. I'm planning on getting a place with my gf shorty.
It asks if I want to apply as an individual or group.

I assume I can apply as an individual, providing I've paid enough tax, I won't need her in the claim even though we're going for the mortgage together?

If I don't have to, i'd prefer not to cause she's been out of work for some parts of the last 4 years and it will be a mess working out what to put down on the form 12 for her i'd say with tax claimed back some years

if you're going on the mortgage together, you need to apply for the HTB together.

robtr89

Hi All,

Query with regards the Group HTB, group being myself and my GF.

We both applied and both got different amounts where the "Maximum Relief Available to you" is. I got nearly 15k, whilst she got about 8k.
23k total
It then says below that, that were entitled to Maximum relief available to group of 20k...

Does the relief work off the higher amount of the two of us, (myself on 15k) or does it combine the two (23k), therefore allowing us to get the full amount of 20k (or the 5% of prop value)? I have messaged revenue on this, but you wouldnt want to be holding your breath on them to reply.

Thanks

robtr89

The Prop value is 340,000 - so we thought we'd be able to get the 17,000 (340k x 5%), but we seem to be only getting the amount that I was told was my max relief.

awec

robtr89 wrote: »

Hi All,

Query with regards the Group HTB, group being myself and my GF.

We both applied and both got different amounts where the "Maximum Relief Available to you" is. I got nearly 15k, whilst she got about 8k.
23k total
It then says below that, that were entitled to Maximum relief available to group of 20k...

Does the relief work off the higher amount of the two of us, (myself on 15k) or does it combine the two (23k), therefore allowing us to get the full amount of 20k (or the 5% of prop value)? I have messaged revenue on this, but you wouldnt want to be holding your breath on them to reply.

Thanks

Combined. You will qualify for 20k if you buy a house worth for at least 400k.

CeCe2017

Hi , wondering if anyone has any indication how long your approval lasts for the help to buy scheme. We got approved in the last few weeks and have our approval ID. I know its due to end Dec 19 but if you have been approved in May 19 and possibly didnt draw down until early 2020, would it still be valid? Thanks in advance.

G_R

As far as I know, you would need to re apply as it's based off the 4 most recent tax years, and a new one would have started in Jan 2020.

This is also assuming the scheme is extended to 2020, which is not guaranteed.

Creamy Goodness

You have to have the HTB claimed by your developer by the 19 Dec. That means contracts signed and deposits handed over.

CeCe2017

Perfect thanks for the replies guys , here’s hoping they run it again in 2020. You would think they would to keep the building going. Fingers crossed !

Zedarg

Hi. I just got approwed for help to buy. Do I have to use it until end of this year?