Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Help to buy- question

  • 12-06-2018 10:25am
    #1
    tt2014
    Registered Users, Registered Users 2 Posts: 80 ✭✭


    Hi

    I'm really stuck and no one seems to be able to answer me in revenue or the bank.

    I bought a brand new house and paid the deposit from my own savings. The bank approved the loan amount and all is set to draw down. I got onto revenue and they say the amount they approved me for is to go to the developer. But it doesn't make sense. I got onto the bank and they don't know either. I feel really fobbed off. I have sent the approval codes to the bank so does that mean they will have to redo the figures on my approved loan figure? I'm so lost, can someone help?


Comments

  • #2
    Squatter
    Closed Accounts Posts: 1,841 ✭✭✭Squatter


    tt2014 wrote: »
    Hi

    I bought a brand new house and paid the deposit from my own savings.

    The bank approved the loan amount and all is set to draw down.

    I got onto revenue and they say the amount they approved me for is to go to the developer.

    From Revenue's website:-
    How will the refund be paid?

    If you bought or built the property between 19 July 2016 and 31 December 2016, the refund will be paid directly to you.

    If you buy a new build after 1 January 2017, the refund will be paid to the contractor.

    If you self-build the property after 1 January 2017, the refund will be paid to the bank account of your loan provider.

    Which situation applies to you? it seems that it's the second scenario above.


  • #3
    tt2014
    Registered Users, Registered Users 2 Posts: 80 ✭✭tt2014


    The bank is paying the contractor so im thinking it should go to the bank for the morgage to be calculated


  • #4
    Squatter
    Closed Accounts Posts: 1,841 ✭✭✭Squatter


    tt2014 wrote: »
    The bank is paying the contractor so im thinking it should go to the bank for the morgage to be calculated

    With respect, what you're thinking is irrelevant here. ;)

    What is relevant is what is written on Revenue's website, seeing as they're the ones who will be making the payment!


  • #5
    tt2014
    Registered Users, Registered Users 2 Posts: 80 ✭✭tt2014


    Maybe I didnt explain myself properly, the bank approved the loan based on the price from the contractor in April, we were approved for htb in May so i wondered if the bank needs to rework the mortgage figures


  • #6
    Squatter
    Closed Accounts Posts: 1,841 ✭✭✭Squatter


    tt2014 wrote: »
    Maybe I didnt explain myself properly, the bank approved the loan based on the price from the contractor in April, we were approved for htb in May so i wondered if the bank needs to rework the mortgage figures

    I'm not familiar with the workings of the scheme so can't really help you. But if your bank had factored the assumption that it would receive the refund from revenue into its calculations, then presumably it will need to re-calculate those figures.

    Have you had any discussions with your builder about whether the purchase price of your new home had taken the revenue refund into account?


  • Advertisement
Advertisement