Help to Buy Scheme

JohnWick

I was wondering if anyone has got the help to buy scheme for a self build have if so what criteria did they needed to get it?

BryanF

Help to buy not build

JohnWick

BryanF wrote: »

Help to buy not build

Hi Bryan,

It covers both, buy and build see link below

https://www.revenue.ie/en/property/help-to-buy-incentive/who-can-claim-the-help-to-buy-htb.aspx

BryanF

Thanks

Edit: also interested to hear form any self builders who have received grant/ mortgage for new build

dellas1979

I have applied (and received it - new build).

It really depends on the amount of DIRT tax youve paid in the last 4 years.

If youve any particular question on how much dirt youve paid, you are better ringing revenue.

The process itself is pretty straight forward/easy.

JohnWick

dellas1979 wrote: »

I have applied (and received it - new build).

It really depends on the amount of DIRT tax youve paid in the last 4 years.

If youve any particular question on how much dirt youve paid, you are better ringing revenue.

The process itself is pretty straight forward/easy.

Could you give me an example? Like if your mortgage was €240,000, you should have got 5% which would be €12,000 according to what I know. How did it fair out for you, did dirt tax affect what you got?

lillycakes2

can someone explain DIRT tax? I only know a heep of tax is taken off my wages every month but I don't know which is DIRT ???

E@gle.

lillycakes2 wrote: »

can someone explain DIRT tax? I only know a heep of tax is taken off my wages every month but I don't know which is DIRT ???

Dirt tax is deposit interest retention tax and is charged at 40% on interest earned on deposits. Not relevant for help to buy.


The help to buy is based on paye tax. Which is what you are paying every month/ week in your wages/salary.

For self builds they will pay you 5% of what you drawdown. And the loan to value has to be 70% or above.

The best thing to do is create a revenue online account and determine what amount in tax you have paid. You can use the tax paid in the last 4 calendar years.

froshtyv

JohnWick wrote: »

I was wondering if anyone has got the help to buy scheme for a self build have if so what criteria did they needed to get it?

I went through the process towards the end of last year.
Its a self-build.

The money received was based on the valuation of the completed house.
The valuer was one on the banks "approved" list. (5% of valuation)

You have has to have paid at least what you received.

So if you are approved to €10K you have to have paid at least that in tax in the last four years.
You can combine this with the other person on the mortgage if its a joint mortgage.

You can complete some of the forms online through the revenues website. This is to make sure that you dont have any outstanding money left to pay.

One this is done, you need your solicitor to do some paperwork on their side.

Then the revenue pays the full amount in the account you choose.

You can also split up the amount if there is two people on the mortgage. Some amount into one account and some into the other.

Hope this helps

JohnWick

Thanks for the reply that helps,

I have started the process and when i go on to myaccount online it tells me i awaiting membership confirmation, its down as a group and i'm doing it for me and my wife.

When we log in for both our accounts it just says the same and does not give the option to confirm anywhere is there something i'm missing?

Also keeps saying on my wifes Form 12 not filed ( which we have done twice now)

And on my account Tax clearance certificate not issued and P21 not requested 2018 (which they both are)

Did you come across similar issues? Can you help please as revenue can be so slow to respond to my enquiries?

JohnWick

froshtyv wrote: »

I went through the process towards the end of last year.
Its a self-build.

The money received was based on the valuation of the completed house.
The valuer was one on the banks "approved" list. (5% of valuation)

You have has to have paid at least what you received.

So if you are approved to €10K you have to have paid at least that in tax in the last four years.
You can combine this with the other person on the mortgage if its a joint mortgage.

You can complete some of the forms online through the revenues website. This is to make sure that you dont have any outstanding money left to pay.

One this is done, you need your solicitor to do some paperwork on their side.

Then the revenue pays the full amount in the account you choose.

You can also split up the amount if there is two people on the mortgage. Some amount into one account and some into the other.

Hope this helps

Thanks for the reply that helps,

I have started the process and when i go on to myaccount online it tells me i awaiting membership confirmation, its down as a group and i'm doing it for me and my wife.

When we log in for both our accounts it just says the same and does not give the option to confirm anywhere is there something i'm missing?

Also keeps saying on my wifes Form 12 not filed ( which we have done twice now)

And on my account Tax clearance certificate not issued and P21 not requested 2018 (which they both are)

Did you come across similar issues? Can you help please as revenue can be so slow to respond to my enquiries?

E@gle.

I had a similar issue with the tax clearance. If you log into your account and select the option for tax clearance, its on the bottom half of the page and follow the instructions. It should then issue your tax clearance. My issue was that I underpaid USC in 2015 (repaid it in 2016) and was holding up the application.

If it is still not progressing, try giving revenue a call. While it does take up to 30 minutes to get through to them. They are very helpful when you do get through.

In my case my application needed to be manually approved, when I did get through on the phone they approved it within a few hours. I had submitted an enquiry but after 3 weeks of no reply I just called them

KK4life

Can anybody help with my query please.

We built our house from 2016 in 2017. We are both first time bulders / buyers. But we saved our backsides off to minimise our mortgage. The amount we drew down came in at a little bit less than the 70% of the build cost. However, we got approval for well in excess of the 70%.

Is the 70% based on the approval or the draw down? I believe you can apply once you draw down the first tranche.

Thanks in advance