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

PedroDublin

Hello everyone, what do you think the purchase date mean on the new help to buy scheme? Contracts signed by buyers, contracts received, mortgage withdrawal, closing date..... I have seen different things on different news

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Daniogroove

Jeffy17 wrote: »

I believe it will be modified, within the 9 months since the scheme came into operation it's way to early to abandon same.

Was reading this earlier http://www.irishexaminer.com/ireland/help-to-buy-scheme-overhaul-as-president-addresses-housing-crisis-458953.html

It says itself, it would require legislation to be drafted so that'll take a dogs age before any change.

Jeffy17

I'd imagine there'll need to be a run off, in that people who have mortgages approved etc before Dec 31st will have 6 months to purchase their home. Well that's what I'm hoping

FGR

Jeffy17 wrote: »

I'd imagine there'll need to be a run off, in that people who have mortgages approved etc before Dec 31st will have 6 months to purchase their home. Well that's what I'm hoping

Fingers crossed. I'm wondering if it would be worth contacting my solicitor to get a copy of the contracts and upload that with my mortgage approval so I can at least get approval.

My concern is that on budget day anyone who hasn't completed stage 2 of the claim process will be excluded from the system as it is.

Argh. I wouldn't mind if it wasn't for the other side being so lethargic !

Rodgie

Hi, so just just got approval for HTB, didn't expect to see the "valid until 31st Dec 2017! Was greatly misinformed by the member of the revenue staff I was on the phone to, she insisted once we had approval, it would be valid until the end of the scheme, "circa 2019". Anyway what can ya do! In the interest of pushing things along, when can I avail of the "money" we are just about to submit planning permission. Can you use it as part deposit and apply fir the morgage now? Do you need to have morgage approval before you can use it? Do you need to have a builders contract in place?

So many questions, so little answers available from revenue!

Thanks!

zl1whqvjs75cdy

Don't see them doing anything to it to be honest. It's running less than a year.

Daniogroove

Rodgie wrote: »

Hi, so just just got approval for HTB, didn't expect to see the "valid until 31st Dec 2017! Was greatly misinformed by the member of the revenue staff I was on the phone to, she insisted once we had approval, it would be valid until the end of the scheme, "circa 2019". Anyway what can ya do! In the interest of pushing things along, when can I avail of the "money" we are just about to submit planning permission. Can you use it as part deposit and apply fir the morgage now? Do you need to have morgage approval before you can use it? Do you need to have a builders contract in place?

So many questions, so little answers available from revenue!

Thanks!

As it's based on your last 4 years tax i would say that the offer they gave you is valid based on those years. In January, this year will then apply and your 4th year will go so you'll need to reapply.
Now in saying that, you never know what's gonna happen in the budget.

awec

Rodgie wrote: »

Hi, so just just got approval for HTB, didn't expect to see the "valid until 31st Dec 2017! Was greatly misinformed by the member of the revenue staff I was on the phone to, she insisted once we had approval, it would be valid until the end of the scheme, "circa 2019". Anyway what can ya do! In the interest of pushing things along, when can I avail of the "money" we are just about to submit planning permission. Can you use it as part deposit and apply fir the morgage now? Do you need to have morgage approval before you can use it? Do you need to have a builders contract in place?

So many questions, so little answers available from revenue!

Thanks!

I think your bank (mortgage provider) needs to talk to Revenue if you are self building to give them your mortgage details. Your contractor needs to be registered with them too.

You also need to do the sums to make sure you are eligible for the HTB so you don't waste time, your mortgage has to cover 70% of the value of the house as agreed with your mortgage provider.

So if you are getting a mortgage of 200k and the bank say your house will be worth 300k when built you cannot take the HTB.

jjdonegal

heritz wrote: »

Guys, when uploading the scanned contracts to Revenue, do the contracts have to be signed just by the buyer, or also by the vendor?

I have already signed the contracts, but the vendor hasn't signed them yet. Not sure if I need to wait for them to sign them before sending it to Revenue.

Thanks.

I've read conflicting reports on here about that. Will an upload with just the purchasers having signed the contracts suffice?

kenno83

Guys
we submitted all signed purchase contracts together with the loan offer from our bank a number of weeks ago. We have received our claim reference number etc but have not heard anything else from Revenue on the matter since submission.

Im just wondering if anyone has any sort of idea how long we will need to wait until the claim has been verified and what is the next step in the process? I assume Revenue will contact us and say the claim has been processed?

carleigh

kenno83 wrote: »

Guys
we submitted all signed purchase contracts together with the loan offer from our bank a number of weeks ago. We have received our claim reference number etc but have not heard anything else from Revenue on the matter since submission.

Im just wondering if anyone has any sort of idea how long we will need to wait until the claim has been verified and what is the next step in the process? I assume Revenue will contact us and say the claim has been processed?

The quickest way to sort it is to phone Revenue. They can notify the person that is assigned your case that you were in touch and are anxious to get it sorted. The verification codes will then hopefully be issued.

Once your builder (if this is the case) has verified your claim, you will receive a message to your MyAccount that they have verified it. It shouldn't take more than 5 working days once the builder has been given the codes.

madmac187

Hi folks quick question about the help to buy scheme. I was working abroad up until January and now work in Ireland but always lived in Ireland.

Anyway I started building a house in November with first drawdown in January and contracts signed end of September 16.

Anyway, waiting on final drawdown, but I'm wondering am I eligible for the Help to buy scheme? Has anyway any prior experience of this? Any help greatly appreciated.

morrga

Have you paid tax in Ireland for any of the last 4 years 2013 - 2016?

madmac187

morrga wrote: »

Have you paid tax in Ireland for any of the last 4 years 2013 - 2016?

I haven't but started in Ireland in 2017, been out of the country since 2011. I was reading though last night that I can use from 2017 to 2013 for it, when self building you span two years with regard to drawdown and contract signature. So I should hopefully fingers crossed.

Graham

madmac187 wrote: »

I haven't but started in Ireland in 2017, been out of the country since 2011. I was reading though last night that I can use from 2017 to 2013 for it, when self building you span two years with regard to drawdown and contract signature. So I should hopefully fingers crossed.

Help to buy is based on a refund of tax paid in Ireland over the previous 4 years if I remember correctly.

madmac187

Graham wrote: »

Help to buy is based on a refund of tax paid in Ireland over the previous 4 years if I remember correctly.

Yes it is but it's not just from 2016 to 2012, it can go to 2017-2013 and includes the 2017 year.

Check this out and il find more

https://www.ebs.ie/blog/2016/12/16-things-about-the-help-to-buy-scheme

Michael D Not Higgins

madmac187 wrote: »

Yes it is but it's not just from 2016 to 2012, it can go to 2017-2013 and includes the 2017 year.

Check this out and il find more

https://www.ebs.ie/blog/2016/12/16-things-about-the-help-to-buy-scheme

http://www.revenue.ie/en/property/help-to-buy-incentive/what-do-you-need-to-do-before-you-apply.aspx

For example, if your contract or draw-down date is 2 February 2017, you may choose whether that took place in either 2016 or 2017. If you choose 2016, this will allow you to use your Income Tax and DIRT for the four years from 2012 to 2015. If you choose 2017, you can use the years from 2013 to 2016.

Sorry mate, I don't think you'll get 2017's tax included.

awec

You can only include tax from tax years for which you have a P21. You won't get a P21 for 2017 until 2018, so 2017 tax cannot be included.

Jeffy17

For those who might not have read the article this morning hopefully it is here to stay for the foreseeable future

http://www.irishtimes.com/news/ireland/irish-news/grant-scheme-for-first-time-buyers-to-only-see-minor-changes-1.3246091

heritz

Jeffy17 wrote: »

For those who might not have read the article this morning hopefully it is here to stay for the foreseeable future

http://www.irishtimes.com/news/ireland/irish-news/grant-scheme-for-first-time-buyers-to-only-see-minor-changes-1.3246091

I wonder what the minor changes are.

Jeffy17

Possibly reducing the max purchase price of €500k, reducing the actual percentage of what rebate people get or making it so that the HTB cannot be used as part of your deposit

awec

Jeffy17 wrote: »

Possibly reducing the max purchase price of €500k, reducing the actual percentage of what rebate people get or making it so that the HTB cannot be used as part of your deposit

Reducing the 500k max would make it useless, even 3 bed terraces are going for 400k+ in Dublin and surrounding counties now.

tea_and_cake

Jeffy17 wrote: »

Possibly reducing the max purchase price of €500k, reducing the actual percentage of what rebate people get or making it so that the HTB cannot be used as part of your deposit

So if you can't use it as part of your deposit what's the point of it? Also what would you use it as then?

Rufus50

Hi All,

Sorry if already asked but if we have a self build mortgage I read the amount (say 20k) is paid directly back into lenders bank account so mortgage provider will receive this amount. Has anyone had dealings with this? Wondering does this 20k reduce your overall mortgage amount and therefore decrease the overall term or does the bank use this 20k to reduce the monthly repayments and keep the overall term as it was.

We are just signing our mortgage offer letter and are receiving quotes from builders to build our house so want to make sure we are fully up to scratch with this.

Thanks in advance

myshirt

The change to help to buy is likely to be that the State will take an equity stake in the house at a low interest rate. HTB was intended to do exactly what it said on the tin, but what you've had are people who had the deposit anyway, but still claimed the help to buy. Those people might be less inclined to do so if it is reformed to be a loan and the State has an equity stake in the house.

I hope that they will release this Indecon report after the budget passes. Does anyone know? To be honest I haven't researched the papers to find out if anything leaked from it or anything.

Daniogroove

Well it's finally official. We'll get at least another year of clueless solicitors, banks and developers! Long live this thread!

Klonker

Daniogroove wrote:

Well it's finally official. We'll get at least another year of clueless solicitors, banks and developers! Long live this thread!

The looks on my solicitor's and Mortgage Advisor's faces when I mentioned the HTB

Daniogroove

Klonker wrote: »

The looks on my solicitor's and Mortgage Advisor's faces when I mentioned the HTB

Oh and I forgot to mention about 90% of Revenue staff! ðŸ˜

danny19861986

Hi lads. Just as confused as everyone else on this thing. Well I understand it but clearly my solicitor doesn't. Right 1st off my new build won't be ready til next year but I'm being told when I sign contracts in the next 2 weeks or so that I'll have to have the 10% deposit paid to the solicitor when I sign the contract as it will be going to the builder once they sign there end. Here is where the confusion lies as I can't go forward with the process as I can't go past stage 1 which is uploading the signed contracts as I have to give 10% deposit to get the signed contracts. Surely this can't be right? What is the norm here with regards how this works? Obviously if I go ahead and do it the way my solicitor thinks it is then I've to come up with the full deposit for which I'll have to borrow a small bit of. And how will I then get refunded the 5%? Would greatly appreciate any help. Thanks in advance.

68 lost souls

danny19861986 wrote: »

Hi lads. Just as confused as everyone else on this thing. Well I understand it but clearly my solicitor doesn't. Right 1st off my new build won't be ready til next year but I'm being told when I sign contracts in the next 2 weeks or so that I'll have to have the 10% deposit paid to the solicitor when I sign the contract as it will be going to the builder once they sign there end. Here is where the confusion lies as I can't go forward with the process as I can't go past stage 1 which is uploading the signed contracts as I have to give 10% deposit to get the signed contracts. Surely this can't be right? What is the norm here with regards how this works? Obviously if I go ahead and do it the way my solicitor thinks it is then I've to come up with the full deposit for which I'll have to borrow a small bit of. And how will I then get refunded the 5%? Would greatly appreciate any help. Thanks in advance.

No you should only be giving 5% that is the purpose of the scheme.

myshirt

68 lost souls wrote: »

No you should only be giving 5% that is the purpose of the scheme.

Correct, but some FTB's give the 10% and then just get a slightly smaller mortgage. They do it because builders are offering fully fitted kitchens, flooring etc to people who sign contracts within 21 days of booking. You don't get that kitchen unless you sign within 21 days and pay the 10% deposit, so FTB's do it.