Help to Buy (HTB) Incentive

ustari · 29-05-2017 04:12PM

m1b2k3 wrote: »

Hi Red Rag, we applied and were approved for the HTB scheme for a self build and we used our own bank account which the revenue paid the payment into. Hope that helps

Did you use your own current account or the mortgage account?

How long did it take from submission of claim to payment into your account?

We have just applied today.

Thank you.

MizMix · 29-05-2017 07:23PM

@redbag we just got approved today (finally) and were told it would it would take five days to go through. My husband spoke to revenue and even they were confused re 'mortgage account'. It's being paid into our solicitors account and he provided the solictors iban and bic. The solicitor will then transfer to us.

RedRag · 30-05-2017 08:50AM

Congrats @MizMix, glad to hear someone is making progress with this. Revenue staff are really nice, they just don't have the information required when you call them. I suppose this will get better as people start to get approved. Hopefully they update documentation to reflect what account you should provide for self build.

B-D-P-- · 30-05-2017 09:15AM

MizMix wrote: »

@redbag we just got approved today (finally) and were told it would it would take five days to go through. My husband spoke to revenue and even they were confused re 'mortgage account'. It's being paid into our solicitors account and he provided the solictors iban and bic. The solicitor will then transfer to us.

When did you apply?
How long untill you got approved?

m1b2k3 · 30-05-2017 10:58AM

Hi ustari, once our solicitor approved it we had it in our bank account in 4 working days, I think it was approved on a Thursday and hit our account on the Tuesday morning. So its a quick process in the end :-)

ustari · 30-05-2017 11:00AM

m1b2k3 wrote: »

Hi ustari, once our solicitor approved it we had it in our bank account in 4 working days, I think it was approved on a Thursday and hit our account on the Tuesday morning. So its a quick process in the end :-)

Great to hear thank you.

Did you use your own current account or the mortgage account?

Someone above mentioned using their solicitor's account which was not how I understood the process, we have provided our own current account details.

m1b2k3 · 30-05-2017 04:22PM

Hi Ustari, we used our own current account details not the mortgage account. We are still drawing down the mortgage, have two more drawdowns remaining. I would say as long as your solicitor signs it off with your account details the revenue wont question it. At least that was our experience

ustari · 06-06-2017 02:04PM

Received our money back also now.

Process for a fixed price contract self build was more straight forward than the website/calls to the office would lead you to believe.

Basically it was as follows:
Apply on revenue site, as a group if needed.
Get approval for your claim after a few days from Revenue
Proceed with claim by uploading your contract with builder, proof of first draw down from bank and proof of value of mortgage.
Send your solicitor the details for them to access and approve it.
Get notification that your claim has be verified by your solicitor from revenue.
Money should be with you in 5 working days in full.

We provide our current account details and it was not a problem despite some text saying your "qualifying loan bank account". Our current account that we provided was with the bank we have the mortgage from but not sure if this makes a difference.

B-D-P-- · 14-06-2017 01:01PM

How long are people generally waiting under this screen?

This means I have completed everything and awaiting yes no decision for receiving the h2b yes??

ustari · 14-06-2017 01:32PM

Yes you will get notification in a few days if they approve it. Took 4-5 days iirc.

From there then you go through the process I have outlined above.

wynters · 20-06-2017 02:34PM

Hi,

I'm just wondering if anyone has any knowledge on the best approach for HTB Scheme in terms of the number of years to base our claim upon;

1 year
2 years
3 years
or 4 years

We are obviously looking to maximise the rebate we get and are wondering if there is any practical benefit in selecting one year over 4 years for example...?

It is not explained very well on the Revenue website!

ustari · 20-06-2017 02:44PM

I think you should pick the years in which you have paid the most tax. You can only get up to 20k combined however over the 4 years in refund.

We just picked all 4 despite not being in the country for half of 2 calendar years (July to July).

I don't know why you would only pick 1 or 2 years to be honest.

For others, get cracking on applying for this, talk is that it will be removed in the next few months.

OnlyGotOneSong · 22-06-2017 12:25PM

Hoping someone might be able to help me with a quick query.
If for example a new one off house has been built and we are now purchasing from the builder - if they are not registered contractors on the HTB scheme is there anyway we could put through a claim? Could we claim under a self build even though we would be purchasing after build complete ?
Thanks in advance

ustari · 22-06-2017 02:35PM

I don't think you would as your solicitor would need to verify it and you would need to prove you have drawn down the first stage of your mortgage.

It is quite simple for contractors to register, unless he is trying to avoid someone looking into his tax affairs.

OnlyGotOneSong · 22-06-2017 07:32PM

ustari wrote:

I don't think you would as your solicitor would need to verify it and you would need to prove you have drawn down the first stage of your mortgage.

ustari wrote:

It is quite simple for contractors to register, unless he is trying to avoid someone looking into his tax affairs.

Thanks for the response.actually found out a little more about the house after posting.Its actually a private individual who has built the house and is selling without ever having lived in it.so technically it wouldn't be a new build .Pity for us as it's probably the difference between us being able to afford or not.

Sponsorgate · 23-06-2017 12:13PM

Can you qualify for HTB scheme if you go the direct labour route? What do you need to upload in this case ?

tobdom · 23-06-2017 12:20PM

Sponsorgate wrote: »

Can you qualify for HTB scheme if you go the direct labour route? What do you need to upload in this case ?

Check out post #69 in this thread. I would imagine it should be the same process, but you may have multiple contracts.....

pentium1 · 18-07-2017 12:06PM

ustari wrote: »

Received our money back also now.

Process for a fixed price contract self build was more straight forward than the website/calls to the office would lead you to believe.

Basically it was as follows:
Apply on revenue site, as a group if needed.
Get approval for your claim after a few days from Revenue
Proceed with claim by uploading your contract with builder, proof of first draw down from bank and proof of value of mortgage.
Send your solicitor the details for them to access and approve it.
Get notification that your claim has be verified by your solicitor from revenue.
Money should be with you in 5 working days in full.

We provide our current account details and it was not a problem despite some text saying your "qualifying loan bank account". Our current account that we provided was with the bank we have the mortgage from but not sure if this makes a difference.

I am at the claim stage of the HTB. We are doing a self build. ustari you mentioned "Proof of value of mortgage" what document did you provide here? I cannot see anything with our LTV Ratio. Thanks

ustari · 18-07-2017 12:58PM

We had a document showing the mortgage value in total from the bank I believe and the term of the loan.

I think our first draw down proof letter from bank had it also.

Basically anything that shows the amount you are getting in the mortgage from the bank should suffice.

Shaz1234 · 31-07-2017 04:31PM

Have read through most comments but i am still confused as there are so many conflicting opinions on this subject.
Can anyone shed any light on the following:

1. Do i need a 'registered' company to avail of the HTB scheme for a new build?
2. What is the benefit for a builder / company to register for this?
3. Do we pay full amount for the deposit to the building company and then claim back or is it up to the builder claim if we give them 5% less of what the deposit is supposed to be?

Thanks in Advance.

ustari · 01-08-2017 09:17AM

If it is a "self build" in revenue's eyes the money is between you and revenue.

No money goes through the builder. We are doing a fixed price build but we just had to give builders details, our builder isn't even on the approved contractor list.

Shaz1234 · 01-08-2017 10:55AM

Brilliant. So i don't have to convince a builder to sign up to the incentive if it's a self build. Just out of curiosity, does it benefit the builders / contractors to sign up to the scheme?

kizzyf · 09-10-2017 05:08PM

Just wondering as there is talk of scheme being varied. At the moment how long is it in place until? Our builder is registered but contracts aren't signed.

09-10-2017 08:15PM

kizzyf wrote: »

Just wondering as there is talk of scheme being varied. At the moment how long is it in place until? Our builder is registered but contracts aren't signed.

I would hope that if you're approved by revenue already they will honour that even if they do amend the scheme....maybe wishful thinking

Konka · 11-01-2018 09:28PM

Hi guys,
Do you know if I can proceed with the purchase and then claim the money back from the revenue? I am facing issues at the last minute with my taxes however I don't want to loose the funds.
Looking forward to hearing from any of you.
Best,
Konka

cfitz86 · 14-01-2018 09:21PM

Hi just looking for some information. we are at the final stages of our self build and just looking into the help to buy scheme. Our bank have advised that LTV is 67, I thought it was less but can anyone confirm? We have mortgage of 165k, site worth 60k which we were gifted and had 30k savings, valuation on completion comes in at 310k.we have to get revaluation completed to get the final 10% and we were advised to ask auctioneer could they help us to get to 70% Any input would be greatly appreciated!

14-01-2018 09:44PM

cfitz86 wrote: »

Hi just looking for some information. we are at the final stages of our self build and just looking into the help to buy scheme. Our bank have advised that LTV is 67, I thought it was less but can anyone confirm? We have mortgage of 165k, site worth 60k which we were gifted and had 30k savings, valuation on completion comes in at 310k.we have to get revaluation completed to get the final 10% and we were advised to ask auctioneer could they help us to get to 70% Any input would be greatly appreciated!

Your LTV if based on mortgage + site value + savings is 65%. If based on completion value its 53%.
Have you much to draw on the mortgage to get it higher into the 70%+?
If so then borrow to the limit.
If not then all you can do is try and get the valuer to reduce the value....point out all the work still to be done or slip them a few quid

FinMc · 21-01-2018 12:11PM

Hi everyone , why is this incentive not open to people buying houses which have already been lived in?

mike_2009 · 21-01-2018 08:38PM

The Government wants to create an incentive for increasing the housing stock rather than just recirculating existing houses....

FinMc · 21-01-2018 10:39PM

Thanks Mike that makes sense now you say it.

Help to Buy (HTB) Incentive

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