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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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Bargain_Hound

From my dealing with our estate agent / developer, it has been indirectly said numerous times about the 'htb' tax being baked into the list price of the house. Every house on the development has also risen 2.5-5% within the last 12 months. Whether this is inline with house price inflation or not it is probably a question that cannot be answered :pac:

*FireCracker*

Has anyone updated a currently valid application to include 2017 instead of 2013?

Is it a case of cancelling my current application and doing a new one from scratch?

sdssarah

*FireCracker* wrote: »

Has anyone updated a currently valid application to include 2017 instead of 2013?

Is it a case of cancelling my current application and doing a new one from scratch?

Yep just cancel and reapply with the years you want, make sure you've submitted your form 12 online for 2017 first and gotten a p21 statement.

Melissah88

Hi All,
Hoping someone can help.

We bought our house in late 2016 just after the scheme was announced.
We submitted everything last year and were approved.

Since last October I’ve been chasing my builders accountant as she needs to verify the claim before the funds are released.
She’s given us lots of excuses saying revenue have came back looking for more info and she’s resubmitted extra information, etc. The last documents were submitted at Chrismas apparently! I’m chasing her up and she’s saying still nothing back from revenue.
( Builder just small local builder and this accountant works one day a week for him)

To cut a long story short we are getting married in 5 weeks and this 10k is needed for the wedding. Is there anyone I can talk to about this? Or has anyone had similar situation?

I’m so stressed as this money is badly needed!!

elkido9

Hi all. I'm self building at the moment (hardwalling at present)and I've tried to avail of the h2b scheme but the bank has valued my finished property ridiculously high. Basically my loan to value works out at 0.693% which is annoyingly just short of the 70 needed. Now I've not bothered with the garage for now so I thought the bank would be understanding and get their valuer to drop the finished project valuation a tiny bit. But having spoken to the revenue, bank, the valuer, mortgage advisor, solicitor and an accountant at this point it seems nobody is either willing or able to help me. Anyone in the same boat or have any ideas?

*FireCracker*

elkido9 wrote: »

Hi all. I'm self building at the moment (hardwalling at present)and I've tried to avail of the h2b scheme but the bank has valued my finished property ridiculously high. Basically my loan to value works out at 0.693% which is annoyingly just short of the 70 needed. Now I've not bothered with the garage for now so I thought the bank would be understanding and get their valuer to drop the finished project valuation a tiny bit. But having spoken to the revenue, bank, the valuer, mortgage advisor, solicitor and an accountant at this point it seems nobody is either willing or able to help me. Anyone in the same boat or have any ideas?

Not in a dissimilar situation here. Hoping to buy a new build and realised today we're actually ever so slightly shy of a 70% LTV.

Have asked the bank if they'll increase the loan amount by the difference so that we can avail of the HTB but I'd be surprised if they agree. Looks like we're going to miss out on it.

Can you borrow for any finishing ? Boundary fencing, paving etc. Or your CC development contribution?

sightband

*FireCracker* wrote: »

Not in a dissimilar situation here. Hoping to buy a new build and realised today we're actually ever so slightly shy of a 70% LTV.

Have asked the bank if they'll increase the loan amount by the difference so that we can avail of the HTB but I'd be surprised if they agree. Looks like we're going to miss out on it.

Can you borrow for any finishing ? Boundary fencing, paving etc. Or your CC development contribution?

just in your case as it’s a new build, you could ask
the builder to reduce the price by leaving some finishings undone, it’s not unusual that a new build buyer would request the kitchen remain incomplete as they want to design their own. it will reduce the price and may put you into the 70% LTV ratio. you’d need to do the math and would probably only be worth the hassle it if you could get the full 20k

*FireCracker*

sightband wrote: »

just in your case as it’s a new build, you could ask
the builder to reduce the price by leaving some finishings undone, it’s not unusual that a new build buyer would request the kitchen remain incomplete as they want to design their own. it will reduce the price and may put you into the 70% LTV ratio. you’d need to do the math and would probably only be worth the hassle it if you could get the full 20k

Thanks for that, will have a think.

What value are Revenue using for LTV?

The purchase price or what my bank's valuer comes up with?

sightband

*FireCracker* wrote: »

Thanks for that, will have a think.

What value are Revenue using for LTV?

The purchase price or what my bank's valuer comes up with?

a minimum of 70% of the loan to value/purchase price which will be on both your loan offer and contract, which need to be identical. both of these need to be uploaded when approved and you are looking for payment to be made by revenue to developer. if you haven’t received contracts yet you could do this easily enough provided developer is happy.

d0157063

any news if the contractor is not listed as qualifying contractor on Revenue website, could we still avail HtB scheme

was reading 2017 posts and few got amount directly into their account, anyone experienced in 2018

because even if H2B is approved and codes received, what is the use if contractor is not listed

any ideas please, thanks

sightband

vikas.kshatriya wrote: »

any news if the contractor is not listed as qualifying contractor on Revenue website, could we still avail HtB scheme

was reading 2017 posts and few got amount directly into their account, anyone experienced in 2018

because even if H2B is approved and codes received, what is the use if contractor is not listed

any ideas please, thanks

did the contractor apply to revenue to be a qualifying contractor and get rejected? if so it probably means their tax affairs were not in order, they can appeal it once they’ve put them in order. you should ask the contractor why they aren’t qualifying.

d0157063

We dont know yet, we assumed they will be as house is in South Dublin. But after checking on Revenue website couldnt find their name as mentioned in brochure

will contact the agent tomorrow and Revenue too. we need to make the call ASAP and really cant wait for them to apply, wait and get approved

i was under impression that if our tax is in place, then H2B should be easier, but doesnt look that way though! very sad

sightband

vikas.kshatriya wrote: »

We dont know yet, we assumed they will be as house is in South Dublin. But after checking on Revenue website couldnt find their name as mentioned in brochure

will contact the agent tomorrow and Revenue too. we need to make the call ASAP and really cant wait for them to apply, wait and get approved

i was under impression that if our tax is in place, then H2B should be easier, but doesnt look that way though! very sad

it works both ways, both developer and purchaser have to be tax compliant.

plenty of info here:

https://www.irishtimes.com/business/personal-finance/rejected-by-help-to-buy-as-developer-is-not-on-the-list-1.3206284?mode=amp

there is a chance that the developers name in the brochure is not the registered name they are trading or listed as.

what is the developers name in the brochure out of curiosity if you don’t mind disclosing?

d0157063

yes read that article before posting, was in some hope money could be deposited in my account as for some people in 2017, but probably Revenue has matured since then

will PM the name, thanks

elkido9

sightband wrote: »

just in your case as it’s a new build, you could ask
the builder to reduce the price by leaving some finishings undone, it’s not unusual that a new build buyer would request the kitchen remain incomplete as they want to design their own. it will reduce the price and may put you into the 70% LTV ratio. you’d need to do the math and would probably only be worth the hassle it if you could get the full 20k

I have tried getting the bank to go up 2 thousand which would see us qualify and have tried to get their valuer to drop the mad finished valuation on the house by a bit but received no help whatsoever. Only told me get onto the revenue whereas the reality is it seems only the bank can change anything here. You'd swear they actually didn't want you to get it, maybe they do as you'll borrow less if you get it. Its Ulster bank I've got the mortgage with. I wonder if they actually do value the house after looking at the amount to be borrowed and make their valuation based on that so they wont lose out on ten grand or so.. Its a cynical view but given the lack of support or help we've received I'm starting to believe it...

d0157063

thanks all and especially sightband, ours was registered under different name, so all ok for now

sightband

elkido9 wrote: »

I have tried getting the bank to go up 2 thousand which would see us qualify and have tried to get their valuer to drop the mad finished valuation on the house by a bit but received no help whatsoever. Only told me get onto the revenue whereas the reality is it seems only the bank can change anything here. You'd swear they actually didn't want you to get it, maybe they do as you'll borrow less if you get it. Its Ulster bank I've got the mortgage with. I wonder if they actually do value the house after looking at the amount to be borrowed and make their valuation based on that so they wont lose out on ten grand or so.. Its a cynical view but given the lack of support or help we've received I'm starting to believe it...

Is it too late to apply to another lender? Can you reapply with Ulster Bank and tweak some of details you provided about finances? Can you extend the term even by one or two years which would mean you could borrow a small bit extra? I would really press the bank on this, even if they say no ask for a meeting with them. it’s painfully close to the 70%.

Mantis Toboggan

I've applied for this scheme, how long should it take to get approval?

GingerLily

Tyson Fury wrote: »

I've applied for this scheme, how long should it take to get approval?

Only a couple of days once everythings in order.

Sponsorgate

Doing a self build & managing it myself. It probably has already being discussed but I haven't seen anything in the last 20 pages or so

. As I will not be getting a builder a such, I guess I will have to get each trades man to sign off or how does it work to qualify for the scheme?
Thanks in advance for advice
SponsorGate

Sponsorgate

Doing a self build & managing it myself. It probably has already being discussed but I haven't seen anything in the last 20 pages or so

. As I will not be getting a builder a such, I guess I will have to get each trades man to sign off or how does it work to qualify for the scheme?
Thanks in advance for advice
SponsorGate

elkido9

sightband wrote: »

Is it too late to apply to another lender? Can you reapply with Ulster Bank and tweak some of details you provided about finances? Can you extend the term even by one or two years which would mean you could borrow a small bit extra? I would really press the bank on this, even if they say no ask for a meeting with them. it’s painfully close to the 70%.

Thanks for all the suggestions. I'm at second fix electrics stage so another lender isn't an option. Never thought about extending but I guess its worth a try. You reckon I should set up a meeting so and dig my heels in until some kind of compromise is reached? Painfully close is right and my poor head is wrecked trying to sort it out. An accountant I asked for advice did suggest writing to the bank asking for the valuation to be lowered as I've not started a garage which is on the plans but when I got in touch with the banks valuer by phone before he basically said there's nothing he could do and spoke to me like I was trying to commit a crime. Must be others out there only marginally outside the threshold, just doesn't appear anyone wants to help

allywally

I have a question in relation to the application process. My partner and I both went into our revenue accounts and started the application process. His now says under review and gave him an application number. However, my side says awaiting membership confirmation from him and I cannot proceed any further. He only accepted the membership last night. Will this take a while to show on my side? i.e. until his application has been approved?

d0157063

same was with us. I would strongly advise to call them to check if anything is due on both sides. Ideally it should be straight forward but better to check, 1890 333 425. Mine wasn't progressing at all and upon calling came to know that Form 12 had to be submitted. Still not approved, now they are saying that this is the busiest time and will take time, but good news is nothing is pending from our side now. Let me know in case of further queries.

allywally

Yeah I rang up and they asked had we submitted everything and I confirmed we had for the years selected and then they said ok your application is under review and we will be in touch if we need anything. From experience, how long does it take?

GingerLily

allywally wrote: »

Yeah I rang up and they asked had we submitted everything and I confirmed we had for the years selected and then they said ok your application is under review and we will be in touch if we need anything. From experience, how long does it take?

Mine took a day - but I think other posts have said that there are some delays because of the increase of applications they're receiving at the moment.

allywally

GingerLily wrote: »

Mine took a day - but I think other posts have said that there are some delays because of the increase of applications they're receiving at the moment.

And did yours show as pending membership confirmation at any stage?

cloneslad

allywally wrote: »

Yeah I rang up and they asked had we submitted everything and I confirmed we had for the years selected and then they said ok your application is under review and we will be in touch if we need anything. From experience, how long does it take?

From our own experience, they don't get in touched. My girlfriend owed 2cent on one year and the revenue written communication said it was okay as they'd take it from next year's tax..

When she called them after a few days of nothing happening she found out that it wasn't okay, she had to pay the 2cent. To be fair to them, anyone she spoke to was great to deal with and sorted everything quickly for her, it's just that you shouldn't expect them to proactively contact you if there is an issue.

Essien

Has anyone had any experience of applying for this where they had to demolish a derelict house before proceeding with the new build?

085cheeky

guys ive been in constant PAYE employment the last 15+ years but my partner has only returned to work within the last 3/4 months after being off work raising the kids.

we now want to apply for this scheme (main reason she went back to work was to assist in getting a mortgage) but i am unsure if it would be better for me to claim the HTB by myself or as a joint as she has 0 tax contributions since the kids where born in 2012.... also she didnt go on jobseekers or any of that messing we lived (and struggled) carefully off one income

so in peoples opinions should we apply for HTB as joint or single? or do we have to apply for HTB as joint as the mortgage will be a joint application?