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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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GingerLily

Tipsy McSwagger wrote: »

They emailed me to say it’s on the way.

When?

cloneslad

Tipsy McSwagger wrote: »

If I can claim 6k and my gf can claim 8k on a 200k mortgage, so deposit of 20k, how exactly does that work?

You can only claim up to a maximum of 5% of the purchase price / property value. Then you will be restricted further (not allowed anything) depending on the LTV rate

Tipsy McSwagger

GingerLily wrote: »

When?

Just after 5pm

Tipsy McSwagger

cloneslad wrote: »

You can only claim up to a maximum of 5% of the purchase price / property value. Then you will be restricted further (not allowed anything) depending on the LTV rate

So if a house is 200k you can only borrow a max of 10k combined?

allym

Tipsy McSwagger wrote: »

So if a house is 200k you can only borrow a max of 10k combined?

You don’t borrow anything, they refund you the tax you’ve paid up to a max of 5% of the purchase price or 20k whichever is lower. So yeah for a 200k house you’ll get max 10k back

Bigmac1euro

Michael D Not Higgins wrote: »

LTV must be at least 70%, in your example you mention the build cost but not the lender's valuation. Assuming this is close to the build cost then it will be over 70%.

For self builds, you must drawdown the first part of the mortgage before the cutoff date. You don't need to finish the build before cutoff.

What if you are buying a new build is there a cut off for mortgage draw down ?

I have just started saving and plan on applying for a mortgage in December 2019 and buying a new build. No reason why me and OH won’t get the green light for HTB but we may not actually buy the house until 2020 any help much appreciated.

Thanks.

SNNUS

steo_magra wrote: »

What if you are buying a new build is there a cut off for mortgage draw down ?

I have just started saving and plan on applying for a mortgage in December 2019 and buying a new build. No reason why me and OH won’t get the green light for HTB but we may not actually buy the house until 2020 any help much appreciated.

Thanks.

Contracts would have to be exchanged and then HTB and remaining deposit payed . This is approx 2-3 months after going sale agreed.

Bigmac1euro

SNNUS wrote: »

Contracts would have to be exchanged and then HTB and remaining deposit payed . This is approx 2-3 months after going sale agreed.

This makes sense. Thanks!

icanmunch

Can anyone tell me where to find the access code on myrevenue? I called revenue but they haven’t a breeze. Also never got it emailed to me but the application has been approved etc

GingerLily

icanmunch wrote: »

Can anyone tell me where to find the access code on myrevenue? I called revenue but they haven’t a breeze. Also never got it emailed to me but the application has been approved etc

You should have got an email saying this:

Dear Customer,

Revenue has sent you new correspondence.

Please access myAccount to view the correspondence in MyEnquiries.

Yours sincerely,

Revenue Commissioners

icanmunch

GingerLily wrote: »

You should have got an email saying this:

Dear Customer,

Revenue has sent you new correspondence.

Please access myAccount to view the correspondence in MyEnquiries.

Yours sincerely,

Revenue Commissioners

Thanks for the reply. No I didn’t get that email at all. Application was approved a few weeks ago so not sure why

drinkingwater

Hi. Currently on claim stage, 2 weeks already... Pending claim. Signed contracts and mortgage approval uploaded and just wondering how long should it take to get the claim approved? Thanks

GingerLily

icanmunch wrote: »

Thanks for the reply. No I didn’t get that email at all. Application was approved a few weeks ago so not sure why

Did you go into the website and check 'MyEnquiries' ?

Atomic Pineapple

Hi,

Myself and my wife just applied for the help to buy scheme through the Revenue website. I started the process and added her via her PPS number.

She then logged in and seen the request to join the group. She accepted.

We both selected all 4 previous years for the tax option.

We now seem to be stuck on the same page, it says the following:

According to our records you have the following liabilities and/or returns due:

Form 12 not filed [for all 4 years]
P21 not requested [for all 4 years]

Under other group members it shows my wife but states: Awaiting membership confirmation

And finally states at the bottom:

Your application cannot proceed because either you have outstanding issues on your tax affairs or all group members have not confirmed membership of the group. When these issues are resolved this application can proceed.

We subsequently filled out the Form 12 for each year online, but the warnings remain on the Help to buy application. What do the warnings regarding the Form 12 and P21 mean? Also, why is it still showing my wife as awaiting membership despite her already accepting the request?

hanaimai

It takes a few days for them to issue a P21 after you fill in the Form 12.

KristinaR

Hi guys!

Who can advise - can builders reject accepting htb and push us to transfer all money now?

Thanks

awec

KristinaR wrote: »

Hi guys!

Who can advise - can builders reject accepting htb and push us to transfer all money now?

Thanks

I think there is nothing to force them to accept it.

GingerLily

KristinaR wrote: »

Hi guys!

Who can advise - can builders reject accepting htb and push us to transfer all money now?

Thanks

Is it a self build? I don't think all builders/contractors qualify

KristinaR

It is a new development and they are registered with HTB, but they want all money now and don't want to work with our htb codes. Can they actually refuse accepting part of deposit from htb??

GingerLily

KristinaR wrote: »

It is a new development and they are registered with HTB, but they want all money now and don't want to work with our htb codes. Can they actually refuse accepting part of deposit from htb??

Sorry you didn't state is was for the 10% deposit.

I think they can, and I think Revenue are unhappy about this but they can't stop it. Its definitely against the spirit of the scheme.

Can you afford the 10% minus your booking deposit?

KristinaR

GingerLily wrote: »

Sorry you didn't state is was for the 10% deposit.

I think they can, and I think Revenue are unhappy about this but they can't stop it. Its definitely against the spirit of the scheme.

Can you afford the 10% minus your booking deposit?

Not really, here is a problem. They told us after we have signed the contract.

GingerLily

KristinaR wrote: »

Not really, here is a problem. They told us after we have signed the contract.

Deposits are usually due with contracts though?

KristinaR

GingerLily wrote: »

Deposits are usually due with contracts though?

We gave them HTB codes + transferred outstanding amount of money before signing.

Now they want HTB amount to be transferred to builders solicitor. But we don't have those money.

GingerLily

KristinaR wrote: »

We gave them HTB codes + transferred outstanding amount of money before signing.

Now they want HTB amount to be transferred to builders solicitor. But we don't have those money.

I can't help you because my developer requested the funds at completion, so I don't know what the process is for this - but it sounds as though they are too lazy to collect it from revenue?

KristinaR

GingerLily wrote: »

I can't help you because my developer requested the funds at completion, so I don't know what the process is for this - but it sounds as though they are too lazy to collect it from revenue?

Exactly. We think they just don't want to be involved in it.

tusk

Hey guys,

Just got a mail from our developer saying his finance team says our 'deposit payable' amount is incorrect.

House price 355k
booking deposit 5k
remaining deposit 30k

He says we've incorrectly entered the amount and it should be 30k. Which is confusing me as I expect that this will only allow a 15k rebate rather than the €17,750 that we're entitled to.

I was on to revenue and they've said I'll need to cancel and reapply as they can't amend.

Any ideas if this seems right?

allym

I’m a bit confused by what the issue is.

The 5% is based off the purchase price not the deposit amount so I’m not sure why that would effect it?

tusk

I don't know, just had a minor worry when we got the mail. But yeah now that you say that, it makes sense that it shouldn't make a difference. Thanks

climber59

No you’re right - the deposit is €35k. It doesn’t matter if you’ve already paid some of it, that’s still the overall deposit to be paid and the HTB should be half of that. The booking fee is part of your deposit not extra - or it normally is anyway.

Our house was €340k.
We paid €10k booking deposit.
We claimed €17k from the HTB which is 5% of the 10% deposit of €34k.
We then paid the balance of €7k.

Hope that helps.

Rory898

Does anyone know how long the application is generally in the Awaiting review stage for a group application?
One member has been successfully added within a day or two but the other has been out for review for over two weeks now