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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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lilywhitearmy

In a joint claim, if one person is eligible but the other has been signed up years ago as the lpt payer for a parents property, is said claim screwed?

nim1bdeh38l2cw

lilywhitearmy wrote: »

In a joint claim, if one person is eligible but the other has been signed up years ago as the lpt payer for a parents property, is said claim screwed?

Both parties must be eligible.

I see the Indo has a piece today on Budget speculation - mentions a possible Help to Buy ISA like they have in the UK.

andydurnin

I am buying a new home in Drogheda Co. Louth. Can anyone tell me how I do the help to buy scheme and who gets the money? Dose the contractor get the money and then take it off the asking price or do I get it. Would be grateful for any advice.

Creamy Goodness

You need to log into revenue.ie as to who gets the money it depends, the contractor has to register with the scheme. It's a rebate that you claim (amount you claim is based off how much you've paid tax in the last 4 or so years, 5% of property price or €20k whichever is lower). Some contractors will allow it to be used as part of the 10% booking deposits at contract signing stage. some won't.

andydurnin

Creamy Goodness wrote: »

You need to log into revenue.ie as to who gets the money it depends, the contractor has to register with the scheme. It's a rebate that you claim (amount you claim is based off how much you've paid tax in the last 4 or so years, 5% of property price or €20k whichever is lower). Some contractors will allow it to be used as part of the 10% booking deposits at contract signing stage. some won't.

If the contactor gets the money from help to buy dose this come off the final price of the house ie €255,000 - 5% = €242,250

amcalester

andydurnin wrote: »

If the contactor gets the money from help to buy dose this come off the final price of the house ie €255,000 - 5% = €242,250

Yes.

You'll need to register, apply and supply paperwork first but it effectively reduces the purchase price by the amount you are approved for.

Stars struck

Panic stations here, I was under the impression that the help to buy scheme was to help you with the deposit to buy a house!!!!! I thought it would provide 5% (subject to aproval) of the deposit.....

So you still need to have the 10% deposit in cash ready to go and then they take the help to buy money off the house price!!???? How does this help first time buyers ðŸ˜”ðŸ˜”ðŸ˜”

Trimm Trabb

Any mention of these special savings accounts that were being mooted for first time buyers in the budget? Haven’t heard anything so far today?

allym

Stars struck wrote: »

Panic stations here, I was under the impression that the help to buy scheme was to help you with the deposit to buy a house!!!!! I thought it would provide 5% (subject to aproval) of the deposit.....

So you still need to have the 10% deposit in cash ready to go and then they take the help to buy money off the house price!!???? How does this help first time buyers ðŸ˜”ðŸ˜”ðŸ˜”

That is what it’s for, but in effect it is the same as taking 5% off the total price of the house.

Some builders aren’t taking it at deposit stage though and there doesn’t seem to be anything revenue can do to enforce it. In terms of applying for a mortgage the bank will consider HTB as part of your 10% savings.

Stars struck

allym wrote: »

That is what it’s for, but in effect it is the same as taking 5% off the total price of the house.

Some builders aren’t taking it at deposit stage though and there doesn’t seem to be anything revenue can do to enforce it. In terms of applying for a mortgage the bank will consider HTB as part of your 10% savings.

I get what your saying but no it's not helping first time buyers to buy houses if it's given to you like that.

Most first time buyers need help raising the deposit which is the difficult part especially if your in a position like me and my other half paying 1800 euro a month in rent.... We can get a mortgage for the price of the house but saving the deposit takes a long time if your not getting handed a lump sum from bank of mam and dad.

Taking it off the house price isint helping first time buyers ... That is just driving up house prices.
Revenue should have put something in place to allow first time buyers to use this at deposit stage when it's most needed

Atomic Pineapple

You can check the list of contractors on the revenue website. If they are already on there, it is likely they will accept it at deposit.

GingerLily

Atomic Pineapple wrote: »

You can check the list of contractors on the revenue website. If they are already on there, it is likely they will accept it at deposit.

No, they will accept it as payment but may not at contract signing stage

Ronnie2010

Hi all,
Myself and my partner are applying for our mortgage in early January with the hope to buy a new build in February.
Should we apply for the HTB now to have it in place for our mortgage application?

Creamy Goodness

Ronnie2010 wrote: »

Hi all,
Myself and my partner are applying for our mortgage in early January with the hope to buy a new build in February.
Should we apply for the HTB now to have it in place for our mortgage application?

If you apply now, it'll expire by the end of the year, and will have to reapply in January.

There no limit to how many times you can apply, but you can only claim once.

Pivot Eoin

Hi all,

Thanks in advance for any help on this.

I'm looking to apply for HTB in Jan 2019, but I've been living abroad for much of the last four years so I haven't paid a shedload of Income tax.

I reckon in total for 2017-2018 I will have paid about 14,600e PAYE. House I'm buying is in 400k region, so 5% would be 20k in other words the max allowable for the scheme.

Does anyone know what percentage of your tax paid they will max give back? I.E would I qualify for 14,600 HTB Grant if approved? I'm assuming not.

Thanks

hanaimai

Pivot Eoin wrote: »

Hi all,

Thanks in advance for any help on this.

I'm looking to apply for HTB in Jan 2019, but I've been living abroad for much of the last four years so I haven't paid a shedload of Income tax.

I reckon in total for 2017-2018 I will have paid about 14,600e PAYE. House I'm buying is in 400k region, so 5% would be 20k in other words the max allowable for the scheme.

Does anyone know what percentage of your tax paid they will max give back? I.E would I qualify for 14,600 HTB Grant if approved? I'm assuming not.

Thanks

Yes. Whatever you've paid in the last 4 years is what you qualify for, up to a max of 20k or 5% of the house price.

Jellapino15

I applied for the HTB and max relief was much lower than I expected, when I calculate my tax using my p21s it's coming in around 9k, they are only granting me just under 6.5k. Can anyone explain this to me please, as revenue have yet to get back to my enquiry online a month ago.

Also I'll be signing contracts before Christmas but I'm thinking of just paying 10% deposit myself and then reapplying for HTB in 2019 as I reckon my tax relief will be higher as I worked full time this year but hand't in 2014 and 2015 so I think that's why max relief so low. Is it possible to do that? I wouldn't have my p60 till March as my employer slow every year at getting it out. But won't be drawing down mortgage till house is built in August so I think I would have time.

Can you still get the HTB if you claim it before Dec 2019 even if it's discontinued? This year's budget was unclear whether it's still in place.

Creamy Goodness

Ring revenue. Anytime I’ve been on to them they’ve been very helpful.

The_Conductor

Jellapino15 wrote: »

I applied for the HTB and max relief was much lower than I expected, when I calculate my tax using my p21s it's coming in around 9k, they are only granting me just under 6.5k. Can anyone explain this to me please, as revenue have yet to get back to my enquiry online a month ago.

They calculate it based purely on income tax paid- not PRSI, USC or any other deductions. Aka- you need to check how much income tax you've paid......... Ring Revenue- they can explain.

myshirt

The_Conductor wrote: »

They calculate it based purely on income tax paid- not PRSI, USC or any other deductions. Aka- you need to check how much income tax you've paid......... Ring Revenue- they can explain.

+1

Get on the blower.

kokiyou

Hi folks,

Looking to buy a house using HTB scheme. Issue is they are selling out fast. I was thinking of looking at properties in the next 1-2 weeks and putting a deposit down. However my HTB is not setup yet, although I know I will qualify is there any risk in putting a deposit down too early and being unable to get the HTB setup in time? Or can I back claim this HTB payout anytime? I'd rather not lose my deposit even if its just a small chance and waste a lot of my time - due to HTB being too slow to process etc.

Is this a valid concern or should I just put a deposit down if I find something this week and get the HTB process done asap after? I already have my forms in except one form 11 that is 90% done.

Also if anyone has tips for viewing houses and the HTB process, and buying a new house / general that would be great, I don't see any guides on this thread or this forum - it is all a bit scattered around. Probably this was asked already but the search is not too good here - or my skills are poor.

Thank you,

GingerLily

The initial booking deposit should be 100% refundable. We applied for HTB after the booking deposit, it took about 2 weeks including getting tax clearance.

We had it all sorted by signing contracts stage where we paid the '10% deposit', which is not refundable.

If the booking deposit is refundable I suggest putting your money down

kokiyou

Hi GingerLily,

That is great to know, thank you I will ask the agency to confirm but if so, I will definitely get the initial deposit put in place.

Thank you,

konkon

Hi people
I applied for HTB and the application was approved. I have the application code but I haven’t received anything in relation to my access code. Does that take days to appear in your inbox? Check MyInquiries and Documents but no new correspondence is there.

I had to get form12 done for 2014/2015 and p21 for 2015 requested plus get the tax cert clearance. Then after reapplying, it got approved but without an access code in my inbox...

When I called them, they said that it takes a few days...

What was your experience?

konkon

konkon wrote: »

Hi people
I applied for HTB and the application was approved. I have the application code but I haven’t received anything in relation to my access code. Does that take days to appear in your inbox? Check MyInquiries and Documents but no new correspondence is there.

I had to get form12 done for 2014/2015 and p21 for 2015 requested plus get the tax cert clearance. Then after reapplying, it got approved but without an access code in my inbox...

When I called them, they said that it takes a few days...

What was your experience?

Turns out it was in ROS instead of PAYE my account

Xenoronin

Hi all,

Successfully applied for the HTB, however this happened after the loan offer signing. I'm nearing drawdown time and the contractor has said that the money will be taken from the purchase price of the house at closing. The mortgage hasn't taken this into account, so do I need to talk to my bank or will we get the surplus funds from our solicitor after drawdown?

Edit: I should note, 10% deposit has been paid.

GingerLily

Xenoronin wrote: »

Hi all,

Successfully applied for the HTB, however this happened after the loan offer signing. I'm nearing drawdown time and the contractor has said that the money will be taken from the purchase price of the house at closing. The mortgage hasn't taken this into account, so do I need to talk to my bank or will we get the surplus funds from our solicitor after drawdown?

Edit: I should note, 10% deposit has been paid.

Your solicitor I don't think is allowed to give you the money from the bank, you'll have to amend your mortgage offer I suspect.

chakwal

Hi, Can some one tell me for following query.

For help to buy scheme it states to upload sales signed contract and mortgage contract with their lenders.

Mortgage contract with lenders: I have got offer pack from bank. Can I just upload this offer letter with details I have received or I need my solicitor to complete and sign the acceptance document etc. and then I can upload the signed acceptance document.

Looking forward for your feedback.

awec

chakwal wrote: »

Hi, Can some one tell me for following query.

For help to buy scheme it states to upload sales signed contract and mortgage contract with their lenders.

Mortgage contract with lenders: I have got offer pack from bank. Can I just upload this offer letter with details I have received or I need my solicitor to complete and sign the acceptance document etc. and then I can upload the signed acceptance document.

Looking forward for your feedback.

You need to sign it with your solicitor first.

Darraghm1886

Hey folks just looking for some advice on the help to buy claim. When uploading the documents to revenue.ie is there a specific part of the offer letter from the bank they require or is it the whole lot?