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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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masterboy123

Ok, i left 0.1% extra margin to be on the safe side in case revenue office audit us.

GingerLily wrote: »

Mortgage can be 70% it would probably be easier to keep it a 25% deposit.

GingerLily

masterboy123 wrote: »

Thanks, it's very much clear now.

So I get 5% from HTB, pay 24.9% deposit from our savings, and mortgage 70.1%.

Cheers

Mortgage can be 70% it would probably be easier to keep it a 25% deposit.

masterboy123

Thanks, it's very much clear now.

So I get 5% from HTB, pay 24.9% deposit from our savings, and mortgage 70.1%.

Cheers

The_Conductor wrote: »

Nope.

You need a *maximum* of a 30% deposit, inclusive of the HTB lumpsum- the HTB lumpsum is not treated as a separate amount. If you are capable of accessing >30% deposit- the argument is that you do not need the same level of assistance as poor sods who are not in the fortunate position you find yourself in. If its a marginal case- the HTB lumpsum would be reduced by a commensurate amount to bring you in at just under the 30% (until such time as its at zero- in which case you are not constrained by any of the HTB rules, as you'll be ineligible for the scheme).

The_Conductor

masterboy123 wrote: »

What about 29% deposit, 5% HTB and 66% mortgage?

Making it 66:29:5? Is this still within the limits?

Thanks!

Nope.

You need a *maximum* of a 30% deposit, inclusive of the HTB lumpsum- the HTB lumpsum is not treated as a separate amount. If you are capable of accessing >30% deposit- the argument is that you do not need the same level of assistance as poor sods who are not in the fortunate position you find yourself in. If its a marginal case- the HTB lumpsum would be reduced by a commensurate amount to bring you in at just under the 30% (until such time as its at zero- in which case you are not constrained by any of the HTB rules, as you'll be ineligible for the scheme).

masterboy123

What about 29% deposit, 5% HTB and 66% mortgage?

Making it 66:29:5? Is this still within the limits?

Thanks!

GingerLily wrote: »

The rules state you mortgage has to be at least 70%, not that you pay 30%.

If you have a deposit of 25% and qualify for the full 5% HTB then yes you'll be splitting it out 70:25:5 (mortgage, deposit, HTB).

masterboy123

Approval took around 5 working days. I don't think I can reapply now, given there is already confirmed payment of upto 20,000euros until March. And I hope to avail this in February or before the expiry in March.

myshirt wrote: »

Interesting. I didn't know that. Would the op be best reapplying mid Jan then?

The_Conductor

myshirt wrote: »

Interesting. I didn't know that. Would the op be best reapplying mid Jan then?

Depends on when they paid most tax and other factors. Also- keep in mind the defined end-date for the scheme.

myshirt

The_Conductor wrote: »

valid for 90 days or within the calendar year, whichever is later.....

Interesting. I didn't know that. Would the op be best reapplying mid Jan then?

The_Conductor

myshirt wrote: »

Should be valid to December 2019 no?

valid for 90 days or within the calendar year, whichever is later.....

myshirt

masterboy123 wrote: »

I applied for it 2 weeks ago only.

Should be valid to December 2019 no?

masterboy123

I applied for it 2 weeks ago only.

Cassidy Thankful Stagecoach wrote: »

How's your HTB approved until March? It's supposed to be the calendar year only

GingerLily

Cassidy Thankful Stagecoach wrote: »

How's your HTB approved until March? It's supposed to be the calendar year only

I drewdown Jan 2018 using my 2017 application. Maybe it's only for applicants who have already signed contracts etc.

nim1bdeh38l2cw

How's your HTB approved until March? It's supposed to be the calendar year only

GingerLily

The rules state you mortgage has to be at least 70%, not that you pay 30%.

If you have a deposit of 25% and qualify for the full 5% HTB then yes you'll be splitting it out 70:25:5 (mortgage, deposit, HTB).

masterboy123

I have HTB scheme approved on my revenue account and it's valid until March 2019 to a max of 20,000e.

I read to qualify for this scheme one can pay 30% or less of the total property cost in the beginning. I wonder if this 30% in inclusive of 5% from HTB scheme? Hence, we pay a max of 25%?

Mortgage Rules
In order to qualify, applicants must take out a mortgage of at least 70% of the purchase price, or in the case of a self -build, at least 70% of the valuation approved by the mortgage provider.

simons104

Qwerty1006 wrote: »

I did - the vendor was made aware but delays on their side getting contract signed has meant it's unlikely to be claimed now pre Christmas. I can probably completed my Form 12 based on my Dec payslip and request P21 statement on 1 Jan, but I just want to know if it's possible to make application on 1 Jan and include only 3 of the last 4 years, not all of the last 4 years i.e. exclude 2018.

Yes you can choose which years u want included when creating the application

Qwerty1006

simons104 wrote: »

Our place isn't ready until March but the Help to Buy has already been claimed and processed. Why don't u ask the builder to claim it now?

I did - the vendor was made aware but delays on their side getting contract signed has meant it's unlikely to be claimed now pre Christmas. I can probably completed my Form 12 based on my Dec payslip and request P21 statement on 1 Jan, but I just want to know if it's possible to make application on 1 Jan and include only 3 of the last 4 years, not all of the last 4 years i.e. exclude 2018.

simons104

Qwerty1006 wrote: »

I made an application previously which is due to expire 31.12.2018 but purchase of my new build won't close until February approx.

I understand if I make an application of 01.01.2019 the 4 tax years I can claim from would be 2015-2018. Obviously my P60 for 2018 wouldn't be available until mid-February. I have enough tax paid though in 2015-2017 to get my maximum 5% claim so can I just submit claim on 01.01.2019 and choose those 3 tax years? Or do I have to have clearance for 2018 also even though I am not using that year as a claim year?

Our place isn't ready until March but the Help to Buy has already been claimed and processed. Why don't u ask the builder to claim it now?

Qwerty1006

I made an application previously which is due to expire 31.12.2018 but purchase of my new build won't close until February approx.

I understand if I make an application of 01.01.2019 the 4 tax years I can claim from would be 2015-2018. Obviously my P60 for 2018 wouldn't be available until mid-February. I have enough tax paid though in 2015-2017 to get my maximum 5% claim so can I just submit claim on 01.01.2019 and choose those 3 tax years? Or do I have to have clearance for 2018 also even though I am not using that year as a claim year?

awec

beansys wrote: »

Hi All,

Looking for info if someone did their application early in January...
We will reapply in January as our process to buy stalled and got moved to next year so just wondering will we have an option enabled to select 2018 tax straight away or will it take Revenue couple of weeks to get it to available on their webpage?

Was anyone else in similar situation?

You’ll need to have received your 2018 p60 before you can use 2018.

beansys

Hi All,

Looking for info if someone did their application early in January...
We will reapply in January as our process to buy stalled and got moved to next year so just wondering will we have an option enabled to select 2018 tax straight away or will it take Revenue couple of weeks to get it to available on their webpage?

Was anyone else in similar situation?

Atomic Pineapple

We submitted our claim about two weeks ago and then sent all the codes we needed onto the contractor's solicitors. There's been nothing on the Revenue website since then, it just still says we have a pending claim. Do you get a notification from the revenue when the claim is fully processed? Or is it when it is claimed by the contractors that it closes? Or do you not get a notification at all?

autumnbelle

bizebee wrote: »

Hi All,

Staring into the claim stage for our self-build:

Since our first drawdown was made to our solicitor in recent weeks I am starting into the claim stage for H2B. I know I'm to upload the the valuation report and the signed document accepting the mortgage.
But my question is: What did people use for proof of the drawdown of the first part of the mortgage? Is there something I should be getting from the Bank or the Solicitor?

Any help/advice would be very much appreciated!

I think the solicitor have to do the application for self build do they?

bizebee

Hi All,

Staring into the claim stage for our self-build:

Since our first drawdown was made to our solicitor in recent weeks I am starting into the claim stage for H2B. I know I'm to upload the the valuation report and the signed document accepting the mortgage.
But my question is: What did people use for proof of the drawdown of the first part of the mortgage? Is there something I should be getting from the Bank or the Solicitor?

Any help/advice would be very much appreciated!

hanaimai

Any application is only valid for that calendar year. So yes, if you reapply today it will still expire on 31 Dec 2018.

Qwerty1006

Hi all,

Small question on HTB - I applied early in the year for HTB, application successful and was shown the maximum relief I could claim with an expiry of 31 December 2018. My question - does any claim within a year expire at the end of that year? If I cancelled previous application and re-applied today would it still come back with an expiry date of 31 December 2018?

I won't be at the stage of processing the claim until Jan/Feb '19 approx. Will I have to re-apply in February when I get 2018 P60 and do P21 for 2018 in order to proceed with application or if I reapply right now, would I get a new expiry of 31 December 2019?

Thank you!

Belt

I'm looking at buying a new house. Not built by a developer but by a private individual.

Is there any hope of applying for HTB scheme for this property? This individual is not registered for the HTB and I don't think they have any interest in doing so, they don't have a clue of the scheme

Xenoronin

inthedrops wrote: »

I can someone advise if you can avail of the HTB scheme after you have paid the full deposit?

Thanks in advance

Yes, I was in the same position. The money will be sent directly to the contractor, and the balance will be sorted out at the end.

inthedrops

I can someone advise if you can avail of the HTB scheme after you have paid the full deposit?

Thanks in advance

lilywhitearmy

Hi all just a quick question myself and my partner both applied through our myaccount pages. Mine says awaiting her membership confirmation while hers says I am a confirmed member (can't remember confirming!) and the application is under review.

Should I just cancel the one that I applied for?