2017-21 help to buy scheme - megathread. All help to buy discussion here please

myshirt wrote: »

Should be valid to December 2019 no?

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

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?

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.

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?

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 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).

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).

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.

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.

masterboy123 wrote: »

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.

You're allowed have an exact mortgage of 70% though, your over thinking and over complicating this.

Graham

Mod Note

Threads merged

anfieldrd

If we apply in January 2019, does it take 2018 into account or have you to wait until you get your p60?

I am income tax registered but also work full time, will I be able to claim for my 2018 income even though the accounts won't be completed until summer?

beaz2018

Just wondering if anyone has experience in the process of paying back the HTB balance for departing within 5 years?

beaz2018 wrote: »

Just wondering if anyone has experience in the process of paying back the HTB balance for departing within 5 years?

It can be paid back by periodic deduction- or by lumpsum- directly to the Revenue Commissioners. They treat each case individually- but, in general, expect the balance to be repaid in full within 12 calendar months of the self declaration. Apparently its a bitch for them to administer- as each case has to be done manually.

Anyone thinking of the HTB scheme- remember- it terminates in legislation on the 31-12-2019 and it has already been highlighted by Finance that it is not expected to be renewed (on numerous grounds- but notably, its intended aim was to deliver new builds to the market, and that is currently happening). Its thought that the HTB lumpsum may be simply be incorporated into CB lending rules for FTBs for 2020 onwards- rather than operating as a separate scheme. There are proposals for a HTB saving's scheme- whereby FTBs would get a 25% topup when they make payments into a deposit saving's account for the purpose of buying a first property- sort of based on the old SSIA scheme of yore. Whether it comes to pass or not, who knows.

Crey86

Hey all, sorry if this has been mentioned before, but I was wondering if anyone had any luck with figuring out if you have to wait for P60s to avail of your 2018 taxes. In the process of buying and need the 2018 taxes to avail of the full rebate.

Will the new PAYE "modernisation" make a difference in the this regard?

Daeltaja

Crey86 wrote: »

Hey all, sorry if this has been mentioned before, but I was wondering if anyone had any luck with figuring out if you have to wait for P60s to avail of your 2018 taxes. In the process of buying and need the 2018 taxes to avail of the full rebate.

Will the new PAYE "modernisation" make a difference in the this regard?

I don't think the PAYE changes will have any effect.

But I would like to know the answer to the first question too. I'm pretty sure I've calculated my taxes properly based on my final payslip of 2018 so can input the numbers into the Form 12, but I'm not sure I want to submit it without my p60, though.

Employers need to submit P35's by mid-Feb, which gives Revenue a record of earnings for employees, perhaps they will need those figures to validate the Form 12 data against?

Daeltaja

Sorry if this has been answered but I've searched around and came up short on confirming my understanding - As a PAYE worker, I only need to submit Form 12s and receive P21 statements for the years I want to contribute towards the refund? I've paid enough income tax between 2017/18 to hit the 20k limit, so there's no need for me to submit Form 12s for any other years, correct?

Also, the Tax Clearance Certificate is only required for self-assessed workers?

Thanks!

awec

Daeltaja wrote: »

Sorry if this has been answered but I've searched around and came up short on confirming my understanding - As a PAYE worker, I only need to submit Form 12s and receive P21 statements for the years I want to contribute towards the refund? I've paid enough income tax between 2017/18 to hit the 20k limit, so there's no need for me to submit Form 12s for any other years, correct?

Also, the Tax Clearance Certificate is only required for self-assessed workers?

Thanks!

I believe you are correct.

Crey86

Daeltaja wrote: »

I don't think the PAYE changes will have any effect.

But I would like to know the answer to the first question too. I'm pretty sure I've calculated my taxes properly based on my final payslip of 2018 so can input the numbers into the Form 12, but I'm not sure I want to submit it without my p60, though.

I was wondering the same, I feel like I have everything I need in my final payslip for 2018, I changed job last January, but my previous employment data is all pre-filled when I look at the eForm12.

Charlie

Hoping someone might be able to answer this.

Myself and my partner are hoping to buy in 2019. We'll be buying together and getting a joint mortgage. We may buy new, for which HTB will be a nice bonus. I have enough tax paid alone to hit the max 20k rebate. I'm setup on ROS and have P21s for the last 4 years. My partner isn't setup on ROS.

Is there any obligation under HTB for us to apply as a Group if we're getting a joint mortgage - thus necessitating my partner getting setup on ROS and applying for P21s? Or can I apply solo for the rebate, even though it will be for a joint purchase?

Charlie

Charlie wrote: »

Hoping someone might be able to answer this.

Myself and my partner are hoping to buy in 2019. We'll be buying together and getting a joint mortgage. We may buy new, for which HTB will be a nice bonus. I have enough tax paid alone to hit the max 20k rebate. I'm setup on ROS and have P21s for the last 4 years. My partner isn't setup on ROS.

Is there any obligation under HTB for us to apply as a Group if we're getting a joint mortgage - thus necessitating my partner getting setup on ROS and applying for P21s? Or can I apply solo for the rebate, even though it will be for a joint purchase?

Just a bump on this in the hope someone knows.

All mortgage applicants have to be on the HTB application, so get him sorted ASAP.

Charlie

GingerLily wrote: »

All mortgage applicants have to be on the HTB application, so get him sorted ASAP.

Thanks, will do

I have HTB and mortgage approved. But using the online revenue account it says signed contracts must also be submitted before I could click Next.

I wonder what other documents will system ask for at next stage? And if they pay the money to my solicitor directly?

Anyone been through this?

masterboy123 wrote: »

I have HTB and mortgage approved. But using the online revenue account it says signed contracts must also be submitted before I could click Next.

I wonder what other documents will system ask for at next stage? And if they pay the money to my solicitor directly?

Anyone been through this?

Have you read through the pdf?

https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-15/15-01-46.pdf