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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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andydurnin

Creamy Goodness wrote: »

It goes towards your deposit. It doesn’t reduce the house price. If your builder’s solicitor has it you don’t need to do anymore.

We paid the bank the 10% for the mortgage is €25,500 for a €255000. We were to get €8,000 from the help to buy. Where dose this go?

Phileas Frog

andydurnin wrote: »

We paid the bank the 10% for the mortgage is €25,500 for a €255000. We were to get €8,000 from the help to buy. Where dose this go?

You weren't to get anything, the builder gets the 8000. It will come off what you owe. You also didn't pay the bank anything, that too goes to the builder via the estate agent. Do you not have a solicitor to explain all this to you?

GingerLily

andydurnin wrote: »

Hi. Want to find out how the help to buy scheme work as we got an email for the builders solicitor say We have received the refund from revenue but you do not get it back. It is taken off the price of your house. Is this correct? Is this how it works?

Yes revenue pay the contractor directly

Bigmac1euro

I’ve applied for the HTB this morning.
Myself and my partner are a joint application and got and Application code AA******

It now says my application is currently under review.
Does anyone know how long this generally takes before finding out what your entitled to ?

Doff

I applied with my wife, on my end it says "Awaiting membership confirmation" but for her it shows an application number and looks fine. Did anyone have this before? I've opened an inquiry, but 5 weeks turnaround time for a reply on them is a bit long.

conor_ie

Doff wrote: »

I applied with my wife, on my end it says "Awaiting membership confirmation" but for her it shows an application number and looks fine. Did anyone have this before? I've opened an inquiry, but 5 weeks turnaround time for a reply on them is a bit long.

Give them a call and they will be able to see what the issue is. I had to contact them because there was an issue with our application and it was sorted very quickly! 01 7383636

charlietheminxx

Bigmac1euro wrote: »

I’ve applied for the HTB this morning.
Myself and my partner are a joint application and got and Application code AA******

It now says my application is currently under review.
Does anyone know how long this generally takes before finding out what your entitled to ?

It was a week for me, though I had been stuck on pending for 2 weeks before that!

bridie

Hi

Just wondering if anyone who has bought a house using the help to buy scheme is now thinking of selling that house?

What way does this work with revenue?

I know you have to be living in the house for 5 years before selling.

Thank You

GingerLily

bridie wrote: »

Hi

Just wondering if anyone who has bought a house using the help to buy scheme is now thinking of selling that house?

What way does this work with revenue?

I know you have to be living in the house for 5 years before selling.

Thank You

You have to pay back the refund less 20% for every year you've had the house

Bbinfo

Hi I’m wondering if anyone can help me out.
I applied for HTB in March 2018, was approved I signed contracts July 2018 and submitted a claim in September 2018... I don’t think builders have been issued the rebate yet.... my house will be ready in April 2019..... my question is - is this claim still valid or do I need to reapply?

I am trying to get an answer from solicitor and revenue- but I’m wondering if anyone has experienced this issue? As I not so patiently and ever so stressed wait to hear back from revenue/solicitor!

Pussyhands

Rex Disgusting Tariff wrote: »

This is an Irish forum. You talk about people being up to their eyes in debt but you are dying to get into debt with a mortgage?

What do you mean it's an Irish forum? The thread is about the Irish Property Market in 2019. The US economy is heavily linked to our economy and that impacts the property market.

Where am I dying to get into debt with a mortgage? And anyways, if I did get a mortgage I wouldn't be up to my eyes in it like the majority of people here, paying 400k for little semi d's.

JJJackal

Pussyhands wrote: »

What do you mean it's an Irish forum? The thread is about the Irish Property Market in 2019. The US economy is heavily linked to our economy and that impacts the property market.

Where am I dying to get into debt with a mortgage? And anyways, if I did get a mortgage I wouldn't be up to my eyes in it like the majority of people here, paying 400k for little semi d's.

How much would you pay and what would you get?

Pussyhands

JJJackal wrote: »

How much would you pay and what would you get?

I have 70k cash and it's growing by 15k a year.

Being a free and single man I could get a mortgage for 160k, get a nice 2 bed apartment in my area and rent out the room for most of the mortgage cost.

q85dw7osi4lebg

Pussyhands wrote: »

What do you mean it's an Irish forum? The thread is about the Irish Property Market in 2019. The US economy is heavily linked to our economy and that impacts the property market.

Where am I dying to get into debt with a mortgage? And anyways, if I did get a mortgage I wouldn't be up to my eyes in it like the majority of people here, paying 400k for little semi d's.

Is 1350 a month really a lot of money to pay to own a semi in a good location ? Considering the economy is booming and we all have great jobs ?

q85dw7osi4lebg

Pussyhands wrote: »

I have 70k cash and it's growing by 15k a year.

Being a free and single man I could get a mortgage for 160k, get a nice 2 bed apartment in my area and rent out the room for most of the mortgage cost.

Have you not considered the rebuilding Ireland home loan ? You could get 220k with that going by your figures.

Mickiemcfist

Rex Disgusting Tariff wrote: »

Have you not considered the rebuilding Ireland home loan ? You could get 220k with that going by your figures.

That's burned through it's funding already afaik

Pussyhands

Rex Disgusting Tariff wrote: »

Have you not considered the rebuilding Ireland home loan ? You could get 220k with that going by your figures.

I have, although I'd probably struggle to get rejected for a mortgage by two banks plus my council has no funds left.

Pussyhands

Rex Disgusting Tariff wrote: »

Is 1350 a month really a lot of money to pay to own a semi in a good location ? Considering the economy is booming and we all have great jobs ?

Right now it's not a lot no.

q85dw7osi4lebg

Pussyhands wrote: »

I have, although I'd probably struggle to get rejected for a mortgage by two banks plus my council has no funds left.

It's as easy as asking a bank for more than you know they will give you and getting it in writing when they say no.

I know a lot of people who have used it over the past 12 months, certain local authority's are still taking applications. 2.5 % fixed for life.

jesonnn

andydurnin wrote: »

We paid the bank the 10% for the mortgage is €25,500 for a €255000. We were to get €8,000 from the help to buy. Where dose this go?

why 8k? according the purchasing price it should be 12750, only if your taxes dont give you such high quote, actually PAYE taxes of your spouse in joint application should be included as well. so for last 4 years you my pay 12750PAYE taxes to revenue.

so your deposit+HTB will give you the lamp sum for house. it means (of course if you are qualified for whole amount of 5%) 25500+12750 = 38250 15% of the total price. When you get the access code you provide it to bank(-s) and get loan offer with total loan amount, for your example 216750, then next stage you sign the contract and provide the copy to revenue. Then you will be providing the claim code and based on the code (you need to provide to builder via your solicitor) the builder will be paid that amount from revenue directly + rest of the sum from bank so - 12750 from revenue and 242250 from bank. And you are starting paying the mortgage directly to bank + live (150-200 an.) and home insurance (200 an), depends on the credit amount

jesonnn

Bbinfo wrote: »

Hi I’m wondering if anyone can help me out.
I applied for HTB in March 2018, was approved I signed contracts July 2018 and submitted a claim in September 2018... I don’t think builders have been issued the rebate yet.... my house will be ready in April 2019..... my question is - is this claim still valid or do I need to reapply?

I am trying to get an answer from solicitor and revenue- but I’m wondering if anyone has experienced this issue? As I not so patiently and ever so stressed wait to hear back from revenue/solicitor!

Check the status at your My enquiries at revenue.ie, you should see the expiration date. Usually it gives you for half of year, so I would assume it is expired and you need to apply once again, but if you provided the contract to revenue I would assume builder got it already. If you are saying that claim has been submitted, the builder had had the money and no issue. I would ask that of builder via your solicitor.

Pussyhands

Rex Disgusting Tariff wrote: »

It's as easy as asking a bank for more than you know they will give you and getting it in writing when they say no.

I know a lot of people who have used it over the past 12 months, certain local authority's are still taking applications. 2.5 % fixed for life.

I was of the understanding you'd have to request the amount from rebuilding Ireland as you do in the mortgage.

I would prefer a variable rate as I could pay it off early. Haven't been able get a figure on the fees for paying off a fixed rate early.

cruizer101

Pussyhands wrote: »

I would prefer a variable rate as I could pay it off early. Haven't been able get a figure on the fees for paying off a fixed rate early.

A lot of fixed you are able to pay off a significant amount.
I don't know the details of all banks but I'm with Ulster and can pay 10% of balance every year.
So say 200k mortgage thats 20k overpay in a year or ~1400 a month.
Can't imagine many would want to pay back more than that.

I know some other banks are similar.

Graham

Mod

Discussion of HTB moved to dedicated thread.

Pussyhands

cruizer101 wrote: »

A lot of fixed you are able to pay off a significant amount.
I don't know the details of all banks but I'm with Ulster and can pay 10% of balance every year.
So say 200k mortgage thats 20k overpay in a year or ~1400 a month.
Can't imagine many would want to pay back more than that.

I know some other banks are similar.

This is good to know, thank you!

Essien

Pussyhands wrote: »

This is good to know, thank you!

You also have the option to split your mortgage so that part of it is on a variable rate.

For example: If you were to get a mortgage of 160k on a 5 year fixed term, but felt you could overpay around 10k/year, you could fix 110k but leave 50k on variable. That way you can overpay while limiting your exposure to interest hikes.

Just another option for those looking to overpay.

Im_No_Superman

Does anyone know does the Application expiry date mean you have to submit your Application before that date or the Application and Claim must be completed before that date?

My Application is due to expire end of March, I hope to submit Application with contracts+loan offer next week, will that leave enough time for Application and Claim to be completed before end of March or as long as the Application is done by end of March it will be fine.

yvonne.joy.3

I have a question for people. If we are applying for a joint mortgage can I apply as an individual for the help to buy scheme or does it have to be as a group? And how exactly do they calculate the amount you are entitled to?
Thanks

el Fenomeno

yvonne.joy.3 wrote: »

I have a question for people. If we are applying for a joint mortgage can I apply as an individual for the help to buy scheme or does it have to be as a group? And how exactly do they calculate the amount you are entitled to?
Thanks

It's simple enough - you're entitled to the lowest of the following:

- €20,000
- 5% of property purchase price
- combined amount of Income Tax + DIRT you've paid in last 4 years.

I can't answer on the joint mortgage vs group/individual application as I don't know.

Creamy Goodness

on a joint mortgage the HTB has to be joint as well, so if one of the applicants isn't a FTB then there's no FTB grant.