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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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Mickiemcfist

Does anyone know if there's any plan to replace the HTB after 2019? Thanks

Brian201888

They won't proceed until the underpayment is cleared, had the same thing regarding a few hundred quid from 2 years back

Just paid the underpayment by card and then was grand

el Fenomeno

I really doubt that would cause any problems. They're not going to penalise you for an underpayment.

Edit: Turns out I'm wrong, poster below has directly experienced this.

yvonne.joy.3

el Fenomeno wrote: »

Has to be all 4 years for both. If your tax alone is more than 20k then there's no reason not to add all his years unless you're trying to hide something?

What is it is he has an underpayment from previous years that is being recouped threw his credits at the moment but it won't be fully repaid until October.

el Fenomeno

yvonne.joy.3 wrote: »

Yes I understand the max years is 4, so let's say could I do 2018, 2017,2016 &2015 for myself and then just 2018 for him or would I have to do the same years for both?

Has to be all 4 years for both. If your tax alone is more than 20k then there's no reason not to add all his years unless you're trying to hide something?

Creamy Goodness

yvonne.joy.3 wrote: »

Yes I understand the max years is 4, so let's say could I do 2018, 2017,2016 &2015 for myself and then just 2018 for him or would I have to do the same years for both?

I’m not 100% but I’d guess same years for him. It think you’re pooled together so it won’t really matter. I’m open to correction on this though.

yvonne.joy.3

Creamy Goodness wrote: »

the max years you can use is 4 years anyways, if you've paid enough tax to cover the 5% (or 20k max) then you'll be grand but he'll have to submit his p12's anyways

Yes I understand the max years is 4, so let's say could I do 2018, 2017,2016 &2015 for myself and then just 2018 for him or would I have to do the same years for both?

AnthonyOD1987

Question for people who have uploaded signed contracts and loan offer doc's to HTB portal, how long on average to revenue take to approve the documents? is the payment to the builder quick?

Creamy Goodness

the max years you can use is 4 years anyways, if you've paid enough tax to cover the 5% (or 20k max) then you'll be grand but he'll have to submit his p12's anyways

yvonne.joy.3

Creamy Goodness wrote: »

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.

And let's say I can use four years for one of the applicants and then just one year for the other? Myself alone have paid enough tax and more to cover the amount of the deposit that we require so wouldn't need his full four years to claim it?

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.

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.

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

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.

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.

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!

Graham

Mod

Discussion of HTB moved to dedicated thread.

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.

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.

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.

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

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.

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.

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.

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

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.

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 ?

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.

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

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.