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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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mur223

Hi there,
Apologies if this has been asked before. We are buying off the plans and we want to use our HTB amount as part of our deposit. We have AIP with KBC but they require a final valuation when the property is completed. Can we use our AIP letter as proof of "mortgage contract with the lender" when we upload our signed contracts to the My ROS website? Or does it have to be the actual mortgage contract/loan pack we receive at drawdown?

z0oT

TomasMacR wrote: »

Are you absolutely sure that the builder isn't on their list? Some are registered and trading under a different name. What name are they going by while building?

Yes, they're not on the list, and they're not trading under a different name. It's been ongoing for a while now.

The latest from the Estate Agent is that the registration process is done and they'll be up on the list within a few weeks. Guess I'll believe it when I see it.

TomasMacR

z0oT wrote: »

So in our case, the builder still isn't down on the list of contracters on the Revenue's website. Some people have already moved in our development who are First Time Buyers. Apparently they've done a deal whereby they decrease the price by the HTB amount which is good.

Now assuming they do get registered by the time we're ready to close, is my thought process below correct to avail of the HTB?
Wait for Builder to appear on the List of Qualifying Contracters on the Revenue website.

Contact the Bank and get them to reduce the Mortgage amount by the HTB amount and issue a new Letter of Offer.

Then do the claim via the Revenue website with the signed contracts and updated (reduced) Letter of Offer from the Bank.

Are you absolutely sure that the builder isn't on their list? Some are registered and trading under a different name. What name are they going by while building?

z0oT

Mushy wrote: »

Said I’d put in the application today, got notified no Form 12 submitted for 16 or 18(latter done just last week, former one I re-submitted but is still listed as not filed). I hope this is just a case of calling Revenue to sort it, probably more uptight cos anxious to get the codes to bank/developer

We had a similar problem last year.

Calling them solved the issue within a day.

Mushy

Said I’d put in the application today, got notified no Form 12 submitted for 16 or 18(latter done just last week, former one I re-submitted but is still listed as not filed). I hope this is just a case of calling Revenue to sort it, probably more uptight cos anxious to get the codes to bank/developer

Mushy

Maxed-irl wrote: »

It's based on the tax you paid so if you paid 20k over 4 years you'll be entitled to 5% of the purchase price up to a max of 20k. If you're being offered 12850 it's what tax you've paid

It's more the 12850 is the 5% of the price. It hasn't been offered just yet till we formally submit the application. Just awaiting the Form 12 for 2018

z0oT

So in our case, the builder still isn't down on the list of contracters on the Revenue's website. Some people have already moved in our development who are First Time Buyers. Apparently they've done a deal whereby they decrease the price by the HTB amount which is good.

Now assuming they do get registered by the time we're ready to close, is my thought process below correct to avail of the HTB?

Wait for Builder to appear on the List of Qualifying Contracters on the Revenue website.
Contact the Bank and get them to reduce the Mortgage amount by the HTB amount and issue a new Letter of Offer.
Then do the claim via the Revenue website with the signed contracts and updated (reduced) Letter of Offer from the Bank.

Maxed-irl

Mushy wrote: »

Quick question on calculating the HTB, myself and wife will be applying when get the 2018 Form 12 back. The 5% figure will be 12,850. Does that mean, between us, we have to have paid 12,850 tax in last 4 years? Have heard we combine and then half the amount paid, hence the question. Between us we'll have comfortably paid enough, but may be slightly less than fat if halved

It's based on the tax you paid so if you paid 20k over 4 years you'll be entitled to 5% of the purchase price up to a max of 20k. If you're being offered 12850 it's what tax you've paid

Mushy

GingerLily wrote: »

You can claim from anyone in the group or split it however you want so that it adds to 5% provided that you've paid enough tax to claim it.

I could have claimed the 5% myself where as my husband didn't quite have enough for half that from his tax, so we split it 70/30.

Cheers. I think I'll have paid slightly more than the 5% figure, my wife slightly less, so would like to think we'll get the full 5% (thats the lowest of the options for us...house is nowhere near 400k)

Daniogroove

Mushy wrote: »

Quick question on calculating the HTB, myself and wife will be applying when get the 2018 Form 12 back. The 5% figure will be 12,850. Does that mean, between us, we have to have paid 12,850 tax in last 4 years? Have heard we combine and then half the amount paid, hence the question. Between us we'll have comfortably paid enough, but may be slightly less than fat if halved

I'd reckon you'll be fine. I'm not 100% on how it is on joint applications but for me as a single my max htb return was more than the mortgage rules would allow me to buy.
I would've need to buy for 55k more to use it all

GingerLily

Mushy wrote: »

Quick question on calculating the HTB, myself and wife will be applying when get the 2018 Form 12 back. The 5% figure will be 12,850. Does that mean, between us, we have to have paid 12,850 tax in last 4 years? Have heard we combine and then half the amount paid, hence the question. Between us we'll have comfortably paid enough, but may be slightly less than fat if halved

You can claim from anyone in the group or split it however you want so that it adds to 5% provided that you've paid enough tax to claim it.

I could have claimed the 5% myself where as my husband didn't quite have enough for half that from his tax, so we split it 70/30.

Mushy

Quick question on calculating the HTB, myself and wife will be applying when get the 2018 Form 12 back. The 5% figure will be 12,850. Does that mean, between us, we have to have paid 12,850 tax in last 4 years? Have heard we combine and then half the amount paid, hence the question. Between us we'll have comfortably paid enough, but may be slightly less than fat if halved

myshirt

Ngannou54 wrote: »

How long is the turn around for the help to buy scheme? My wife and I are putting a 7k deposit on a house this week. Contracts are to be signed a week later. Is this enough time to hear back from Revenue? We applied this weekend...

If your tax record is clean then yeah it is, but people reporting a backlog at the moment. It could take 3 weeks, but no more.

More importantly, who is saying sign the contracts in a week? Go tell them to f*ck off. Don't ever sign a contract in a panic or to get a 1,000 voucher for a washing machine. It could turn out to be the most expensive washing machine you ever buy. Take your time and take your solicitors advice.

Ngannou54

How long is the turn around for the help to buy scheme? My wife and I are putting a 7k deposit on a house this week. Contracts are to be signed a week later. Is this enough time to hear back from Revenue? We applied this weekend...

Whodanoob

Can anyone tell me if the government have said anything about replacing the htb scheme with anything when it finishes at the end of the year?I thought I had read about the possibility of a type of savings scheme similar to the SSIA scheme a few year back, but can't find any details on it now.

myshirt

fithotbabe wrote: »

Thank you. Ideally Dublin 12, 15, 8
I think I don't understand this concept of tax and I am sorry (English is not my 1st language).
We have 195k +40k saved= 235k
even if I get max 20k with HTB scheme it is not 400k.
So with HTB scheme the maximum we can buy the house is 250k?

Your max budget will about 250 for a new build. There are 2 bed properties available at that price range in Balbriggan, Navan, and Bettystown which you can commute from. They are good areas for that price.

You will need money for stamp duty (tax), legal fees, flooring, and furniture. So start saving that now. You will need another 10,000 at least.

Creamy Goodness

fithotbabe wrote: »

Thank you. Ideally Dublin 12, 15, 8
I think I don't understand this concept of tax and I am sorry (English is not my 1st language).
We have 195k +40k saved= 235k
even if I get max 20k with HTB scheme it is not 400k.
So with HTB scheme the maximum we can buy the house is 250k?

The HTB will only give you 5% of the house price. If the house is 200k you’ll only be eligible for max 10k if it’s 250k you’ll only get 12.5k. You won’t get 20k back from HTB unless you buy a house over 400k.

You have 195k + 40k = 235k - 6k~ (solicitor/stamp duty approximately) = 230k~.

Get on daft/MyHome and see if there’s new builds in that price range. I’m guessing not considering new builds in my area (North Wicklow) are 320k and up.

Maxed-irl

fungie wrote: »

Who do you call in Revenue? My partner has struggled to find anybody to do with the grant when ringing previously.

I rang revenue and they've no direct contact with the help to buy as it's an office in Waterford I believe. The lady that I got on the phone sent an email to who my claim was flagged up with and by the next day I was approved

fithotbabe

Thank you. Ideally Dublin 12, 15, 8
I think I don't understand this concept of tax and I am sorry (English is not my 1st language).
We have 195k +40k saved= 235k
even if I get max 20k with HTB scheme it is not 400k.
So with HTB scheme the maximum we can buy the house is 250k?

Creamy Goodness

fithotbabe wrote: »

Guys quick question. I just find out about HTB scheme.
My Husband and I we have now 40k deposit and we will get 195k mortgage only. How the HTB scheme work? Is the Government borrow us max 20k for the deposit, am I right?
Do we even get a new build house in our price range? Sorry never looked at the "new build" as it is not our price range

Thank you for clarification

It’s 5% of the purchase price of a new build house, it’s max 20k rebate so you need to buy a house of 400k+ to get 20k. It goes towards your deposit and not a discount of the house price. This is all depending on how much tax you’ve paid in the last 4 years.

You’ll get a new build in your price range, will it be in an area you’d like? Only you know the answer to that.

Don’t forget you’ll need to hold some money back for stamp duty (1%) and solicitor fees, land registry fee etc. So you’ll need to factor them into your calculations.

Lots more info here https://www.revenue.ie/en/property/help-to-buy-incentive/index.aspx

fithotbabe

Guys quick question. I just find out about HTB scheme.
My Husband and I we have now 40k deposit and we will get 195k mortgage only. How the HTB scheme work? Is the Government borrow us max 20k for the deposit, am I right?
Do we even get a new build house in our price range? Sorry never looked at the "new build" as it is not our price range

Thank you for clarification

myshirt

fungie wrote: »

Who do you call in Revenue? My partner has struggled to find anybody to do with the grant when ringing previously.

The person posting is correct. I've seen this issue recently and it does make you feel something is wrong, but it's not. It will sort itself out. They just have a backlog.

I know they are trying to channel queries through MyEnquiries now but unusual you have a problem finding someone to talk to. Put your PPSN into the contact finder and speak to that office. Revenue do make it hard to find the contact number to get the direct line admittedly. If you owe them money however there is no shortage of numbers you can ring

. Never seen any office to answer the phone as swiftly as the Collector General based in Limerick.

fungie

el Fenomeno wrote: »

This happens quite a bit. You may have to call revenue to have it resolved if it doesn't rectify itself in a few days.

Who do you call in Revenue? My partner has struggled to find anybody to do with the grant when ringing previously.

el Fenomeno

fungie wrote: »

Myself and my partner are applying to help to buy. She set it up and invited me to the group. I accepted the invitation.

The things is, for me, it says it's 'under review' but for my partner it says I've yet to join and is waiting on me.

Is this unusual?

This happens quite a bit. You may have to call revenue to have it resolved if it doesn't rectify itself in a few days.

Maxed-irl

fungie wrote: »

Myself and my partner are applying to help to buy. She set it up and invited me to the group. I accepted the invitation.

The things is, for me, it says it's 'under review' but for my partner it says I've yet to join and is waiting on me.

Is this unusual?

No I had the same

fungie

Myself and my partner are applying to help to buy. She set it up and invited me to the group. I accepted the invitation.

The things is, for me, it says it's 'under review' but for my partner it says I've yet to join and is waiting on me.

Is this unusual?

conor_ie

Rickytumtum wrote: »

Apologies if this has been asked before -

I'm employed and pay my income tax through my employer/PAYE. I'm also self-employed and submit my tax return on ROS every year. ROS shows my self-employed tax payments, but not the PAYE I also paid...how can I make sure both are taken into consideration when applying for the HTB?

Thanks

Get in touch with Revenue and they will be able to tell you.

Mickiemcfist

Rickytumtum wrote: »

Is there anyone who can help me with the above or point me in the right direction?

You should ask your employer as your paye returns would have been sent to revenue last month at the latest.

Rickytumtum

Rickytumtum wrote: »

Apologies if this has been asked before -

I'm employed and pay my income tax through my employer/PAYE. I'm also self-employed and submit my tax return on ROS every year. ROS shows my self-employed tax payments, but not the PAYE I also paid...how can I make sure both are taken into consideration when applying for the HTB?

Thanks

Is there anyone who can help me with the above or point me in the right direction?

Rickytumtum

Apologies if this has been asked before -

I'm employed and pay my income tax through my employer/PAYE. I'm also self-employed and submit my tax return on ROS every year. ROS shows my self-employed tax payments, but not the PAYE I also paid...how can I make sure both are taken into consideration when applying for the HTB?

Thanks