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

Creamy Goodness · 30-03-2019 12:59pm

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 · 30-03-2019 1:05pm

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?

Maxed-irl · 30-03-2019 4:29pm

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

Creamy Goodness · 30-03-2019 5:03pm

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.

myshirt · 30-03-2019 11:39pm

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.

Whodanoob · 31-03-2019 8:30am

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.

Ngannou54 · 31-03-2019 7:20pm

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...

myshirt · 31-03-2019 8:32pm

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.

Mushy · 01-04-2019 1:27pm

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

GingerLily · 01-04-2019 1:58pm

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.

Daniogroove · 01-04-2019 1:59pm

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

Mushy · 01-04-2019 3:19pm

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)

Maxed-irl · 01-04-2019 11:40pm

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

z0oT · 02-04-2019 10:38am

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.

Mushy · 02-04-2019 10:44am

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

Mushy · 02-04-2019 6:30pm

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

z0oT · 02-04-2019 10:06pm

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.

TomasMacR · 03-04-2019 10:14am

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 · 04-04-2019 10:05am

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.

mur223 · 09-04-2019 8:51am

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?

Natashaw88x · 09-04-2019 9:30am

mur223 wrote: »

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?

Hi we have bought a new build also. It won’t be ready till September. We signed contracts for it last week. We need the signed contracts plus signed loan offer to claim the HTB. We’ve had an initial valuation done and will have another before drawdown. I imagine you will need to get your loan offer and sign contracts with builder and it is the signed contracts that are required for revenue.

mur223 · 09-04-2019 9:38am

Natashaw88x wrote: »

Hi we have bought a new build also. It won’t be ready till September. We signed contracts for it last week. We need the signed contracts plus signed loan offer to claim the HTB. We’ve had an initial valuation done and will have another before drawdown. I imagine you will need to get your loan offer and sign contracts with builder and it is the signed contracts that are required for revenue.

Thanks Natasha, We have also signed contracts with the builder last week and have transferred remaining deposit but they also need the HTB amount, we are waiting on the initial Valuation to take place and I have heard the banks take another 7-10 working days to send out the full Loan offer. Timing is a bit of a pain but I suppose we will just have to keep the builders at bay until then!

vets05 · 12-04-2019 2:06pm

Hi all,

Sorry if these questions have been asked before but finding it difficult to find any information for my particular circumstances.

My wife and I returned to Ireland after about 10 years away. We have just agreed on a New Build purchase and I have 2 questions around the HTB.

1. Considering we are only working in the state since January of this year, are we entitled to get anything back in terms of the Income tax refund as part of the HTB scheme? The house is due to be ready around October so just wondering if we could claim the 9 months we have been working or if that's a no go?

2. If we are entitled to claim does anyone know if the max of 5% is basically divided into 4 years(so 1.25% max per year) or can we claim say 3% of the value of the house if our tax for this year comes up to that value?

Also a final note I've tried to register revenue but keep getting a "Please quote rule 1" error message.

Any information would be great!

Thank you

GingerLily · 12-04-2019 2:16pm

You can claim up to 5% from any of the qualifying years!

Unfortunately, you can't claim back on tax paid in 2019 until 2020.

vets05 · 12-04-2019 2:35pm

Thank you very much GingerLily

Its great to have some clarification! If the purchase goes head this year do you know if I can retrospective claim back 2019?

Thank you!

Mickiemcfist · 12-04-2019 4:58pm

vets05 wrote: »

Thank you very much GingerLily

Its great to have some clarification! If the purchase goes head this year do you know if I can retrospective claim back 2019?

Thank you!

No you cant. HTB scheme is supposed to be finished at year-end 2019 also.

vets05 · 15-04-2019 8:21am

Thank you Mickiemcfist.

Great to get the clarification!

smurfette2212 · 02-05-2019 8:26am

It is very possible that this has been asked (and answered) but I just can't see it.

When uploading the documents for the claim, does it need to be the entire contract, or just the initial pages and building agreement? I had asked our solicitor to send a copy, but she advised it is very lengthy.

I've submitted a query to Revenue, but imagine it might take a while for a response.

Creamy Goodness · 02-05-2019 8:29am

smurfette2212 wrote: »

It is very possible that this has been asked (and answered) but I just can't see it.

When uploading the documents for the claim, does it need to be the entire contract, or just the initial pages and building agreement? I had asked our solicitor to send a copy, but she advised it is very lengthy.

I've submitted a query to Revenue, but imagine it might take a while for a response.

Your solicitor should have an electronic copy. If you they should have one of those commercial scanners that can scan it fairly sharpish. Request an electronic copy (Make sure signatures from you and builder are included) from your solicitors

Phileas Frog · 02-05-2019 12:34pm

z0oT wrote: »

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.

I find myself in exactly the same position.

el Fenomeno · 03-05-2019 10:26am

Can I ask, we uploaded contracts today for the claim stage and got a Reference number, which we have provided to our solicitor along with our Access code.

But at not stage was I asked who our builder/developer was - the only list I was given was the list of institutions to choose which one our loan offer was from.

This is for a new build, first time buyer. Any ideas?

awec · 03-05-2019 11:07am

el Fenomeno wrote: »

Can I ask, we uploaded contracts today for the claim stage and got a Reference number, which we have provided to our solicitor along with our Access code.

But at not stage was I asked who our builder/developer was - the only list I was given was the list of institutions to choose which one our loan offer was from.

This is for a new build, first time buyer. Any ideas?

You don't need to specify who the builder is. Your builder will do that when their solicitor claims the money from revenue, using the codes that you gave to your solicitor.

el Fenomeno · 03-05-2019 11:09am

awec wrote: »

You don't need to specify who the builder is. Your builder will do that when their solicitor claims the money from revenue, using the codes that you gave to your solicitor.

Ah right, thanks. Sorry, I saw people mentioning not being able to find the builder so I was a bit confused is all. Cheers.

Phileas Frog · 03-05-2019 11:58am

el Fenomeno wrote: »

Ah right, thanks. Sorry, I saw people mentioning not being able to find the builder so I was a bit confused is all. Cheers.

If the builder isn't listed on this list, then the HTB won't apply.

igabar · 03-05-2019 10:54pm

Hi guys,
myself and my partner applied for HTB scheme and the application is under review. The message we got says "Applications may need to be reviewed for a variety of reasons. This can include a change in personal circumstance in the years selected. Please contact us for further information." I did fill the Enquiry, but just wondering if that has to do with the fact that our daughter was born in one of the years we claim for? Does it have to be reported to the Revenue when the child is born? Obviously she has a PPS no and all.

smurfette2212 · 13-05-2019 3:12pm

Just in the middle of trying to submit the application, but have hit a stumbling block.

There are two sections to fill in: deposit payable and amount of deposit paid.

The first is the 10%, which is fine. However, we paid the full deposit on signing the contract. However, should we be putting that in the second box, or the 10% less what we are claiming from HTB? We couldn’t get the contracts signed without paying the full deposit, and needed the contracts for the HTB.

Has anyone else encountered this? Any advice gratefully received!

GingerLily · 13-05-2019 4:00pm

smurfette2212 wrote: »

Just in the middle of trying to submit the application, but have hit a stumbling block.

There are two sections to fill in: deposit payable and amount of deposit paid.

The first is the 10%, which is fine. However, we paid the full deposit on signing the contract. However, should we be putting that in the second box, or the 10% less what we are claiming from HTB? We couldn’t get the contracts signed without paying the full deposit, and needed the contracts for the HTB.

Has anyone else encountered this? Any advice gratefully received!

It sounds like you should but down what you paid in both

We paid the 10% is cash and didn't make any adjustments for that, we claimed the maximum amount available based on property amount and our tax credits, the value of our deposit paid didn't change anything

(provided your mortgage is >70% ltv)

smurfette2212 · 13-05-2019 4:02pm

GingerLily wrote: »

It sounds like you should but down what you paid in both

We paid the 10% is cash and didn't make any adjustments for that, we claimed the maximum amount available based on property amount and our tax credits, the value of our deposit paid didn't change anything

(provided your mortgage is >70% ltv)

That makes sense. I didn’t want to be untruthful, but also thought saying the deposit had been fully paid might raise an eyebrow. Thanks!

ruaneg · 17-05-2019 8:38am

We have signed contracts and given a bank draft for approx 6% of the deposit. For the other 4% we need the HTB grant. We have being approved for the HTB. I noticed today when I went to upload the contract that we must give the loan details with the application. However, we are still unsure which loan offer we will go with (waiting on an additional approval from another preferred bank). I've being told by revenue that its not possible to update the application with the new loan details should they change. I would have to cancel the application and reapply.

Has anybody had similar problems and found a way around it?

zig · 19-05-2019 9:48am

Hey all, does anyone know how strict they are on the 70% rule for mortgage vs value of house?

We have saved a lot and are in a position to get a mortgage of 55% of value of house. I know the whole idea of the scheme is to help with deposits but ironically even though we have the deposit we’d have to rule ourselves out of buying the house without it.

We can’t get any higher a mortgage and also there wouldn’t be any point because it would probably cost more long term anyway.

Edit: ok I read some older posts and it seems there would be no wriggle room with this.

Doff · 19-05-2019 12:29pm

ruaneg wrote: »

We have signed contracts and given a bank draft for approx 6% of the deposit. For the other 4% we need the HTB grant. We have being approved for the HTB. I noticed today when I went to upload the contract that we must give the loan details with the application. However, we are still unsure which loan offer we will go with (waiting on an additional approval from another preferred bank). I've being told by revenue that its not possible to update the application with the new loan details should they change. I would have to cancel the application and reapply.

Has anybody had similar problems and found a way around it?

The contract you upload is when you have gotten full approval and have agreed to buy the house using that mortgage.

Phileas Frog · 19-05-2019 12:34pm

zig wrote: »

Hey all, does anyone know how strict they are on the 70% rule for mortgage vs value of house?

It's a hard stop. If your mortgage is only 69.9999% you won't be able to get the HTB

drinkingwater · 19-05-2019 1:00pm

ruaneg wrote: »

We have signed contracts and given a bank draft for approx 6% of the deposit. For the other 4% we need the HTB grant. We have being approved for the HTB. I noticed today when I went to upload the contract that we must give the loan details with the application. However, we are still unsure which loan offer we will go with (waiting on an additional approval from another preferred bank). I've being told by revenue that its not possible to update the application with the new loan details should they change. I would have to cancel the application and reapply.

Has anybody had similar problems and found a way around it?

Well, we uploaded our BOI offer letter and the builder received the 5% from revenue around February. Because of constant delays with our new build, our loan offer with boi ran out and we ended up drawing down with ulster Bank in april...our HTB claim was already approved and paid at this point, so we said nothing and Don't think revenue will ever notice it...

awec · 19-05-2019 1:10pm

ruaneg wrote: »

We have signed contracts and given a bank draft for approx 6% of the deposit. For the other 4% we need the HTB grant. We have being approved for the HTB. I noticed today when I went to upload the contract that we must give the loan details with the application. However, we are still unsure which loan offer we will go with (waiting on an additional approval from another preferred bank). I've being told by revenue that its not possible to update the application with the new loan details should they change. I would have to cancel the application and reapply.

Has anybody had similar problems and found a way around it?

You can't proceed until you have a full loan offer in place.

You need to pick a bank and start the proceedings for getting full approval ASAP.

smurfette2212 · 19-05-2019 5:15pm

Does anyone know what stages there are once the claim has been submitted? Our one is currently ‘pending’, but I’m not sure what stages are to follow. Might anyone be able to advise?

tomister · 19-05-2019 11:45pm

Hi everyone,

I’ve gone through a good chunk of this thread and didn’t find this question so apologies if it has been asked:

I’m approved for the max on HTB and am busy saving at the moment. Had a meeting with BOI last week and they’ve told me that I still need to have the full 10% saved regardless of the HTB. Has this been the case for others? Surely the point of the HTB was to help with the deposit.
I’ve limited my scope to new builds and qualifying contractors to ensure I can claim the refund.

Any insights anyone may have would be great!

el Fenomeno · 19-05-2019 11:47pm

tomister wrote: »

Hi everyone,

I’ve gone through a good chunk of this thread and didn’t find this question so apologies if it has been asked:

I’m approved for the max on HTB and am busy saving at the moment. Had a meeting with BOI last week and they’ve told me that I still need to have the full 10% saved regardless of the HTB. Has this been the case for others? Surely the point of the HTB was to help with the deposit.
I’ve limited my scope to new builds and qualifying contractors to ensure I can claim the refund.

Any insights anyone may have would be great!

We applied with PTSB, KBC, Haven and Ulster Bank. They only wanted to see 5% + extra to cover other costs (solicitors, stamp duty etc.)

So them asking you for the full 10% seems odd to me.

Did you ask them why?

tomister · 20-05-2019 12:06am

el Fenomeno wrote: »

We applied with PTSB, KBC, Haven and Ulster Bank. They only wanted to see 5% + extra to cover other costs (solicitors, stamp duty etc.)

So them asking you for the full 10% seems odd to me.

Did you ask them why?

Thanks for the info - it did seem very odd to me too!

I did and he said it’s part of their requirements but that he would look into it further and get back to me.

Dolbhad · 20-05-2019 4:54am

tomister wrote: »

Thanks for the info - it did seem very odd to me too!

I did and he said it’s part of their requirements but that he would look into it further and get back to me.

Ulster Bank required us to have the 10% not including HTB but that was back in October last year.

el Fenomeno · 20-05-2019 10:18am

Dolbhad wrote: »

Ulster Bank required us to have the 10% not including HTB but that was back in October last year.

Hmm, strange. We just brought proof that we were approved for HTB to our Ulster Bank meeting and he was absolutely fine with it. We got AIP from them too.

We just about had the 5% too so definitely wasn't a case of us having 10% anyway.

Kind of defeats the main purpose of the scheme if some places want to see the full 10%, but it's odd that there seems to be an inconsistent approach.

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

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