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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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chevra13i

We received our signed contracts back from the developers today so we're ready to submit our HTB claim now. We've already transferred our 5% of the deposit over though so I'm wondering if we'll be able to benefit from the expanded HTB amount. I suppose if we do it'll just have to come off the mortgage.

I get the feeling we won't if it means we have to start the whole HTB process again and provide new codes etc

Devil08

A lot of hungry b@stards on here exploiting the HTB scheme it would seem. Its intended for those struggling to get a deposit together. People here ready to sign their contracts and well able to afford it already but thinking of cancelling so they can milk more? Exactly the reason it'll be cancelled. People availing of it who dont need it

brisan

Devil08 wrote: »

A lot of hungry b@stards on here exploiting the HTB scheme it would seem. Its intended for those struggling to get a deposit together. People here ready to sign their contracts and well able to afford it already but thinking of cancelling so they can milk more? Exactly the reason it'll be cancelled. People availing of it who dont need it

The FTBs are entitled to it
The builders who will raise their prices (as Cairn have already done ) are the ones exploiting it

uncle-mofo

Devil08 wrote: »

A lot of hungry b@stards on here exploiting the HTB scheme it would seem. Its intended for those struggling to get a deposit together. People here ready to sign their contracts and well able to afford it already but thinking of cancelling so they can milk more? Exactly the reason it'll be cancelled. People availing of it who dont need it

Ah Jesus would ya head off ðŸ˜‚. I've been paying high tax for years and this is the first sign of me getting anything back from the government and it will probably be the last too. You can be damned sure I'll be making the most of it.

CuriousKarl

8-10 wrote: »

Yep fair shout let me go do that

contemplating cancelling my existing application also - is there any chance it could turn out that if applied this year, you can't reapply until 2021 or am I scaremongering myself

#014917

CuriousKarl wrote: »

contemplating cancelling my existing application also - is there any chance it could turn out that if applied this year, you can't reapply until 2021 or am I scaremongering myself

I've cancelled and reapplying now, but the submission isn't being accepted, page returns an error. I'm hoping they're working on the backend to implement the new rates.

As someone who is looking to buy and planning to sleep on a blow up mattress until my savings recover, this is a welcome step!

Devil08

uncle-mofo wrote: »

Ah Jesus would ya head off ðŸ˜‚. I've been paying high tax for years and this is the first sign of me getting anything back from the government and it will probably be the last too. You can be damned sure I'll be making the most of it.

Nothing wrong with that. I'm talking about the people who are ready to sign contracts who dont need the additional help but looking to cancel and get more out of it.
Its called help to buy, those who dont need the help should be vetted properly

laurajaney83

Devil08, your post is fairly annoying. I've been scrimping and saving years to get to the point I'm at in build now, I drew down HTB a few weeks ago to pay for kitchen as mortgage wouldn't cover it, after I have paid for paint and flooring, I will have nothing left for furnishing and appliances - the basics will all be going on credit which will take me a couple of years to pay off. But the extra 15k would have paid for all of that... Had I known to hold off. So I definitely wouldn't consider myself the least bit greedy...
This is all just a very small portion of the tax I had paid over the past several years.

CuriousKarl

Devil08 wrote: »

Nothing wrong with that. I'm talking about the people who are ready to sign contracts who dont need the additional help but looking to cancel and get more out of it.
Its called help to buy, those who dont need the help should be vetted properly

As it stands, I'm borrowing approx €10k from family to meet the cost of the house (in addition to €20k HTB) - so if I can remove that element (thanks to tax I have paid over the last three years) by cancelling and reapplying, you're suggesting that is immoral?

lorimc

Devil08 wrote: »

Nothing wrong with that. I'm talking about the people who are ready to sign contracts who dont need the additional help but looking to cancel and get more out of it.
Its called help to buy, those who dont need the help should be vetted properly

As a single applicant I've saved, got help from my parents, an exception from the bank and HTB. I'm waiting for my new build to be finished so don't know whether I can avail but it would significantly reduce the debt I'm taking on. Considering the level of tax I pay I've zero issue taking the increase in HTB. If this had been available before now maybe I wouldn't have had to move so far to get an affordable house.....

8-10

Yeah it's less debt that is the key here, nobody's getting help to buy and paying the rest of the price in cash. When you're talking about people who can afford it, you're talking about people who can afford to service a certain amount of debt to the satisfaction of the banks. The less you have to borrow the less risk. You already paid the amount of money you are getting in tax previously and you're only able to get this once in your life.

laurajaney83

One other point Devil08 - reason mortgage would not cover kitchen, tiling etc. was due to the central bank requirement to have a private valuation. I was initially given more approval that I needed but the house was valued far less than the cost of the build but I couldn't argue it. Decided to go ahead anyway. After the contracts were signed I went back to the valuer, asked why it was valued so low, and he told me because he didn't know how much I would need to build it! Plus he was not aware of it's BER rating ( you'd assume they'd know that since they had the cert!).

So now I am left with using all my savings to complete the work and nothing left for furnishing and appliances, but you call that greedy?

Graham

Devil08 wrote: »

Its called help to buy, those who dont need the help should be vetted properly

Mod Note

It's called "Help to Buy (HTB) incentive", I suggest you go and familiarise yourself with the scheme details before making further suggestion that there's any "struggling" requirement.

RichCRX

Quick question: Me and my wife are FTB's and signed contract on a house... Are we too late to apply for help to buy scheme or can it be applied for and backdated after the purchase?

Thanks in advance

Rock77

Devil08 wrote: »

A lot of hungry b@stards on here exploiting the HTB scheme it would seem. Its intended for those struggling to get a deposit together. People here ready to sign their contracts and well able to afford it already but thinking of cancelling so they can milk more? Exactly the reason it'll be cancelled. People availing of it who dont need it

Really? Do you know what the help to buy scheme is? Have you actually read what it is?

You do know you can only claim what you have already paid in tax. The scheme is designed for first time buyers to HELP them buy a home, it’s not intended for people struggling. Stop making stuff up will you please.

Two things are needed for this, you have to have paid tax, and you have to be a first time buyer buying a new home. That’s it, you don’t have to be struggling for anything! you are then ENTITLED to avail of this scheme..

People are greedy for availing of something they are entitled to, ive heard it all now!

Renjit

Jasna1982 wrote: »

Can I apply for the HTB scheme before I have anything in mind?
I’d like to see how much I could get approved for. But do I need to have a house in mind already?

Yes

islander35

Any ideas how the new amount will work? If it was 5% deposit + 5% HTB essentially to make up 10% deposit? Can’t see them replacing this with 10% deposit from HTB so could it be that you get 5% to go towards your deposit and then 5% rebate after draw down or something?

#014917

islander35 wrote: »

Any ideas how the new amount will work? If it was 5% deposit + 5% HTB essentially to make up 10% deposit? Can’t see them replacing this with 10% deposit from HTB so could it be that you get 5% to go towards your deposit and then 5% rebate after draw down or something?

The rules are:

You need 10% deposit as a FTB (20% otherwise)
Lenders will generally lend at a cap of 3.5x annual salary of applicants
With these new conditions, you can claim 10% of the property up to 300K (source: https://twitter.com/gavreilly/status/1286307924063727616)

So technially, you could get your deposit entirely from HTB up to €300K

Banks may need more proof of savings to satisfy their needs, but that is at their discretion.

islander35

#014917 wrote: »

The rules are:
You need 10% deposit as a FTB (20% otherwise)

Lenders will generally lend at a cap of 3.5x annual salary of applicants

With these new conditions, you can claim 10% of the property up to 300K (source: https://twitter.com/gavreilly/status/1286307924063727616)

So technially, you could get your deposit entirely from HTB up to €300K

Banks may need more proof of savings to satisfy their needs, but that is at their discretion.

Yes see I don’t see banks giving out mortgages unless you have proof of your deposit so not sure how that will work. I have my deposit and mortgage approval, booking deposit paid and contracts ready to sign. Just saving hard now to furnish the house. I’m a single first time buyer so a slightly higher rebate would be amazing and would allow me to finish it sooner after draw down than expected. Originally entitled to €15k so even a little extra would go a long way.

LeineGlas

islander35 wrote: »

Yes see I don’t see banks giving out mortgages unless you have proof of your deposit so not sure how that will work. I have my deposit and mortgage approval, booking deposit paid and contracts ready to sign. Just saving hard now to furnish the house. I’m a single first time buyer so a slightly higher rebate would be amazing and would allow me to finish it sooner after draw down than expected. Originally entitled to €15k so even a little extra would go a long way.

Well there will still be 3.5 LTI restriction and they will ensure that you are able to make repayments.

So as long as you can fulfil those criteria (along with cash for fees/stamp duty) they might be alright with HTB making up the full deposit?

islander35

LeineGlas wrote: »

Well there will still be 3.5 LTI restriction and they will ensure that you are able to make repayments.

So as long as you can fulfil those criteria (along with cash for fees/stamp duty) they might be alright with HTB making up the full deposit?

Thanks for the extra details

Will look out for the details of when it takes effect etc. Hopefully it won’t just inflate prices ðŸ€žðŸ»

Renjit

#014917 wrote: »

The rules are:
You need 10% deposit as a FTB (20% otherwise)

Lenders will generally lend at a cap of 3.5x annual salary of applicants

With these new conditions, you can claim 10% of the property up to 300K (source: https://twitter.com/gavreilly/status/1286307924063727616)

So technially, you could get your deposit entirely from HTB up to €300K

Banks may need more proof of savings to satisfy their needs, but that is at their discretion.

Did you add another zero to 30k?

8-10

Renjit wrote: »

Did you add another zero to 30k?

Up to 300k purchase price. From 300-500k purchase price you'll still get a max of 30k but it will mean less than 10% so you still need to fund the difference. It's 10% up to 300k

Tipsy McSwagger

Rock77 wrote: »

Yes, however I would think if you have already received the HTB money that you are too late to avail of this new rule.

I could be wrong...

I claimed 5% back in December so have missed out. Good luck to everyone claiming the 10% and probably the full deposit. That extra 10k or more saved will stop a lot of the stress buying your first house.

cove33

In the same boat as a few others here. Contracts fully signed, 5% deposit transferred and HTB claim submitted but hoping we can cancel and reapply for the new 10% HTB. Have submitted a query with Revenue. Fingers crossed...

Duke of Url

Is the new HTB starting in September?

thekingof60

Duke of Url wrote: »

Is the new HTB starting in September?

I havent seen anything stating september. Only running until end of year so id imagine they will roll out from Aug 1st or effectively today

Duke of Url

thekingof60 wrote: »

I havent seen anything stating september. Only running until end of year so id imagine they will roll out from Aug 1st or effectively today

It still have the following on the website

How much can you claim?
The amount that you can claim is the lesser of:

€20,000
5% of the purchase price of a new home. For self-builds this is 5% of the completion value of the property
the amount of Income Tax and Deposit Interest Retention Tax (DIRT) you have paid in the four years before your purchase or self-build.
The maximum payment is €20,000 per property. This cap applies regardless of how many people enter into a contract to buy a house.

Universal Social Charge (USC) or Pay Related Social Insurance (PRSI) are not taken into account when calculating how much you can claim.

Billythekid19

cove33 wrote: »

In the same boat as a few others here. Contracts fully signed, 5% deposit transferred and HTB claim submitted but hoping we can cancel and reapply for the new 10% HTB. Have submitted a query with Revenue. Fingers crossed...

Unfortunately if you have already paid deposit the developer will have already claimed the 5 per cent. It gives a bit of confidence to new buyers at least but will essentially push demand higher meaning higher prices.

Duke of Url

This hurts.

I put it my Help to buy claim on Monday