BrentMused wrote: » Hello, Sorry for the very basic question and I'm sure it's been answered 100 times, but with regards to the Help to Buy scheme I just want to get some clarification around potential deposit needed. Say the new house price is €250,000. Ordinarily you'd be looking at a 10% deposit needed, so obviously €25,000. However, with the Help to Buy, 10% of the value of the property will be covered under the scheme? Banks will obviously be looking for a track record of savings, a lump sum saved up to show ability to save etc, but is it now the case where if you satisfy the requirements of the bank that you don't necessarily need to have that sort of a deposit saved if the Help to Buy is essentially covering it? Or is that not how it works at all? :pac: Thank you.
Troula wrote: » I would also say that the banks will probably still be looking on track records, but not necessarily for all the 10%. For certain they will need to verify that you have enough to pay for stamp duty for example. Maybe even for the rest of running expenses that you need before buying a house like solicitor expenses etc, but not sure on that. My understanding is that the track record of saving shows that you were able to save an amount of money meaning you would be able to pay off your mortgage. Maybe I am wrong. I can guarantee you though that you don't have to have all the 10% in savings if you get the HTB. We got approved for a mortgage without having that amount saved. (we still had money saved but not the whole 10%, or even the 5% for that matter).
newhouse87 wrote: » Just wondering so i dont get caught out, im approved for the full 30grand and the value of the house will be 327000 so i will get 245k mortgage which will be 75%, on step 2 of my claim they ask for amount of deposit already paid, what does this mean for a self build and does it affect the amount i receive? Step 2 You will be asked to confirm details about the: - property - purchase price (if you are purchasing) or approved valuation (if you are self-building) - date of completion - mortgage - amount of deposit already paid.
dickface wrote: » If i have a deposit saved can i still get the HTB money ? If yes, can i use it towards a deposit, making my deposit about 20% the value of the property ?
td2008 wrote: » Yes , I'm in a similar situation. BOI consider me as a first time buyer, KBC also. UB considered me a second for some reason
Meandyou999 wrote: » Do i have to declare it. We have joint mortgage approval and plan on putting herselfs name soley on the deeds.
awec wrote: » Don't think you can do this.
Meandyou999 wrote: » The joint mortgage with one name on deeds? Is that what you refer to.
awec wrote: » Yes. I believe if it's a joint mortgage, the bank will insist on both names on the deeds.
Meandyou999 wrote: » So would an accountant telling you the best way to avoid paying tax or how save paying on tax be illegal? Its not tax evasion if its not illegle. Its being smart Its NOT illegle to buy a house and put it in someone else's name so how would it be classed as being ""tax evasion illegal"".
Bubbaclaus wrote: » Tax avoidance is perfectly legal. That's what a tax accountant would advise on. Tax evasion is very much illegal.
Meandyou999 wrote: » I agree as the law states. My point being is that putting a property in some elses name before when ftbs were exempt from stamp duty is not tax evasion it is tax avoidance.
Bubbaclaus wrote: » It would have been considered a gift to you though, given you now had an asset in your name that had been paid for by someone else. So either a large chunk of your lifetime tax free CAT exemption was used up, or else you failed to pay CAT on it (if the property was in excess of the lifetime exemption).
Meandyou999 wrote: » If it was considered a gift then would i still be eligible for the htb scheme?. House was 160k
awec wrote: » Yes, you'd be eligible for HTB.
Meandyou999 wrote: » HTB eligibility. First time buyer status. Parents bought a house in my name 15 years ago when i was 18 as first time buyers were exempt from paying stamp duty back then hence why they put it in my name on the deeds, house was boughy for cash with the sale proceeds from the previous home they were in. They sold n bought. No mortgage, house bought in my name, am i still a first timer buyer to get the HTB??? Thanks.
Katerrrs wrote: » Hi all, I'm wondering if anyone could advise - we're buying a showhouse, it's ready to go now, other than a few snags which the foreman has told us will be completed by Tuesday, and the developer has indicated that they want us to close within 2 weeks of contracts being exchanged (which happened on Friday 23/10/20). We submitted our HTB claim on Friday night. My question is how soon can we progress to mortgage drawdown - do we need to wait for the HTB to be verified by the developer or for the HTB funds to actually reach the developer's account before our solicitor can instruct the bank to proceed to mortgage drawdown? And how long does the drawdown process then typically take? We've a baby due in 5 weeks so starting to get a bit impatient and willing things to move as quickly as possible! Many thanks for your advice
Matthew316 wrote: » Hi guys, would appreciate your help with the following query, can we claim the full value of HTB if the house price is above the maximum borrowing capacity? For Example House Price - 335000 Maximum Borrowings - 294000 HTB eligiblity - 25000 Savings - 25000 My understanding is that our maximum affordability is 323400 (10% Deposit + Mortgage) but can we claim full HTB + Savings and take out a mortgage of 285000 (285000 + 50000 =335000)? I have tried to Google same with no Success
GingerLily wrote: » If your mortgage is at least 70% Loan to Value you can use HTB. With those numbers you'd be about 85% (285000/33500) LTV so you're fine!
Empsey wrote: » Hello all My bank has told me to try and apply for HTB. We inherited the property, both first time buyers. Mortgage to renovate is €250,000. Is there any way we are elegible HTB as house inhabitable?? Bank said there was but rev blocking application as LPT on property
