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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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Markitron

conal08 wrote: »

Hi, couple of queries:
1. Current completion date for the property is October or November 2021. If something goes wrong or there's another delay in construction which pushes the completion date out to early 2022, do we still receive the money we qualified for this year or would it depend on whether the government extends the scheme?
2. We are to pay 10% in cash up front for the deposit. When does the developer receive the money we qualify for from the HTB in order to then refund us?
Thanks!

Can't help you with the first one, but the developer will keep whatever you already gave them AND the money from HTB and take them off the total of the house. When you go to draw down the mortgage there will be an excess left over and you get it back then.

conal08

Hi, couple of queries:
1. Current completion date for the property is October or November 2021. If something goes wrong or there's another delay in construction which pushes the completion date out to early 2022, do we still receive the money we qualified for this year or would it depend on whether the government extends the scheme?
2. We are to pay 10% in cash up front for the deposit. When does the developer receive the money we qualify for from the HTB in order to then refund us?
Thanks!

januskaizar20

phd wrote: »

It's a tax rebate. You don't pay it back. We used the scheme back in 2017. No downside whatsoever.

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Thank you very much for the clarification. Hopefully they would extend it next year because as of now we are still saving up just in case the money isnt enough. Thanks

phd

januskaizar20 wrote: »

Hi. I just want to enquire regarding availing the "help to buy scheme". Ive read some articles regarding the scheme that it is not a good scheme to avail for long term as the interest rates might go up and the price of the house your going to buy is not fixed. Most of the articles ive read as based on the UK. Im not sure as this is the same here in Ireland. Im sure it is a good way to use this scheme to buy a home much faster. But im not sure if this is a good idea in the long term. I just want to ask if the help to buy money the government will provide you is a loan or is it a tax rebate that you wont have to pay back.

In articles of help to buy in the UK, you will not have interest for the first 5 years. Then the interest rate will go up in the succeeding years. Im not sure about it here in Ireland.
Thanks

It's a tax rebate. You don't pay it back. We used the scheme back in 2017. No downside whatsoever.

januskaizar20

Hi. I just want to enquire regarding availing the "help to buy scheme". Ive read some articles regarding the scheme that it is not a good scheme to avail for long term as the interest rates might go up and the price of the house your going to buy is not fixed. Most of the articles ive read as based on the UK. Im not sure as this is the same here in Ireland. Im sure it is a good way to use this scheme to buy a home much faster. But im not sure if this is a good idea in the long term. I just want to ask if the help to buy money the government will provide you is a loan or is it a tax rebate that you wont have to pay back.

In articles of help to buy in the UK, you will not have interest for the first 5 years. Then the interest rate will go up in the succeeding years. Im not sure about it here in Ireland.
Thanks

NewHouse2021

Hi everyone, is there a way of telling whether the developer has received the funds from your profile? I can’t actually see anything that can tell either way?

RacoonQueen

kev_s88 wrote: »

The wage subsidy doesn't affect your approval. Me and OH both still have outstanding amounts due to the TWSS and got our approval during the week

Thanks, I didn't think it would, just paniced as assumed person I quoted was oweing in 2020 due to wage subsidy but that may not have been the case.

kev_s88

RacoonQueen wrote: »

Was wondering about this too as I was just looking at putting in my application the other day. Annoying if subsidy impacts it

edit: according to this article in January mine doesn't. I owe close to 3k due to subsidy so wasn't fancying paying that back now when I don't even know if I will even go for a new build! :pac:
https://www.irishexaminer.com/news/arid-40205444.html

The wage subsidy doesn't affect your approval. Me and OH both still have outstanding amounts due to the TWSS and got our approval during the week

RacoonQueen

Bluebb993 wrote: »

Applying for the HTB here. In my statement of liability from 2020 I had an underpayment of 200€, it says below that this will be taking from my credits over the next few years.

Should this have any impact in my application as I seen a few people here saying they've had issues with a few cents not paid off over the years? Thanks

Was wondering about this too as I was just looking at putting in my application the other day. Annoying if subsidy impacts it

edit: according to this article in January mine doesn't. I owe close to 3k due to subsidy so wasn't fancying paying that back now when I don't even know if I will even go for a new build! :pac:
https://www.irishexaminer.com/news/arid-40205444.html

Batattackrat

I'm a bit confused with some parts of the application.

1)Under Financial history and commitments there is a section
"Have you ever had a loan or made a previous application to any other lending agency". "Please give details"
I have had car loans and stuff in the past but currently have no debt whatsoever. Do I have to put old car loans in here.

2) Under "details of property to mortgaged" I have no clue what house I am going to buy. Do I just leave this blank and under loan amount do I just put maximum which is what I want?

3) Under contact details for Solicitor it's looking for solicitor, do I just leave this blank as well for the moment until approved.

Many thanks folks. I'm a bit confused.

Thanks folks.

mellieb

Has anyone's application just been deleted off the system?? my application was stuck at the "under review" stage for at least three weeks.

Under manage my tax for 2021 it was displaying that my profile required updating, so I put in my current address which lines up with the address on my payroll thinking nothing of it.....

I have been logging in everyday to check for any updates and suddenly today my application is gone, no trace, had to start it from scratch. Beyond annoyed.

As if it isn't already difficult enough trying to get an exception on your own and then secure a spot in a new development without this being added into the struggle.

has this happened to anyone else? any advice??

Bluebb993

Jasna1982 wrote: »

Yes, they won’t approve you with an outstanding balance. You can make a payment in full on the Revenue website

Thanks for that, cleared it earlier today.

kev_s88

we got our approval today after 3 weeks of waiting

We were a bit surprised to get the approval with no hassle as the OH had an underpayment in 2017 of €25 but it looks like Revenue incorporated the clawback of the underpayment into Tax Credits for the next 4 years, along with any outstanding tax from the TWSS. So they weren't looking for any payment of the outstanding amounts.

We had been waiting 2 weeks or so and, just out of interest, decided to raise an enquiry with Revenue for an update last Thursday. We then both got our emails this afternoon to confirm it as approved.

Definitely worth sending in an enquiry if you haven't heard anything

Now we just have to wait for construction to begin again

Jasna1982

Bluebb993 wrote: »

Applying for the HTB here. In my statement of liability from 2020 I had an underpayment of 200€, it says below that this will be taking from my credits over the next few years.

Should this have any impact in my application as I seen a few people here saying they've had issues with a few cents not paid off over the years? Thanks

Yes, they won’t approve you with an outstanding balance. You can make a payment in full on the Revenue website

Bluebb993

Renjit wrote: »

Check you statement of liability and you can calculate based on taxes paid for last 4 years.

Is this tax deducted without taking your tax credits into account?

This is it

Applied end of January, approved yesterday, for anyone waiting.

Monsieur Folie

Bluebb993 wrote: »

Applying for the HTB here. In my statement of liability from 2020 I had an underpayment of 200€, it says below that this will be taking from my credits over the next few years.

Should this have any impact in my application as I seen a few people here saying they've had issues with a few cents not paid off over the years? Thanks

Yes you will have to pay this off before they will approve your application.

Bluebb993

Applying for the HTB here. In my statement of liability from 2020 I had an underpayment of 200€, it says below that this will be taking from my credits over the next few years.

Should this have any impact in my application as I seen a few people here saying they've had issues with a few cents not paid off over the years? Thanks

muppetkiller

HTB scheme finally approved here took 6 weeks.

morawagin

Hi all,

Just wanted to highlight our situation in terms of Help To Buy and how it needs to be improved in relation to terms & conditions.

We finally got to the stage that we came back to it and got our dream first time buyer new home ( ! ) mortgage loan approved at the 90% LTV ratio in summer last year.

All great ! ....until end of Nov'20 when we got the call from PTSB ( one of 3 banks that we got approval from ) stating that if our employer is on support scheme ( EWSS - Employment Wage Subsidy Scheme ) we might have a issue and previous approval will have to be amended and cut down as in the due process it turned out that my employer ( hospitality industry ) is actually supported by the scheme but that wasn't reflected on my payslip, only thing that changed pay wise was the increase ( ! ) in salary due to our employer being able to secure long term state contract ( still ongoing and will continue )

Worth mention that both me and my partner are on full-time, permanent contract re-issued during pandemic ( my partner also has other employment secured on permanent part-time bases )

So coming back to the mortgage my income wasn't taken into account due to EWSS scheme which is ridiculous and unlogical in my opinion looking at the fact that following recent bank regulation changes, i could come back to full approval amount day after my company will go off the scheme ( how's that would make it more secure to them when i could be lay off in this industry if not for the long-term contract !!!! )

Our loan was reduced below 70% LTV so now we won't be able to avail HTB relief which was approved in full amount available and scale in relation to house price

I believe scheme was introduced to help first time buyers secure funds for deposit and in general boost the housing sector.

Don't get me wrong, i could understand the idea behind introducing 70% LTV ratio required to cut off the cash buyers that have enough funds to secure the mortgage without the state help that could be transferred to more difficult cases...and we are that case !!! but can't get any support now due to new regulations and are left with difficult decisions to make leading up to more financial constrains.

I believe the government, minister of housing should go back and review the scheme for current crazy times if they really won't to help the buyers....not the developers in the end run

Please post your current cases in terms of mortgage, maybe someone was in similar situation

Thanks and sorry for long one here..

Klopp

Busi_Girl08 wrote: »

Are you able to get through to them on phone at all? Because 3c should absolutely be written off. Or have you tried to pay it off on the portal?

I got a reply back from the online 'My Enquirers i submitted and they said this won't affect my application but they didn't answer any of my other questions, the replies are so generic?

I checked my partners 'Review your tax 2017-20 and selected 2018, she started a new job in December 2018, and here you can see the current Employer, all Gross income, Tax deducted, income for USC, etc. is all blank?

When I go to edit it says to use the P60 for the end of 2018 but it looks wrong as she moved jobs?

Renjit

2smiggy wrote: »

sorry for which is probably a silly question , but maybe someone could give me a quick answer.

I have planning permission granted, and will start a self build soon hopefully. Can the help to buy be applied for after the build has started, and after a mortgage has been approved ? I have yet to finalise the amount of my mortgage. As I will be building on land at home, the value of the house will probably exceed the 70% of the mortgage. All a bit up in the air really.

Yeah, read the HTB guideline.
https://www.revenue.ie/en/property/documents/htb-summary-applicants.pdf

First-time self-build applicants
- self-builds who have drawn down the first tranche of the mortgage between 1 January
2017 and 31 December 2021.
- self-builds who have drawn down the first tranche of the mortgage between 23 July
2020 and 31 December 2020 are entitled to an ‘enhanced HTB relief’.

2smiggy

sorry for which is probably a silly question , but maybe someone could give me a quick answer.

I have planning permission granted, and will start a self build soon hopefully. Can the help to buy be applied for after the build has started, and after a mortgage has been approved ? I have yet to finalise the amount of my mortgage. As I will be building on land at home, the value of the house will probably exceed the 70% of the mortgage. All a bit up in the air really.

Busi_Girl08

Klopp wrote: »

My joint application has not progressed. i called the revenue and was advised to submit my query online through the site and i got the below reply earlier.

I have submitted a SOL and for 2017 and 2018 it says i owe a total of three cent. Do the revenue not contact you or am i missing something when i login?

Are you able to get through to them on phone at all? Because 3c should absolutely be written off. Or have you tried to pay it off on the portal?

Klopp

My joint application has not progressed. i called the revenue and was advised to submit my query online through the site and i got the below reply earlier.

In reply to your query, as per your HTB application on record I trust this issue is now resolved. However, you should note your HTB application cannot progress as requested documentation remains outstanding.

You should log onto you HTB application and check its status. Please ensure that all Income Tax returns have been filed and a Statement of Liability has issued for all years included in your HTB application.

I have submitted a SOL and for 2017 and 2018 it says i owe a total of three cent. Do the revenue not contact you or am i missing something when i login?

Renjit

arleitiss wrote: »

Hi All,

Just wondering how does this process work.

My application for Help To Buy just got approved, I was given Application code and Maximum relief value.

Am I correct to assume this is the following process:

I go to bank/lender and get approved for mortgage (I am sure I will get approved as I went 2 months ago and got rejected only because I had two loans, one of them is closed now).

So now I can combine: [My Deposit/Savings] + [HTB Relief Value or 10% of property value] + Mortgage Value Approved = Total value of property I can afford/buy?

Once I find property and decide to go for it - I will provide all these applications and that will be it?

Or am I getting something/everything wrong here?

Refer this:

When you are creating HTB application and submitting it, you do not need any documents. You just have to create the application as single applicant or joint (your spouse). Then you select the tax years you wish to include. And then you submit. Then you will receive the Application number.

After approval (which may take some time and you will get the email) you will see the max claim amount available to you. You will also receive the Access Code which can be used by third party to confirm the max amount available to you. You provide Application number and Access code to the bank for verification of HTB available to you. Bank will provide you Mortgage offer letter (with house details you finalized) or approval in principle (if you are just searching for houses).

Later, you proceed with the claim stage. Where you provide the documentation details (mortgage offer, contract copy, property address etc) and then submit. After this you get the Claim reference number. This is what you provide to your solicitor who then send it to developer solicitor. And the developer claims it.

Refer to the below HTB guide for detailed information:
https://www.revenue.ie/en/property/documents/htb-summary-applicants.pdf

Graham

Mod Note

arleitiss, I've merged your post with the main HTB thread.

arleitiss

Hi All,

Just wondering how does this process work.

My application for Help To Buy just got approved, I was given Application code and Maximum relief value.

Am I correct to assume this is the following process:

I go to bank/lender and get approved for mortgage (I am sure I will get approved as I went 2 months ago and got rejected only because I had two loans, one of them is closed now).

So now I can combine: [My Deposit/Savings] + [HTB Relief Value or 10% of property value] + Mortgage Value Approved = Total value of property I can afford/buy?

Once I find property and decide to go for it - I will provide all these applications and that will be it?

Or am I getting something/everything wrong here?

Markitron

The builder of my house wasn't registered with HTB when we went sale agreed, been waiting 6 weeks for them to sort their application now.

Don't suppose anyone else has been in that situation?

[Deleted User]

Confirmation that builder has received their part, only a few days after we got approval (Which only took a few days)

Very pleasantly surprised. Hope it works out for all in the thread.