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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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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.

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

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

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.

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?

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

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

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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Join Date: Apr 2021
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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

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!

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.

Pete123456

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!

The HTB is claimed based on the date contracts are signed usually, So if you have signed contracts this year you should be safe - revenue usually look for the build to be completed within 2 years or justification given for longer it seems.

Alwandy

Hi,
I'm in the process on looking at buying a property. I had a call with my branch for the mortgage and they said with the new enhanced relief mortgage (10%) it can cover my full deposit and the savings I've saved up so far can be used for stamp duty solicitor fees etc.. Is this true? Or will it only cover 5% of the property?

Pete123456

Alwandy wrote: »

Hi,
I'm in the process on looking at buying a property. I had a call with my branch for the mortgage and they said with the new enhanced relief mortgage (10%) it can cover my full deposit and the savings I've saved up so far can be used for stamp duty solicitor fees etc.. Is this true? Or will it only cover 5% of the property?

It’s true.

sandman1212

Alwandy wrote: »

Hi,
I'm in the process on looking at buying a property. I had a call with my branch for the mortgage and they said with the new enhanced relief mortgage (10%) it can cover my full deposit and the savings I've saved up so far can be used for stamp duty solicitor fees etc.. Is this true? Or will it only cover 5% of the property?

It’s true if you get approval for the full amount (this depends on the tax you’ve paid in the last 4 years) AND sign contracts before 31 Dec this year.

Alwandy

sandman1212 wrote: »

It’s true if you get approval for the full amount (this depends on the tax you’ve paid in the last 4 years) AND sign contracts before 31 Dec this year.

Thank you & Pete123456 for the response, past 4 years I've had earning above 80k so hopefully it will cover it. When you say signing the contract, do the house have to be finished built? I have a few properties I am looking at but they're not planning to be done until early 2022

GingerLily

Alwandy wrote: »

Thank you & Pete123456 for the response, past 4 years I've had earning above 80k so hopefully it will cover it. When you say signing the contract, do the house have to be finished built? I have a few properties I am looking at but they're not planning to be done until early 2022

You typically sign contracts and pay your deposit (10%) a few weeks after putting down your booking deposit. You'll need your loan pack from the bank approved, an initial valuation and solicitor engaged at this stage but the house won't be finished.

RacoonQueen

I've just got my P21 back for 2017...I owe 2 cent. Do I really have to pay this for my HTB application??

Busi_Girl08

RacoonQueen wrote: »

I've just got my P21 back for 2017...I owe 2 cent. Do I really have to pay this for my HTB application??

Nah they'd ignore/discount that as a rounding issue most likely. It might delay the application slightly as they check it though.

Whodanoob

If you get the htb and pay off the complete mortgage within 5 years, and then sell the house, do you still have to pay back some of the htb? Just out of curiosity.

Markitron

Whodanoob wrote: »

If you get the htb and pay off the complete mortgage within 5 years, and then sell the house, do you still have to pay back some of the htb? Just out of curiosity.

I think it depends on how soon you do it. If its the first year you pay back more than you would if it was the 5th year.

GingerLily

Whodanoob wrote: »

If you get the htb and pay off the complete mortgage within 5 years, and then sell the house, do you still have to pay back some of the htb? Just out of curiosity.

You can pay back the mortgage within 5 years with no penalty. If you sell within 5 years you will have to pay back some of the HTB (20% per year).

Alwandy

I'm currently at the application stage with my bank, sadly my ex landlord I lived 2 years with was taking everything cash and my current one in somewhat similar situation. The bank asked me to provide some sort of proof I am paying rent to show I am able to pay the mortgage off. I'm a bit frustrated as my salary itself would be self explanatory and money in and out seen proves it all.. Now I am stuck where neither landlord wants to give a written reference I have been able to pay the rent from 1200 to 1600 a month without any hiccups or issues... Any other way going around?

[Deleted User]

What record of even withdrawal of the rent regularly might you have

Whodanoob

GingerLily wrote: »

You can pay back the mortgage within 5 years with no penalty. If you sell within 5 years you will have to pay back some of the HTB (20% per year).

Thank you!

GingerLily

Alwandy wrote: »

I'm currently at the application stage with my bank, sadly my ex landlord I lived 2 years with was taking everything cash and my current one in somewhat similar situation. The bank asked me to provide some sort of proof I am paying rent to show I am able to pay the mortgage off. I'm a bit frustrated as my salary itself would be self explanatory and money in and out seen proves it all.. Now I am stuck where neither landlord wants to give a written reference I have been able to pay the rent from 1200 to 1600 a month without any hiccups or issues... Any other way going around?

If you have a cash withdrawal at regular intervals that might help but your not in a great position without the landlord confirming the payments.

It's a very important part of their assessment on your application, so you need to push your current landlord at least

Alwandy

GingerLily wrote: »

If you have a cash withdrawal at regular intervals that might help but your not in a great position without the landlord confirming the payments.

It's a very important part of their assessment on your application, so you need to push your current landlord at least

Sadly, landlord refusing... I do have screenshots of some convos where I said I dropped of x amount rent to his place, is that enough?

GingerLily

Alwandy wrote: »

Sadly, landlord refusing... I do have screenshots of some convos where I said I dropped of x amount rent to his place, is that enough?

I dont know, your not in a great situation

Seaandwind

Still waiting since January 15th. It is a bit mad. Have emailed and rang a number of times. ‘Just hold on’, ‘they will get to you’- 3 months and counting now. A great idea but a frustrating system and wait time!

Klopp

Seaandwind wrote: »

Still waiting since January 15th. It is a bit mad. Have emailed and rang a number of times. ‘Just hold on’, ‘they will get to you’- 3 months and counting now. A great idea but a frustrating system and wait time!

I'm the same, my application says under review. I find the whole process very frustrating. I stopped ringing as found them unhelpful but same I understand they're busy and working through a backlog.

Seaandwind

Klopp wrote: »

I'm the same, my application says under review. I find the whole process very frustrating. I stopped ringing as found them unhelpful but same I understand they're busy and working through a backlog.

I don’t understand when they say it is a queue system but then I hear of a lot of people who hear after 6/4/3/2 weeks or even days. I guess some of it is automated but we have rang upwards of 6 times, most of the time we were told it was all fine but then they found tax owed which was paid, then another month later - no updates- rang again, another €20 owed. It’s beyond frustrating.