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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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astefulj

Hi all,

Just a quick question. So basically, me and my partner are looking to buy a new build house for 200,000€. We already have 10% or 20,000€ for a deposit (a bit more for legal fees etc).

Can we still apply for a Help to Buy scheme?
We are working for years, no break, a lot of taxes paid.

Just wanted to ask if they can top up on our deposit so we can take out a lower mortgage then? So let's say they top up for 20,000 and with our 20,000 that's 40k or 160,000 mortgage instead of 180,000.

Thanks for help and enjoy bank holiday weekend...

Jasna1982

DubLad69 wrote: »

Hey guys,

I just put a deposit on a new build. So I will be signing contracts in the coming weeks. The house won't be ready until Jan/Feb next year.

We are currently eligible for €25,000 from the HTB, but by January we would be entitled to the full €30,000 (assuming the rules stay the same).

If we pay the full 10% deposit now, can we wait and claim the €30,000 HTB in January 2022, which will get us an extra €5,000? Even though we will have signed the contract in 2021?

No, you have to claim it in the year you sign contracts

GingerLily

DubLad69 wrote: »

Hey guys,

I just put a deposit on a new build. So I will be signing contracts in the coming weeks. The house won't be ready until Jan/Feb next year.

We are currently eligible for €25,000 from the HTB, but by January we would be entitled to the full €30,000 (assuming the rules stay the same).

If we pay the full 10% deposit now, can we wait and claim the €30,000 HTB in January 2022, which will get us an extra €5,000? Even though we will have signed the contract in 2021?

The rules used to be 5% and up to 20k.

I'd call it a gamble, and I think you have to apply when you sign contracts rather than drawdown?

DubLad69

Hey guys,

I just put a deposit on a new build. So I will be signing contracts in the coming weeks. The house won't be ready until Jan/Feb next year.

We are currently eligible for €25,000 from the HTB, but by January we would be entitled to the full €30,000 (assuming the rules stay the same).

If we pay the full 10% deposit now, can we wait and claim the €30,000 HTB in January 2022, which will get us an extra €5,000? Even though we will have signed the contract in 2021?

NeVeR

BUMP the question above.

NeVeR

One more question.

When applying for a new build mortgage - Can the cost of the land be including in the mortgage?

NeVeR

thanks for the replies.. I didn't know it was only for new builds.
thanks.

Renjit

NeVeR wrote: »

Hi,

I'm in the process of saving for a deposit on a house, I'm a first time buyer.

I don't have any house in mind, and i've not applied for a mortgage yet as I don't have enough of a deposit saved.

I was reading on revenue.ie that there is a Help to Buy scheme. https://www.revenue.ie/en/property/help-to-buy-incentive/index.aspx

Is says that I can claim for a refund on my paid income tax to help with the deposit.

As a first time buyer, I need at least 10% deposit. How would this work if I was able to get some of that deposit from claiming back income tax.

If I was looking at a house for €200,000. I'd need a minimum of €20,000 deposit.

If I had €10,000 saved, and was able to get €10,000 back from revenue, would this satisfy the 10% deposit rule?

The main reason for asking this is I could speed up the process of getting a deposit and I could be looking for a new home sooner.

thanks.

Yeah, you can offset 10% with HTB amount and only have to pay remaining amount.

C14N

NeVeR wrote: »

Hi,

I'm in the process of saving for a deposit on a house, I'm a first time buyer.

I don't have any house in mind, and i've not applied for a mortgage yet as I don't have enough of a deposit saved.

I was reading on revenue.ie that there is a Help to Buy scheme. https://www.revenue.ie/en/property/help-to-buy-incentive/index.aspx

Is says that I can claim for a refund on my paid income tax to help with the deposit.

As a first time buyer, I need at least 10% deposit. How would this work if I was able to get some of that deposit from claiming back income tax.

If I was looking at a house for €200,000. I'd need a minimum of €20,000 deposit.

If I had €10,000 saved, and was able to get €10,000 back from revenue, would this satisfy the 10% deposit rule?

The main reason for asking this is I could speed up the process of getting a deposit and I could be looking for a new home sooner.

thanks.

Yes, that's exactly how it works. You will use the HTB amount to go toward the deposit on the house. Bear in mind, it only applies to newly built houses (either built by yourself, or by an approved developer), second-hand houses are not eligible.

Graham

Mod Note

NeVeR, I've merged your post into the "help to buy scheme - megathread".

Have a read through previous posts, questions like this have come up a few times.

NeVeR

Hi,

I'm in the process of saving for a deposit on a house, I'm a first time buyer.

I don't have any house in mind, and i've not applied for a mortgage yet as I don't have enough of a deposit saved.

I was reading on revenue.ie that there is a Help to Buy scheme. https://www.revenue.ie/en/property/help-to-buy-incentive/index.aspx

Is says that I can claim for a refund on my paid income tax to help with the deposit.

As a first time buyer, I need at least 10% deposit. How would this work if I was able to get some of that deposit from claiming back income tax.

If I was looking at a house for €200,000. I'd need a minimum of €20,000 deposit.

If I had €10,000 saved, and was able to get €10,000 back from revenue, would this satisfy the 10% deposit rule?

The main reason for asking this is I could speed up the process of getting a deposit and I could be looking for a new home sooner.

thanks.

Renjit

Abhi0505 wrote: »

Hi, could you or anyone else please confirm if the status of HTB updates to reflect that the contracter has recieved the refund? I see the last status for me is claim approved for over a week now.
Thanks

It doesn't reflect that. You need to check with your solicitor or developer solicitor (which you can do through your solicitor).

Abhi0505

patrickc wrote: »

We've just drawn down the HTB this week. originally we gave our solicitor the access code and the builder signed the contracts this week, once he did that our solicitor gave us a pdf of the contract and we submitted these to revenue, straight away we got another code and gave that to our solicitor and the builder got his 10% then. In fairness its a good system and was a great help to us.

Solicitors and stamp duty are a small cost compared to the cost of moving into a new build and getting it ready to live in so just remember that too.

Good Luck

Hi, could you or anyone else please confirm if the status of HTB updates to reflect that the contracter has recieved the refund? I see the last status for me is claim approved for over a week now.
Thanks

Mjohn123

nd272 wrote: »

I applied under by myself c.3/4 weeks ago, I done all the returns for the years selected and got the same screen and no updates since then.

Tried ringing and everything to no avail. Put booking deposit down on new build and contracts now with my solicitor, bank can’t release revised offer until proof of HTB is there.

Don’t know what is going on but clock is ticking now big time.

Upload proof of AIP, proof of deposit and contractors details into my enquiries, ring the helpline and let them know that you have uploaded this information and that it's urgent. Did this last week and was approved within 10 minutes

nd272

C14N wrote: »

We've both finished it and see the same message (see below with details blocked out). It doesn't show anything else that we're actually able to do.

We've both done the steps where you confirm membership and select years that you want tax back for also and all that.

I applied under by myself c.3/4 weeks ago, I done all the returns for the years selected and got the same screen and no updates since then.

Tried ringing and everything to no avail. Put booking deposit down on new build and contracts now with my solicitor, bank can’t release revised offer until proof of HTB is there.

Don’t know what is going on but clock is ticking now big time.

C14N

ec18 wrote: »

sounds like you or your partner haven't completed the membership. Both of you need to be confirm that you want to be part of the application

We've both finished it and see the same message (see below with details blocked out). It doesn't show anything else that we're actually able to do.

We've both done the steps where you confirm membership and select years that you want tax back for also and all that.

ec18

C14N wrote: »

Does anyone know how long approval for HTB usually takes these days? My partner and I submitted our application 11 days ago and I paid off all outstanding taxes due before doing so, but haven't gotten any communication or movement since then. I would have thought it would be a fairly quick automated system, like applying for Statement of Liability on Revenue, but maybe it's normal for it to take a few weeks to hear back?

Right now whenever I check it I just get a generic message that it's under review, but also when either one of us checks it, it says it is awaiting membership confirmation from the other person. Is that normal?

sounds like you or your partner haven't completed the membership. Both of you need to be confirm that you want to be part of the application

C14N

Does anyone know how long approval for HTB usually takes these days? My partner and I submitted our application 11 days ago and I paid off all outstanding taxes due before doing so, but haven't gotten any communication or movement since then. I would have thought it would be a fairly quick automated system, like applying for Statement of Liability on Revenue, but maybe it's normal for it to take a few weeks to hear back?

Right now whenever I check it I just get a generic message that it's under review, but also when either one of us checks it, it says it is awaiting membership confirmation from the other person. Is that normal?

Renjit

patrickc wrote: »

We've just drawn down the HTB this week. originally we gave our solicitor the access code and the builder signed the contracts this week, once he did that our solicitor gave us a pdf of the contract and we submitted these to revenue, straight away we got another code and gave that to our solicitor and the builder got his 10% then. In fairness its a good system and was a great help to us.

Solicitors and stamp duty are a small cost compared to the cost of moving into a new build and getting it ready to live in so just remember that too.

Good Luck

In fairness, yes. But the property prices are also raised to normalize the effect of this subsidy. Some people would never be able to buy houses if the prices keep soaring like this and average income doesn't appreciate or prices are regulated to some extent.

patrickc

We've just drawn down the HTB this week. originally we gave our solicitor the access code and the builder signed the contracts this week, once he did that our solicitor gave us a pdf of the contract and we submitted these to revenue, straight away we got another code and gave that to our solicitor and the builder got his 10% then. In fairness its a good system and was a great help to us.

Solicitors and stamp duty are a small cost compared to the cost of moving into a new build and getting it ready to live in so just remember that too.

Good Luck

Minetunes

We have all the savings sorted now, stamp duty and all that jazz.

Sounds so easy!

Thanks for all this!

Abhi0505

Minetunes wrote: »

Thanks your your reply!

If we will decide to use it as our mortgage deposit and it is less than 10% required, I assume I just use my own savings to cover this difference then?

It’s a little bit complicated...

Yes, if it falls short of 10%, rest is your savings. The bank would also like to see that you have enough saved for the solicitor

Minetunes wrote: »

I will try and figure out what’s best to do then, give it to contractor or use it in the bank

Thanks again

Use it in your mortgage application and give it to the contractor later.
-->during mortgage application, you show the bank where you will get your deposit from -- you are just telling the bank you will use HTB.
-->when signing contract you give it to your contractor and they withdraw it

Minetunes

Thanks your your reply!

If we will decide to use it as our mortgage deposit and it is less than 10% required, I assume I just use my own savings to cover this difference then?

It’s a little bit complicated...

I will try and figure out what’s best to do then, give it to contractor or use it in the bank

Thanks again

Abhi0505

Minetunes wrote: »

Hi everyone,
Me and my partner want to buy a new build this year. We’ve been hearing about HTB now and because we are first time buyers we definitely want to use it. Can anyone clarify one thing for me because I’ve been hearing differently from different people how the pay out actually works? I’ve heard you can use it as deposit in the bank when applying for the mortgage? Is this true? Or is it the deposit to the builder?

I will greatly appreciate clarification on that from more experienced members of the forum

Thanks a lot

You can show that you will use HTB as a part of your deposit in your mortgage application. Bank will ask you for your application number/access code to verify the amount.

As for the payout, once you sign the contract, you can put in your claim and give the claim number/access code to your contractor and the amount will be refunded to the contractor directly.

Minetunes

Hi everyone,
Me and my partner want to buy a new build this year. We’ve been hearing about HTB now and because we are first time buyers we definitely want to use it. Can anyone clarify one thing for me because I’ve been hearing differently from different people how the pay out actually works? I’ve heard you can use it as deposit in the bank when applying for the mortgage? Is this true? Or is it the deposit to the builder?

I will greatly appreciate clarification on that from more experienced members of the forum

Thanks a lot

Abhi0505

Corkgirl20 wrote: »

Hi all,
I’m wondering can anybody help please?
We have provisionally booked a new build. Booking deposit due September 2021, house will be built summer 2022. We have been approved for full help to buy amount.
My question is can we obtain the help to buy before December 2021 to ensure we can avail of it for buying the house in 2022? Our fear is HTB won’t be around after December 2021.
Many thanks

As long as you sign the contract in 2021, you should be good.

ec18

I'd imagine if you're approved it's ok. Scheme would probably be closed to new applicants if it was to be done away with?

Corkgirl20

Hi all,
I’m wondering can anybody help please?
We have provisionally booked a new build. Booking deposit due September 2021, house will be built summer 2022. We have been approved for full help to buy amount.
My question is can we obtain the help to buy before December 2021 to ensure we can avail of it for buying the house in 2022? Our fear is HTB won’t be around after December 2021.
Many thanks

GingerLily

Markitron wrote: »

If anything it would improve your chances, having a full deposit paid for you makes it less likely you would immediately get a loan after drawdown. Realistically I don't expect it would make any difference.

Not if they're using the HTB as part of thr deposit?

Markitron

The_Fitz wrote: »

Cheers thought that.

Don't think I'll get an exemption either way but wanted to know if this stopped it.

If anything it would improve your chances, having a full deposit paid for you makes it less likely you would immediately get a loan after drawdown. Realistically I don't expect it would make any difference.