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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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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.

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.

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.

NeVeR

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

NeVeR

One more question.

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

NeVeR

BUMP the question above.

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?

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?

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

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...

GingerLily

astefulj wrote: »

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...

Yes, as long as your mortgage is at least 70% LTV you can use the HTB.

We paid the 10% ourselves and the contractor took the HTB at completion / same time as the mortgage was drawdown

astefulj

GingerLily wrote: »

Yes, as long as your mortgage is at least 70% LTV you can use the HTB.

We paid the 10% ourselves and the contractor took the HTB at completion / same time as the mortgage was drawdown

Thanks for your reply.

Jasna1982

astefulj wrote: »

Thanks for your reply.

Make sure though that it’s a new build from a qualifying developer. If you’re buying a new build that a private person built you wouldn’t qualify. There is a list of builders you can find on the Revenue site I believe.

Klopp

The revenue got back to me on my joint HTB and said there is no record of e-form 12 income tax returns for 2019/20. I now need to submit an e-form 12 for tax returns. I am PAYE - anyone any idea and why they need this and what i need to do?

elchupanebrey

I signed contracts a couple of weeks ago and submitted them along with mortgage paperwork to revenue, as I thought this is what my solicitor advised.

Now he has sent me the contracts in pdf form signed by the contractor to submit to revenue. Presumably the contractor couldn't use the codes to claim I sent them as they hadn't signed the contract I sent in to revenue.

I am guessing I will have to cancel my current claim and go through the entire process again. There should be no issues doing this I hope.

Klopp

Our application for the HTB was finally approved. I guess the real fun is only beginning.

C14N

Klopp wrote: »

Our application for the HTB was finally approved. I guess the real fun is only beginning.

Did you get an email notification of this btw? I'm not sure whether its worth while signing in and checking it regularly if I will get some notification about it anyway when its done.

Klopp

C14N wrote: »

Did you get an email notification of this btw? I'm not sure whether its worth while signing in and checking it regularly if I will get some notification about it anyway when its done.

Yes, anytime I have submitted a query on the ROS or for our HTB application, I always receive a notification by email when they respond and only then I would log in on the ROS to check. I would double-check your account and make sure your email address is correct if you haven't received any notifications before.

Klopp

elchupanebrey wrote: »

I signed contracts a couple of weeks ago and submitted them along with mortgage paperwork to revenue, as I thought this is what my solicitor advised.

Now he has sent me the contracts in pdf form signed by the contractor to submit to revenue. Presumably the contractor couldn't use the codes to claim I sent them as they hadn't signed the contract I sent in to revenue.

I am guessing I will have to cancel my current claim and go through the entire process again. There should be no issues doing this I hope.

I would cancel and resubmit if incorrect forms submitted, it is only going to delay you further if you wait.

elchupanebrey

Klopp wrote: »

I would cancel and resubmit if incorrect forms submitted, it is only going to delay you further if you wait.

Cancelled it there and went to reapply. I was able to go straight to claim stage again, this time uploading signed documents. Reference number is the same as the original one I had

Klopp

elchupanebrey wrote: »

Cancelled it there and went to reapply. I was able to go straight to claim stage again, this time uploading signed documents. Reference number is the same as the original one I had

That's great, better to cancel and upload the correct documents.

RacoonQueen

Got my approval through today for max amount. It was sitting there for weeks and I mailed them at the weekend after seeing advice either here or facebook, quick turnaround from the mail.
I knew I'd get it obviously but still great to have it actually confirmed.

elchupanebrey

elchupanebrey wrote: »

Cancelled it there and went to reapply. I was able to go straight to claim stage again, this time uploading signed documents. Reference number is the same as the original one I had

Turns out the builder can't claim the HTB after all. Bit annoying. I'm just seeing an error in my HTB claim. Has anyone an idea how long it takes revenue to reply to my enquiries, or would I be better ringing tomorrow?

RacoonQueen

elchupanebrey wrote: »

Turns out the builder can't claim the HTB after all. Bit annoying. I'm just seeing an error in my HTB claim. Has anyone an idea how long it takes revenue to reply to my enquiries, or would I be better ringing tomorrow?

I sent an online enquire last weekend and my HTB approval was through by Tuesday lunchtime so that's all it took for them to 'reply' to enquiry. Depends on the issue I guess.

[Deleted User]

Sorry guys if this has been asked a million times before. Got approved for HTB back in March. I'm at a stage now where I need to make a claim for it. Although the house won't be ready until November of this year (new development) I do have a copy of the signed contract which was signed last week. What else do I need to submit at claim stage? Would proof of mortgage approval be enough or do they need proof if the letter of offer from the bank? Also what other documents would I need to submit please

Creamy Goodness

offalyandroid wrote: »

Sorry guys if this has been asked a million times before. Got approved for HTB back in March. I'm at a stage now where I need to make a claim for it. Although the house won't be ready until November of this year (new development) I do have a copy of the signed contract which was signed last week. What else do I need to submit at claim stage? Would proof of mortgage approval be enough or do they need proof if the letter of offer from the bank? Also what other documents would I need to submit please

letter of offer and signed contracts by both parties is all that's required for the claim stage.

bogwalrus

I just made a claim myself and the max amount is very low compared to others here (under 4k).

I am applying for mortgage with aib as first time buyer however I am married so wondering if that has something to do with the low amount.

Been full paye work last 3 years with parttime work 2017.

I sent enquiry to revenue so hopefully they can clarify.

RosieLu

Hi,

We applied for the Help to Buy scheme last year and were approved. At the time there were no New Builds so our approval elapsed.
We applied again recently and it seemed to take an age to process, but we didn’t think much of it. After logging into MyAccount, we found out that our application was cancelled. There was no other info as to why.
After messaging, they eventually got back to us explaining we had under payments for 2019 and 2020. They provided a link to make these payments in full. There was no option to adjust our tax credits and pay over a few years.
We are close to buying our house now with contracts sent out etc. It’s a lot of money for us both to pay off now and out of the blue when we’re trying so hard to save.
Obviously we will try and come up with the money from somewhere but I was just wondering has anyone else come across this recently?

IHateNewShoes

I had a similar case, I had an under payment of €1,200 and had to clear it in full before HTB would be processed. I was paying it through adjusted tax credits over 2 years but there cannot be any arrears for HTB approval.

RosieLu

Thanks for the reply. Yeah we had underpayments too last year but there was no problem having our tax credits adjusted to pay off what we owed over a few years. The difference is since we applied this year, they have told us we need to pay the amount in full now in order to proceed with approval for the scheme. They sent us a link to pay in full or if not we won’t be approved.