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2017-21 help to buy scheme - megathread. All help to buy discussion here please

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    #2522
    Creamy Goodness
    Registered Users Posts: 26,556 ✭✭✭✭Creamy Goodness


    Zedarg wrote: »
    Hi. I just got approwed for help to buy. Do I have to use it until end of this year?
    Yes. It needs to be claimed by December 19th. The government may extend it in budget 2020 but who knows if that’ll happen.


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    #2523
    Febreeze
    Closed Accounts Posts: 190 ✭✭Febreeze


    Myself and my partner have put in an application for the Help to Buy scheme. Our application is currently under review and has been for the last 2 weeks now. Does anyone know how long it can take before we hear back? Also, what is the process of it all? We've seen houses we like and we've got a location in mind. Has anyone gone through this process before? What was their experience? Did they have any back up plans in cause other plans have failed?

    Both negative and positive feedbacks are welcomed as we have no clue what we are supposed to do. So far we are saving as much as we can

    Edit: we are both in late 20s if that helps anything and based in Dublin


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    #2524
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    Mod Note

    Threads Merged


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    #2525
    Doff
    Registered Users Posts: 736 ✭✭✭Doff


    Febreeze wrote: »
    Myself and my partner have put in an application for the Help to Buy scheme. Our application is currently under review and has been for the last 2 weeks now. Does anyone know how long it can take before we hear back? Also, what is the process of it all? We've seen houses we like and we've got a location in mind. Has anyone gone through this process before? What was their experience? Did they have any back up plans in cause other plans have failed?

    Both negative and positive feedbacks are welcomed as we have no clue what we are supposed to do. So far we are saving as much as we can

    Edit: we are both in late 20s if that helps anything and based in Dublin




    I had the same issue, give them a ring and they will tell you exactly whats wrong and how to rectify it. Once we rectified our issues the application was proved within a day.


    Apply for HTB
    Save enough for mortgage
    Get approval in principal
    Find a new home and place 5k deposit on it, from your savings (This still counts towards your mortgage deposit)
    Provide the seller with your HTB number

    Get full approval before roughly 21 days while they send the paperwork to your solicitor
    Work with solicitor to fill in paperwork
    Pay the rest of the deposit on the house once you get full approval
    Draw down the mortgage and pay through your solicitor


    Not a bad process to be honest, our solicitor was amazing and guided us through the whole process.


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    #2526
    Febreeze
    Closed Accounts Posts: 190 ✭✭Febreeze


    Doff wrote: »
    I had the same issue, give them a ring and they will tell you exactly whats wrong and how to rectify it. Once we rectified our issues the application was proved within a day.


    Apply for HTB
    Save enough for mortgage
    Get approval in principal
    Find a new home and place 5k deposit on it, from your savings (This still counts towards your mortgage deposit)
    Provide the seller with your HTB number

    Get full approval before roughly 21 days while they send the paperwork to your solicitor
    Work with solicitor to fill in paperwork
    Pay the rest of the deposit on the house once you get full approval
    Draw down the mortgage and pay through your solicitor


    Not a bad process to be honest, our solicitor was amazing and guided us through the whole process.

    Thanks so much for replying.
    Do you know how long we can wait before using the HTB number? Can we wait until we have just about enough before we use it or do we have to have a set amount first?


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    #2527
    Doff
    Registered Users Posts: 736 ✭✭✭Doff


    Febreeze wrote: »
    Thanks so much for replying.
    Do you know how long we can wait before using the HTB number? Can we wait until we have just about enough before we use it or do we have to have a set amount first?




    HTB will match what you have up to 20k, depending how much you qualify for. So if the house is 340k and you qualify for the HTB, you will get a contribution of 17k (5% of house cost) from HTB on the condition you provide the remaining 17k to make up to required 10%.



    Generally new home sellers give 21 days from initial 5k deposit for you to get full approval and submit the rest of the deposit, so if you are confident that within that time frame you can get the rest of the funds and full approval then go for it. The actual HTB amount doesn't get taken until draw down, when you submit it first its more of a "I'm using help to buy to cover half of my deposit"


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    #2528
    FrankC21
    Registered Users Posts: 806 ✭✭✭FrankC21


    Hi,

    My fiancee and I are approved with max relief of 17K, I am unsure of what will be the next step in order to claim it what are the things/Documents I need.
    At the moment we do not have a price in mind, were still going to the bank to get the maximum mortgage they can give us?


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    #2529
    rosmoke
    Registered Users Posts: 416 ✭✭rosmoke


    https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-15/15-01-46.pdf

    This should be handy.


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    #2530
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    Mod Note

    Threads merged.


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    #2531
    Offtotheraces
    Registered Users Posts: 1 ✭Offtotheraces


    Do you recall how long it took for Revenue to give you the approval in the first place?

    Mine seems to be taking ages and I'm getting nowhere with them.

    Cheers!


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    #2532
    Febreeze
    Closed Accounts Posts: 190 ✭✭Febreeze


    Offtotheraces wrote: »
    Do you recall how long it took for Revenue to give you the approval in the first place?

    Mine seems to be taking ages and I'm getting nowhere with them.

    Cheers!

    I'm still waiting myself. Applied a few weeks ago and made enquires on the revenue website and still heard nothing. I've tried ringing and I can't get to them at all.


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    #2533
    CeCe2017
    Registered Users Posts: 10 ✭CeCe2017


    Hiya, it took about a week or a week and a half. Unless it was a quiet time we happened to apply but I’d check in with them if you can.


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    #2534
    Paul Tergat
    Registered Users Posts: 10,733 ✭✭✭✭Paul Tergat


    BOI are telling me that to apply for sanction that includes HTB as a part funding measure I need to have identified an actual property before they will sanction. Does that sound right? Sounds baffling to me.


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    #2535
    WAL1992
    Registered Users Posts: 23 ✭WAL1992


    Hi All

    At the very start at the process where I've cleaned up the bank account and am now starting to save some money for a deposit. I like the look of this scheme but does anybody think it will be around next year? I seen an economist recently stated that the scheme should be kept to encourage development but the government isn't great in taking advice from economists :pac:


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    #2536
    Febreeze
    Closed Accounts Posts: 190 ✭✭Febreeze


    We've just been approved for the scheme. Now its to properly crack down on savings, we have plenty but it's nice to have a decent amount and to check out some places. Excited doesn't begin to describe it


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    #2537
    murfilein
    Registered Users Posts: 539 ✭✭✭murfilein


    how is the procedure?

    do i apply for the scheme first? do i sign a contract with an agency/developer for a house first?

    i mean, unless i get money first, how is it going to "help" me buy a house? i put in 2 offers for 2 houses we liked, one was turned down outright as "its not enough", on the other someone else offered more money.

    with the money we have, i dont see us getting a house anytime soon as there will always be someone who can offer more than we can.


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    #2538
    charlietheminxx
    Registered Users Posts: 2,579 ✭✭✭charlietheminxx


    murfilein wrote: »
    how is the procedure?

    do i apply for the scheme first? do i sign a contract with an agency/developer for a house first?

    i mean, unless i get money first, how is it going to "help" me buy a house? i put in 2 offers for 2 houses we liked, one was turned down outright as "its not enough", on the other someone else offered more money.

    with the money we have, i dont see us getting a house anytime soon as there will always be someone who can offer more than we can.

    As this is only for new build houses, you won't be putting and bid/offers in.

    You apply for Help to Buy approval first, find out how much you are eligible for, then you go looking at new houses. When you put a deposit down and sign contracts, you'll submit a Help to Buy claim and the developer will be able to claim the sum.


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    #2539
    Htbhelp
    Registered Users Posts: 10 ✭Htbhelp


    Quick question - have heard varying reports as to the process.

    Am I right in saying when paying deposit on signing contracts, you pay 5% and the other 5% is claimed by the vendor from Revenue via your solicitor? Or is it that you pay the 10% and claim back 5% from Revenue?

    Many thanks

    Apologies, should specify - I was referring to a new build as part of a new development.


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    #2540
    Doff
    Registered Users Posts: 736 ✭✭✭Doff


    Htbhelp wrote: »
    Quick question - have heard varying reports as to the process.

    Am I right in saying when paying deposit on signing contracts, you pay 5% and the other 5% is claimed by the vendor from Revenue via your solicitor? Or is it that you pay the 10% and claim back 5% from Revenue?

    Many thanks

    Apologies, should specify - I was referring to a new build as part of a new development.


    You only need 5% and to have paid sufficient tax in the last 4 years to equal the remaining 5%. You get a code from revenue that you provide to the builders when signing so they can claim it.


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    #2541
    Daniogroove
    Registered Users Posts: 255 ✭✭Daniogroove


    Htbhelp wrote: »
    Quick question - have heard varying reports as to the process.

    Am I right in saying when paying deposit on signing contracts, you pay 5% and the other 5% is claimed by the vendor from Revenue via your solicitor? Or is it that you pay the 10% and claim back 5% from Revenue?

    Many thanks

    Apologies, should specify - I was referring to a new build as part of a new development.


    The first one is correct as it's to "help you buy", that's the whole idea. Although apparently some developers are trying to make people do the second way which isn't how it's meant to operate as you need to have a full deposit then.


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    #2542
    Htbhelp
    Registered Users Posts: 10 ✭Htbhelp


    Thank you both for the replies. We had understood it as you’ve explained but heard recently that the developer asked another buyer to foot the full 10% and claim the HTB back which as you said defeats the purpose of help to buy. Are they entitled to do this? We are approved for help to buy wouldn’t be in a position to foot the other 5% on top of our savings.


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    #2543
    Daniogroove
    Registered Users Posts: 255 ✭✭Daniogroove


    Htbhelp wrote: »
    Thank you both for the replies. We had understood it as you’ve explained but heard recently that the developer asked another buyer to foot the full 10% and claim the HTB back which as you said defeats the purpose of help to buy. Are they entitled to do this? We are approved for help to buy wouldn’t be in a position to foot the other 5% on top of our savings.

    Technically they can get away with it. My advice would be to not mention it until after you've paid your holding deposit. Say it to the solicitor then and let them handle it. I just had it written into the contract as a stipulation. The developers are in that far then they just leave it and if you have to argue it at that stage you're in a better position then.


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    #2544
    Htbhelp
    Registered Users Posts: 10 ✭Htbhelp


    Daniogroove wrote: »
    Technically they can get away with it. My advice would be to not mention it until after you've paid your holding deposit. Say it to the solicitor then and let them handle it. I just had it written into the contract as a stipulation. The developers are in that far then they just leave it and if you have to argue it at that stage you're in a better position then.

    Great thanks, will check out the contracts and chat with the solicitor about it.


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    #2545
    Daniogroove
    Registered Users Posts: 255 ✭✭Daniogroove


    Htbhelp wrote: »
    Great thanks, will check out the contracts and chat with the solicitor about it.

    Is the developer listed on the approved contractor list? If they are, once your application is approved they can get their money in a few days. Mine was in the process of getting on it so my sale was done and dusted before he got on the list so my solicitor asked me to send it in then and he had his money as few days after accepted it. Sound of him though, most wouldn't do that.


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    #2546
    Htbhelp
    Registered Users Posts: 10 ✭Htbhelp


    Daniogroove wrote: »
    Is the developer listed on the approved contractor list? If they are, once your application is approved they can get their money in a few days. Mine was in the process of getting on it so my sale was done and dusted before he got on the list so my solicitor asked me to send it in then and he had his money as few days after accepted it. Sound of him though, most wouldn't do that.

    They are yeah, have already sent the HTB codes to the solicitor as requested so am hoping this will all be a non-issue. Just started questioning when I’d heard about another buyer in the same development.


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    #2547
    colly10
    Registered Users Posts: 3,002 ✭✭✭colly10


    We recently got our approval on HTB.
    Just wondering if we we’re to put down a deposit in August and the house wasn’t actually completed till February, at what point do they take the grant?

    If you don’t pay till it’s ready I assume we’d loose the grant?


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    #2548
    Phileas Frog
    Closed Accounts Posts: 946 ✭✭✭Phileas Frog


    colly10 wrote: »
    We recently got our approval on HTB.
    Just wondering if we we’re to put down a deposit in August and the house wasn’t actually completed till February, at what point do they take the grant?

    If you don’t pay till it’s ready I assume we’d loose the grant?

    When you sign contracts


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    #2549
    Mushy
    Registered Users Posts: 21,113 ✭✭✭✭Mushy


    Put in our application a while back, all approved and claim code forwarded on to developers solicitor. No claim has been made yet. Does this lie with the solicitor to sort, or is it us? We haven't received contracts back, loan offer letter is signed and returned to bank. Supposed to move in on 28th (Or that week anyway), so don't want this holding it up unnecessarily.

    Edit: all sorted, didn't realise it was our side to upload contracts and mortgage info


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    #2550
    fungie
    Registered Users Posts: 687 ✭✭✭fungie


    Mushy wrote: »
    Put in our application a while back, all approved and claim code forwarded on to developers solicitor. No claim has been made yet. Does this lie with the solicitor to sort, or is it us? We haven't received contracts back, loan offer letter is signed and returned to bank. Supposed to move in on 28th (Or that week anyway), so don't want this holding it up unnecessarily.

    Edit: all sorted, didn't realise it was our side to upload contracts and mortgage info

    We just signed our contracts and gave the HTB details to our solicitor and bank.

    Do we have to do something? Our solicitor said nothing.


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    #2551
    niamhzie
    Registered Users Posts: 106 ✭✭niamhzie


    fungie wrote: »
    We just signed our contracts and gave the HTB details to our solicitor and bank.

    Do we have to do something? Our solicitor said nothing.

    When the builders solicitors countersign the contract you need to upload it and your mortgage agreement to the HTB portal. Our solrs weren't too familiar with the process and I think it set us back a couple of days. Your solrs will receive a copy so follow up with them to get a pdf of it.


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