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

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Comments

  • #3152
    dalex15
    Registered Users Posts: 23 ✭dalex15


    arelyn wrote: »
    Hello Guys
    What's the story with the Bill?..I recognized that the bill has passed through the Dail and seanad 5stages of debate and it's about to be signed into law by the president but my concern is that the section 8 that borders on the Help to Buy increment was opposed both in the Dail and Seanad.

    Does this mean that section of the bill won't be included in the actual law and the increment from 5% to 10% is a good as dead?

    Anyone with a better understanding of the process should please shed more light on this

    Can't advise of the process but if that's how is going to be, the bill will be pretty much useless to most applicants.
    Most applicants were having trouble to even reach the max 20k in taxes or by being able to buy a 400k property.
    To think that now the only applicants to avail of the maximum of the scheme, would be very high earners and new builds worth 600k. If the bank would give you a 600k mortgage during these times, you must have 170k annual combined salary.

    If you have a 170k annual combined salary, I'm pretty sure if you really want to buy your first property you can do so without government help.


  • #3153
    GingerLily
    Registered Users Posts: 4,767 ✭✭✭GingerLily


    dalex15 wrote: »
    Can't advise of the process but if that's how is going to be, the bill will be pretty much useless to most applicants.
    Most applicants were having trouble to even reach the max 20k in taxes or by being able to buy a 400k property.
    To think that now the only applicants to avail of the maximum of the scheme, would be very high earners and new builds worth 600k. If the bank would give you a 600k mortgage during these times, you must have 170k annual combined salary.

    If you have a 170k annual combined salary, I'm pretty sure if you really want to buy your first property you can do so without government help.

    First off - where are you getting 600k? Has the max house price moved from 500k? I can't see that anywhere?

    Secondly, a FTB purchasing a house of 600k needs max a 540k mortgage, so 155k combined salary, and LTI exemptions are very common with salaries in 6 figures (more disposal income).


  • #3154
    dalex15
    Registered Users Posts: 23 ✭dalex15


    GingerLily wrote: »
    First off - where are you getting 600k? Has the max house price moved from 500k? I can't see that anywhere?

    Secondly, a FTB purchasing a house of 600k needs max a 540k mortgage, so 155k combined salary, and LTI exemptions are very common with salaries in 6 figures (more disposal income).

    Yes, you are correct. Never mind me, it's too early in the day :)
    Probably as I'm buying nowhere near the 500k mark, forgot about it.

    They would have to increase the max house price if they want to keep the 5% cap. 500k House with 5% is 25k HTB incentive.


  • #3155
    thekingof60
    Registered Users Posts: 22 ✭thekingof60


    arelyn wrote: »
    Hello Guys
    What's the story with the Bill?..I recognized that the bill has passed through the Dail and seanad 5stages of debate and it's about to be signed into law by the president but my concern is that the section 8 that borders on the Help to Buy increment was opposed both in the Dail and Seanad.

    Does this mean that section of the bill won't be included in the actual law and the increment from 5% to 10% is a good as dead?

    Anyone with a better understanding of the process should please shed more light on this

    I dont think there will be a change from the original bill suggested, there was opposition but I dont think in sufficient numbers. I presume will be signed into law today/Monday - if it had failed/been successfully amended there would be reporting on this and also probably some tweets from SF etc.


  • #3156
    Simplyliving04
    Registered Users Posts: 24 ✭Simplyliving04


    So if you apply now, will you be eligible for the increased amount or will we have to wait until the bill has been signed into law and revenue updates their system. At present, Revenue's application portal still says max of €20k when you enter application details on ROS.ie MyAccount


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  • #3157
    islander35
    Registered Users Posts: 98 ✭✭islander35


    Simplyliving04 wrote: »
    So if you apply now, will you be eligible for the increased amount or will we have to wait until the bill has been signed into law and revenue updates their system. At present, Revenue's application portal still says max of €20k when you enter application details on ROS.ie MyAccount

    Have to wait until Revenue updates their system.


  • #3158
    thekingof60
    Registered Users Posts: 22 ✭thekingof60


    islander35 wrote: »
    Have to wait until Revenue updates their system.

    Any idea when this is being enacted by the president?


  • #3159
    8-10
    Registered Users Posts: 13,291 ✭✭✭✭8-10


    AskPaul was apparently discussing this scheme on 2fm this morning at 10am. Anyone got a link to where you can re-listen?


  • #3160
    #014917
    Registered Users Posts: 34 ✭#014917


    thekingof60 wrote: »
    Any idea when this is being enacted by the president?


    Just signed in the last hour! https://twitter.com/PresidentIRL/status/1289559568574345218


    8-10 wrote: »
    AskPaul was apparently discussing this scheme on 2fm this morning at 10am. Anyone got a link to where you can re-listen?


    On their site: https://www.rte.ie/radio/radioplayer/html5/#/2fm/21812104


  • #3161
    Conrad83
    Registered Users Posts: 155 ✭✭Conrad83


    Wonder how long it will take for Revenue to update their systems!


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  • #3162
    Wingman2010
    Registered Users Posts: 416 ✭✭Wingman2010


    Conrad83 wrote: »
    Wonder how long it will take for Revenue to update their systems!


    The site keeps crashing when I try to reapply. Hopefully we can all reapply soon under the new conditions!


  • #3163
    sweet_trip
    Closed Accounts Posts: 275 ✭✭sweet_trip


    I feel like the people who need the HTB scheme most, are the people who can't afford to buy a new build, or build even with the HTB scheme.

    Makes it kind of useless for a lot of people who aren't earning major money.


  • #3164
    dalex15
    Registered Users Posts: 23 ✭dalex15


    sweet_trip wrote: »
    I feel like the people who need the HTB scheme most, are the people who can't afford to buy a new build, or build even with the HTB scheme.

    Makes it kind of useless for a lot of people who aren't earning major money.

    I don’t earn major money, somehow it helps me buying my first home. What’s your point?


  • #3165
    Miaconn1234
    Registered Users Posts: 16 ✭Miaconn1234


    Hi there
    Can anyone tell me what the wait is from applying for HTB scheme to getting informed as to how much you are allowed to claim? and then verifying a claim.


  • #3166
    Conrad83
    Registered Users Posts: 155 ✭✭Conrad83


    When we applied early this year it took a week. Not sure if it will take a little longer this time with the influx all at once.


  • #3167
    dalex15
    Registered Users Posts: 23 ✭dalex15


    Did anyone manage to reapply? Is the site still crashing for some people?

    Looks like revenue still not updated.


  • #3168
    Conrad83
    Registered Users Posts: 155 ✭✭Conrad83


    I'm waiting to reapply until the website has been updated to reflect the new limits. Afraid to cancel current application just yet!


  • #3169
    #014917
    Registered Users Posts: 34 ✭#014917


    I was able to cancel my application and apply again over the weekend. When I tried to reapply after the initial announcement almost 2 weeks ago, I wasn't able to reapply until I received a message from revenue stating that my application was cancelled.

    Also - if you're waiting for the website to be updated, I'd pay note to the disclaimer on the revenue site: https://www.revenue.ie/en/online-services/support/data-and-security/disclaimer/index.aspx stating
    In the event of any discrepancy between the version of a document obtained from this website and the designated official version, including legislation, the designated official version is the authoritative one.

    It may be worthwhile to keep an eye on this page as well for details as they're announced: https://www.citizensinformation.ie/en/housing/owning_a_home/help_with_buying_a_home/help_to_buy_incentive.html


  • #3170
    sweet_trip
    Closed Accounts Posts: 275 ✭✭sweet_trip


    dalex15 wrote: »
    I don’t earn major money, somehow it helps me buying my first home. What’s your point?


    My point is, that the cost of buying a new build, or building your own are far more extensive than buying second hand property.

    It's a scheme only available to first time buyers.
    A huge portion I'd first time buyers cannot afford the expenses of a new build.

    These very people who need a help to buy scheme cannot make use of the help to buy scheme due to the nature of how it's implemented.


  • #3171
    newboard
    Registered Users Posts: 225 ✭✭newboard


    I was told there's a page on Revenue that you can check to see what you're eligible for with the HTB scheme but can't see it anywhere on the site, any pointers?

    Thanks


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  • #3172
    BaRcOe
    Registered Users Posts: 1,164 ✭✭✭BaRcOe


    We're also holding off on cancelling our current application. We got approved the full 20k pre covid and I'm skeptical of cancelling and being sent to the bottom of the queue because there is a house we have our eye on atm.
    I'm waiting on Revenue to get back to me. I will post any updates here.


  • #3173
    brisan
    Registered Users Posts: 2,242 ✭✭✭brisan


    sweet_trip wrote: »
    My point is, that the cost of buying a new build, or building your own are far more extensive than buying second hand property.

    It's a scheme only available to first time buyers.
    A huge portion I'd first time buyers cannot afford the expenses of a new build.

    These very people who need a help to buy scheme cannot make use of the help to buy scheme due to the nature of how it's implemented.

    The help to buy scheme is designed to help builders who frequented the FF tent at the Galway races ,not first time buyers .even though FG introduced it


  • #3174
    tglynn
    Registered Users Posts: 111 ✭✭tglynn


    There's some absolute ridiculous statements here about the HTB.

    I for one am buying a house and it's a huge help to myself and my fiance, we were over the moon to hear about the increase.


  • #3175
    dalex15
    Registered Users Posts: 23 ✭dalex15


    sweet_trip wrote: »
    My point is, that the cost of buying a new build, or building your own are far more extensive than buying second hand property.

    It's a scheme only available to first time buyers.
    A huge portion I'd first time buyers cannot afford the expenses of a new build.

    These very people who need a help to buy scheme cannot make use of the help to buy scheme due to the nature of how it's implemented.

    The point is it’s an incentive for first time buyers as well as developers.

    What expenses a first time buyer cannot aford buying a new build, but can aford with a second hand one? I’m confused about this one.

    Most second hand houses you have to invest a lot of money to bring them an A BER rating.


  • #3176
    sweet_trip
    Closed Accounts Posts: 275 ✭✭sweet_trip


    dalex15 wrote: »
    The point is it’s an incentive for first time buyers as well as developers.

    What expenses a first time buyer cannot aford buying a new build, but can aford with a second hand one? I’m confused about this one.

    Most second hand houses you have to invest a lot of money to bring them an A BER rating.


    I have a mortgage approval of €130k + a deposit of 40k.

    Total of 170 and maybe i could scrape another 5 or 10 off family if I begged.
    Go find me a new build, or a site and pay builders and architects to draw up a house that cheap.

    A second hand house is more affordable and you could tip away at it for years to bring it up to spec.
    The vast majority of first time buyers cannot afford a new build.


  • #3177
    Creamy Goodness
    Registered Users Posts: 26,556 ✭✭✭✭Creamy Goodness


    tglynn wrote: »
    There's some absolute ridiculous statements here about the HTB.

    I for one am buying a house and it's a huge help to myself and my fiance, we were over the moon to hear about the increase.

    Yup an awful lot of “well it doesn’t help me so therefore it’s pointless”. Ireland desperately needs more housing stock, incentivising people to buy already built dwellings doesn’t help that.


  • #3178
    sweet_trip
    Closed Accounts Posts: 275 ✭✭sweet_trip


    Creamy Goodness wrote: »
    Yup an awful lot of “well it doesn’t help me so therefore it’s pointless”. Ireland desperately needs more housing stock, incentivising people to buy already built dwellings doesn’t help that.


    Still doesn't make it any less valid. Most first time buyers I've spoken to have no use of the HTB scheme. Country Desperately needs more housing stock but HTB scheme isn't encouraging it unless you have a large dual income.

    Good for you if it helps you but it's hardly ridiculous it's of no use to a large portion of people.


  • #3179
    8-10
    Registered Users Posts: 13,291 ✭✭✭✭8-10


    sweet_trip wrote: »
    Country Desperately needs more housing stock

    So you need to ensure developers are incentivised to build.

    This is what the scheme is about, ensuring they get their stock sold in time to move onto the next phase. This extra 10k is to get more people to consider new over second hand and to get them to spend in 2020 and not sit on the fence until next year expecting a crash in prices

    Government are essentially subsidising these houses in the same way they're giving 5k off the price of every electric car. Because they want them sold.


  • #3180
    Creamy Goodness
    Registered Users Posts: 26,556 ✭✭✭✭Creamy Goodness


    sweet_trip wrote: »
    Still doesn't make it any less valid. Most first time buyers I've spoken to have no use of the HTB scheme. Country Desperately needs more housing stock but HTB scheme isn't encouraging it unless you have a large dual income.

    Good for you if it helps you but it's hardly ridiculous it's of no use to a large portion of people.

    What I’m hearing here is it’s of no use to you which is quite different. I’ve been on this thread for the guts of three years, availed of the HTB two years ago on a single income and seen a lot of people avail of the HTB it’s far from useless.


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  • #3181
    PTO
    Registered Users Posts: 183 ✭✭PTO


    Can anyone tell me if its only worth your while cancelling and reapplying for HTB if you were awarded the full amount? Me and the Mrs were awarded just under 19k last time. Would it stay the same if we went again under the updated HTB?


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