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

dalex15 · 31-07-2020 8:14am

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.

GingerLily · 31-07-2020 8:43am

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).

dalex15 · 31-07-2020 8:56am

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.

thekingof60 · 31-07-2020 9:12am

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.

Simplyliving04 · 31-07-2020 12:58pm

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

islander35 · 31-07-2020 1:01pm

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.

thekingof60 · 01-08-2020 10:27am

islander35 wrote: »

Have to wait until Revenue updates their system.

Any idea when this is being enacted by the president?

8-10 · 01-08-2020 2:24pm

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

#014917 · 01-08-2020 3:26pm

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

Conrad83 · 01-08-2020 5:34pm

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

Wingman2010 · 02-08-2020 6:35pm

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!

sweet_trip · 02-08-2020 10:05pm

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.

dalex15 · 02-08-2020 10:37pm

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?

Miaconn1234 · 03-08-2020 11:10pm

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.

Conrad83 · 04-08-2020 9:11am

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.

dalex15 · 04-08-2020 9:25am

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

Looks like revenue still not updated.

Conrad83 · 04-08-2020 9:27am

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

#014917 · 04-08-2020 2:36pm

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

sweet_trip · 04-08-2020 3:48pm

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.

newboard · 04-08-2020 5:16pm

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

BaRcOe · 04-08-2020 8:47pm

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.

brisan · 04-08-2020 8:56pm

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

tglynn · 04-08-2020 9:14pm

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.

dalex15 · 04-08-2020 9:57pm

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.

sweet_trip · 04-08-2020 10:02pm

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.

Creamy Goodness · 04-08-2020 10:09pm

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.

sweet_trip · 04-08-2020 10:43pm

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.

8-10 · 04-08-2020 10:59pm

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.

Creamy Goodness · 05-08-2020 4:41am

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.

PTO · 05-08-2020 6:40am

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?

arelyn · 05-08-2020 6:46am

PTO wrote: »

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?

There is a way you can access your P60 for the last four years, you will only be entitled to receive the total amount of income tax you have paid in those period. Except this is above €30000 then you will receive just that

GingerLily · 05-08-2020 7:54am

Creamy Goodness wrote: »

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.

I've not seen such widespread moaning about the HTB since I started looking on these pages in 2017, not sure what's changed to cause that.

GingerLily · 05-08-2020 7:57am

PTO wrote: »

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?

If your claiming of the same years then I don't think there's any point in reapplying. Just make sure if it's a joint application that you are looking at the sum of the both applications to get your max amount.

PTO · 05-08-2020 8:32am

GingerLily wrote: »

If your claiming of the same years then I don't think there's any point in reapplying. Just make sure if it's a joint application that you are looking at the sum of the both applications to get your max amount.

So are you saying we add them together? This comes up to over 30k though?

Rock77 · 05-08-2020 9:55am

PTO wrote: »

So are you saying we add them together? This comes up to over 30k though?

Yes you add them together!

Mine was 11500 ish

My wife’s was 12500 ish

So previously The cap was 20,000 and 5% of the purchase price so 16,500 is what we would get.

Now the cap is 30,000 and 10%

Now we qualify for 24,000.. ish!

Once 10% of the purchase price isn’t over 30k you qualify for 30k

PTO · 05-08-2020 10:05am

Rock77 wrote: »

Yes you add them together!

Mine was 11500 ish

My wife’s was 12500 ish

So previously The cap was 20,000 and 5% of the purchase price so 16,500 is what we would get.

Now the cap is 30,000 and 10%

Now we qualify for 24,000.. ish!

Once 10% of the purchase price isn’t over 30k you qualify for 30k

Thanks for that info. We were wondering why we got two different offers and our mortgage broker was no help at all. It seems so hard to get a clear picture! Thanks

awec · 05-08-2020 10:18am

PTO wrote: »

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?

It depends if the limiting factor was on your taxes, or the purchase price of the property you're buying.

If 19k was combined sum of taxes you've paid, there's no point. If 19k was 5% of the purchase price, then reapply as you could now be eligible for more.

8-10 · 05-08-2020 11:23am

Website still not updated... Applications saying max of 20k

What reason do they have now for not updating this?

Billythekid19 · 05-08-2020 11:25am

8-10 wrote: »

Website still not updated... Applications saying max of 20k

What reason do they have now for not updating this?

A lot of civil servants and revenue employees are off this week. Should be updated in a few weeks

Conrad83 · 05-08-2020 11:39am

8-10 wrote: »

Website still not updated... Applications saying max of 20k

What reason do they have now for not updating this?

Saw on a FTB Facebook group that they have advised today the 'system update' will be carried out over the weekend and website updated by or on Monday. A full week to update the website...

newboard · 05-08-2020 12:13pm

How are you supposed to check your eligibility for the grant? Is there a way to calculate what you can be given? Thanks

thekingof60 · 05-08-2020 12:17pm

Conrad83 wrote: »

Saw on a FTB Facebook group that they have advised today the 'system update' will be carried out over the weekend and website updated by or on Monday. A full week to update the website...

Seems pretty ridiculous for people who are needing this to get contracts signed etc.

dalex15 · 05-08-2020 12:37pm

thekingof60 wrote: »

Seems pretty ridiculous for people who are needing this to get contracts signed etc.

I'm in the same situation. Hopefully developers will understand that.
Not even sure if once revenue updated, and incentive increased, do we have to update this with the bank and wait for a new letter of offer?

I assume if we get a new access and application code, we must update this with the bank?

Miaconn1234 · 05-08-2020 12:38pm

I applied last Friday, and still 'under review' and 'awaiting membership confirmation'..... how long more should it take?

Miaconn1234 · 05-08-2020 12:45pm

I sent application in last Friday. Still 'under review' and 'awaiting membership confirmation'.....how long more should this take?

vinay · 05-08-2020 1:24pm

Call up Revenue on their line, if the application is under review it means there are/is some pending payments to be made. I was under same case and had to pay underpayment for 2018 after which a new application went through immediately.

Miaconn1234 · 05-08-2020 1:38pm

Rang, and they said it was assigned to a case worker yesterday.

ructions · 05-08-2020 3:26pm

Just got this back from revenue.

Dear Sir,

Where applicants have made a Help to Buy application with Revenue but believe they satisfy the requirements of the enhanced Help to Buy relief, when the Revenue system is updated to cater for the new enhanced relief, the applicants may cancel their original Help to Buy application and reapply to avail of the increased relief.

Please be advised that Revenue systems will need a software update in order to effectuate the changes to the scheme.

This update will be in place no earlier than 10th August 2020.

Therefore, customers are advised to wait until after this date before contacting Revenue in order to make a claim for the additional relief.

Revenue will publish updated guidance on www.revenue.ie in relation to these measures as soon as possible following enactment of the Finance Bill.

Kind regards,

L O Donovan
On Behalf of J.Christie
Inspector of Taxes

Miaconn1234 · 05-08-2020 10:22pm

Is this including new first time applications too ya think?

RedXIV · 05-08-2020 10:33pm

Miaconn1234 wrote: »

Is this including new first time applications too ya think?

Can't see them excluding them to be honest

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

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