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

cronos · 20-01-2017 5:57pm

xmazyx wrote: »

I got a message aswell sent all my paperwork in the 6th and called today! was told I was in the queue!

Suggests it helps to ring so.

Blingy · 20-01-2017 8:39pm

Sorry i am new to all this and trying to get my head around this scheme. We are first time buyers considering putting a deposit down on a new build next week. Is there a way to find out how much we would be eligible for before we sign contracts? Presumably you would need to know how much you could get before you sign contracts and pay final deposit.
Any help appreciated. Thanks.

PedroDublin · 20-01-2017 8:50pm

I just created one with the requirements they have on the website, copy/pasting the list and adding the information for each of the bulletpoints

PedroDublin · 20-01-2017 8:51pm

davidsr20 wrote: »

Great. Where do I find the word document

I just created one with the requirements they have on the website, copy/pasting the list and adding the information for each of the bulletpoints

68 lost souls · 20-01-2017 9:01pm

Blingy wrote: »

Sorry i am new to all this and trying to get my head around this scheme. We are first time buyers considering putting a deposit down on a new build next week. Is there a way to find out how much we would be eligible for before we sign contracts? Presumably you would need to know how much you could get before you sign contracts and pay final deposit.
Any help appreciated. Thanks.

House Value X 5% up to up to €20,000 max is the most you will get then check your PAYE tax for the last 4 years. if you've paid 20,000 and 5% is 20,000 thats how much you get. If you paid 18,000 but 5% is 20,000 you get 18,000 and vica versa if you've paid €50,000 PAYE you can still only get €20,000

Blingy · 20-01-2017 9:16pm

68 lost souls wrote: »

House Value X 5% up to up to €20,000 max is the most you will get then check your PAYE tax for the last 4 years. if you've paid 20,000 and 5% is 20,000 thats how much you get. If you paid 18,000 but 5% is 20,000 you get 18,000 and vica versa if you've paid €50,000 PAYE you can still only get €20,000

Thank you for making sense of it all. It looks like we would be eligible for the full 20k

68 lost souls · 20-01-2017 9:36pm

Blingy wrote: »

Thank you for making sense of it all. It looks like we would be eligible for the full 20k

So to be sure for you, the house is valued at 400,000 or more and you have paid more than 20,000 in PAYE tax in the past 4 years then you are correct

Blingy · 20-01-2017 9:57pm

68 lost souls wrote: »

So to be sure for you, the house is valued at 400,000 or more and you have paid more than 20,000 in PAYE tax in the past 4 years then you are correct

Well i should get the max 5% based on the asking price. Won't be 20k as it's priced slightly lower than 400k. Thank you.

davidsr20 · 20-01-2017 10:44pm

Guys where do I find the loan to value ratio paperwork or is this the valuation u get done? Also when sending in the letter of offer and signed contracts did u send all pages from each.

Our house won't be ready for 4 weeks so still have not got valuation done yet. We signed contracts a few weeks back.

Thanks
David.

CramCycle · 20-01-2017 10:59pm

cronos wrote: »

Did you ring them recently?

This morning

Blingy wrote: »

Sorry i am new to all this and trying to get my head around this scheme. We are first time buyers considering putting a deposit down on a new build next week. Is there a way to find out how much we would be eligible for before we sign contracts? Presumably you would need to know how much you could get before you sign contracts and pay final deposit.
Any help appreciated. Thanks.

Apply via my account and they will tell you how much you are clear for and give you all the details you need for the bank and builders.

PedroDublin wrote: »

I just created one with the requirements they have on the website, copy/pasting the list and adding the information for each of the bulletpoints

Exactly what I done, then attached any important docs that verified the claims.

davidsr20 wrote: »

Guys where do I find the loan to value ratio paperwork or is this the valuation u get done? Also when sending in the letter of offer and signed contracts did u send all pages from each.

Our house won't be ready for 4 weeks so still have not got valuation done yet. We signed contracts a few weeks back.

Thanks
David.

I asked the bank for a letter stating LTV (they gave one with a bandwidth).

davidsr20 · 20-01-2017 11:05pm

CramCycle wrote: »

This morning

Apply via my account and they will tell you how much you are clear for and give you all the details you need for the bank and builders.

Exactly what I done, then attached any important docs that verified the claims.

I asked the bank for a letter stating LTV (they gave one with a bandwidth).

I take it tho this can't be got until house valuation is done?

fret_wimp2 · 21-01-2017 6:27pm

is there a point where its worth paying more deposit, meaning that you cant avail of the scheme?

e.g. house value 400k
80% LTV would be loan of 320k and allow for full 20k rebate based on the scheme.
means a deposit of 80k.

But if buyer had a deposit of 100k, is it worth paying a bigger deposit and forefitting this scheme?

Im just trying to see if it could be a case of paying less of a deposit to get the 20k, but end up paying 30k extra interest in the long run.

CramCycle · 21-01-2017 6:46pm

Or just use that cash to pay it off earlier. Throw the 20k you get and the 20k you didn't use straight in and save even more. Get the LTV reviewed as soon as possible to get a lower interest rate.

Take your LTV from 80% below your potential 75% down straight to 70%

fret_wimp2 · 21-01-2017 7:05pm

CramCycle wrote: »

Get the LTV reviewed as soon as possible to get a lower interest rate.

We are just approved in principal at the mo, and paid our initial deposit but haven't signed anything yet, or got final approval from the bank.

can i still log into "MyAccount" on revenue and kick off proceedings there, or should i wait until things are a little more solid?

CramCycle · 21-01-2017 10:38pm

fret_wimp2 wrote: »

We are just approved in principal at the mo, and paid our initial deposit but haven't signed anything yet, or got final approval from the bank.

can i still log into "MyAccount" on revenue and kick off proceedings there, or should i wait until things are a little more solid?

F9re away, at this point all they will tell you is how much you can get back and it's far handier to have it ready to go if you find the right place.

Essien · 22-01-2017 3:51pm

Is the tax calculated on 4 years from when you apply or 4 previous full years?

I ask because we only returned to Ireland a couple of months into 2013 so were not working for that full year.

Edit: Found it, it's the 4 previous full years.

morrga · 22-01-2017 8:44pm

Essien wrote: »

Is the tax calculated on 4 years from when you apply or 4 previous full years?

I ask because we only returned to Ireland a couple of months into 2013 so were not working for that full year.

Edit: Found it, it's the 4 previous full years.

You can pick 1, 2, 3 or 4 tax years. We only selected 2014 and 2015. Once your PAYE tax is above your grant you should be ok.

Blingy · 22-01-2017 8:50pm

I have a Med 1 to do for 2015 does anyone know should I do this before filling out the Form 12 for that year? Or does it make a difference. Thanks

CramCycle · 23-01-2017 10:08am

Blingy wrote: »

I have a Med 1 to do for 2015 does anyone know should I do this before filling out the Form 12 for that year? Or does it make a difference. Thanks

If your a PAYE employee, request a P21 online and claim the total from your med1 form under Health expenses. You do not need to submit it, just make sure you have it if asked for it. Once you get your P21 you can go into the form12 section in myaccount and all the numbers will be filled in and you just roll through them and double check. It appears to be alot easier that way. You may be able to give the med1 numbers onto the form 12 anyway, so maybe I am just adding on an unnecessary step.

GDK_11 · 23-01-2017 12:34pm

Apologies in advance if this has been covered,

If we say a property cost's 313k (15650 = 5%)
If the couple have paid over that amount in that period they will get the full 5%? As in there is no tax on the rebate?

Secondly the very first question on the application,
Did you buy a home or draw down the 1st tranche of a qualifying loan between 19th July and 31st December 2016?

We signed the contracts and paid the full deposits before christmas but will not move in for another week or two yet, if we put no to this question does that mean we have to go through the developer? Also it says about a completion date on the application list, what are people putting here? Like I said ours should be a couple of weeks but it's not official as of yet.

Apologies if any of that sounds a bit messy, and thanks in advance

CramCycle · 23-01-2017 2:22pm

GDK_11 wrote: »

Apologies if any of that sounds a bit messy, and thanks in advance

So you drew down your mortgage before the 31st of December? or not? your post was not clear to me. If you drew down the mortgage before the 31st then it goes to you. I presume since you have only paid 5% deposit though, you haven't, in which case it goes straight to the developer.

GDK_11 · 23-01-2017 2:35pm

CramCycle wrote: »

So you drew down your mortgage before the 31st of December? or not? your post was not clear to me. If you drew down the mortgage before the 31st then it goes to you. I presume since you have only paid 5% deposit though, you haven't, in which case it goes straight to the developer.

Apologies, a bit confusing I know.

Ok we have paid the full 10% of the deposit and signed a week or so before christmas. We have the full mortgage approval but have not drawn down as we won't be completing the purchase for a couple of weeks.

CramCycle · 23-01-2017 2:38pm

GDK_11 wrote: »

Apologies, a bit confusing I know.

Ok we have paid the full 10% of the deposit and signed a week or so before christmas. We have the full mortgage approval but have not drawn down as we won't be completing the purchase for a couple of weeks.

I think it will have to go to the developer as you have not drawn down the mortgage. Maybe ring up Revenue but my understanding is that you are not technically a retrospective buyer as you have not drawn down the mortgage yet. Good news is that either you will get 5% back from the developer straight away or even better IMO, your LTV will drop by 5% instantly.

OfflerCrocGod · 23-01-2017 2:41pm

It's from when you signed the contract.

Monfreid · 23-01-2017 5:11pm

It seems that this scheme does not really target self build as most of the self builders will have an LTV < 70% ...
The scheme takes the valuation of the finished house and not the cost of building it ... unreal ... because of this, I do not qualify for this scheme ... :(:angry:

Monfreid · 23-01-2017 5:12pm

It seems that this scheme does not really target self build as most of the self builders will have an LTV < 70% ...
The scheme takes the valuation of the finished house and not the cost of building it ... unreal ... because of this, I do not qualify for this scheme ... :(:angry:

TheUnderfaker · 23-01-2017 5:22pm

I'm waiting on my p60 so I can complete the form 12, but does anybody know will the details on my final payslip of 2016 suffice? I won't get the p60 until mid-february and I'm anxious to get the application in!

Eireann81 · 23-01-2017 5:28pm

Monfreid wrote: »

The scheme takes the valuation of the finished house and not the cost of building it ... unreal ... because of this, I do not qualify for this scheme ... :(:angry:

Did you confirm this with revenue? I couldn't get a straight answer from revenue as to whether they use the 'cost to build' or the 'estimated completed valuation' as the basis for the rebate.

youcancallmeal · 23-01-2017 6:16pm

TheUnderfaker wrote: »

I'm waiting on my p60 so I can complete the form 12, but does anybody know will the details on my final payslip of 2016 suffice? I won't get the p60 until mid-february and I'm anxious to get the application in!

My wife and I filled in the details ourselves from our last payslips from Dec 12. It should be fine as long as you're not miles off. When your P60 does finally issue revenue will get a P35 which is basically the same as P60 but for their records. They'll then do a P21 and if you made any mistakes it all be balanced out.

TheUnderfaker · 23-01-2017 6:54pm

youcancallmeal wrote: »

My wife and I filled in the details ourselves from our last payslips from Dec 12. It should be fine as long as you're not miles off. When your P60 does finally issue revenue will get a P35 which is basically the same as P60 but for their records. They'll then do a P21 and if you made any mistakes it all be balanced out.

I think I'll go ahead and do that. Dying to get this done! Thanks for the info

slayerking · 23-01-2017 8:21pm

TheUnderfaker wrote: »

I think I'll go ahead and do that. Dying to get this done! Thanks for the info

We were in the same boat waiting on last years p60. FYI, you can submit *up to* 4 years, and for us it turns out 3 years of tax was more than enough to take us over the max. So we ended up cancelling and just re-submitting 2013, 2014 and 2015 and got the confirmation form straight away then. If you look at your form12s you can clearly see your total tax so just add it all up to see how many years you need.

TheUnderfaker · 23-01-2017 8:30pm

slayerking wrote: »

We were in the same boat waiting on last years p60. FYI, you can submit *up to* 4 years, and for us it turns out 3 years of tax was more than enough to take us over the max. So we ended up cancelling and just re-submitting 2013, 2014 and 2015 and got the confirmation form straight away then. If you look at your form12s you can clearly see your total tax so just add it all up to see how many years you need.

Unfortunately I only returned from abroad in mid 2015, so the 2016 tax year is all I have to claim back on. My partner can claim for 2015 and 2016 so combined we are entitled to roughly 10k back on this. It doesn't hit the full 5%, but it's a nice little bonus all the same!

speranza2 · 24-01-2017 10:38am

Money just dropped into account today!:) Thank god that process is over. All in all it was straightforward enough and, it may improve for people further down the line in terms of the process as a whole and, a good explanation of how it works. Anyway happy days! What's seldom is wonderful.:D:D Good luck to everybody else dealing with Revenue and in your new homes.

ShogunWarrior · 24-01-2017 11:06am

Just checked our bank account after seeing speranza2's post and we got paid the refund too! I imagine they'll get the whole process down to 7-10 days from application to payment, since it really was pretty smooth considering.

CramCycle · 24-01-2017 11:14am

Same here

louise1985 · 24-01-2017 11:21am

ShogunWarrior wrote: »

Just checked our bank account after seeing speranza2's post and we got paid the refund too! I imagine they'll get the whole process down to 7-10 days from application to payment, since it really was pretty smooth considering.

Do you mind me ask the people who got the refunds was it self build or a new buy??
Bank don't seem to know what to do with regard self build paperwork as they said they haven't seen a lot

louise1985 · 24-01-2017 11:28am

Eireann81 wrote: »

Did you confirm this with revenue? I couldn't get a straight answer from revenue as to whether they use the 'cost to build' or the 'estimated completed valuation' as the basis for the rebate.

Does either of you know how the bank work out the completion cost? We threw out a figure in one of the mortgage meetings but surely they would want a valuation from a professional??

CramCycle · 24-01-2017 11:33am

louise1985 wrote: »

Does either of you know how the bank work out the completion cost? We threw out a figure in one of the mortgage meetings but surely they would want a valuation from a professional??

The bank will have a list of people who do the valuations and give them a letter stating that. You have to use their one for at least some banks.

CramCycle · 24-01-2017 11:40am

Monfreid wrote: »

It seems that this scheme does not really target self build as most of the self builders will have an LTV < 70% ...
The scheme takes the valuation of the finished house and not the cost of building it ... unreal ... because of this, I do not qualify for this scheme ... :(:angry:

Your LTV will be alot lower though, meaning you will pay alot less interest to the bank over the time of the mortgage. You could try and get them to give you a LTV that is higher but then you would pay a far higher interest rate and then have to get them to revalue this later.

Might be worth popping into your bank and seeing will they do this but then is it worth it if they are going to charge you far higher interest which may negate the HTB payment over the lifetime of the mortgage.

You could also just simply borrow alot more from the bank to get to the 80%, then pay a huge chunk of it back in as soon as revenue pay up, (presuming your bank allow you too without penalty). Then ask for a reassessment of the LTV ratio. I suppose the scheme though really is not designed to target those people whose build price is that way though, as the presumption is that is your LTV is that low, then it far easier to afford (although not always true).

lunamia · 24-01-2017 1:51pm

speranza2 wrote: »

Money just dropped into account today!:) Thank god that process is over. All in all it was straightforward enough and, it may improve for people further down the line in terms of the process as a whole and, a good explanation of how it works. Anyway happy days! What's seldom is wonderful.:D:D Good luck to everybody else dealing with Revenue and in your new homes.

La speranza e' l'ultima a morire

congrats!
I had to cancel the application and re-do it from scratch because I didn't include my wife in the process, applying as a single and not as a group.

I did it last week and the number of application was like 14,000ish...
I think they will process my application next year :mad:

tbayers · 24-01-2017 2:04pm

lunamia wrote: »

speranza2 wrote: »

Money just dropped into account today!:) Thank god that process is over. All in all it was straightforward enough and, it may improve for people further down the line in terms of the process as a whole and, a good explanation of how it works. Anyway happy days! What's seldom is wonderful.:D:D Good luck to everybody else dealing with Revenue and in your new homes.

La speranza e' l'ultima a morire

congrats!
I had to cancel the application and re-do it from scratch because I didn't include my wife in the process, applying as a single and not as a group.

I did it last week and the number of application was like 14,000ish...
I think they will process my application next year :mad:

You sure? I have it in writing that I dont need to go and cancel to add my partner. I could be slightly different scenario though as I will be claiming the 100% tax rebate. Both our names are on the contract and mortgage. Also made a balls in selecting tax years and didn't select enough. So hoping they can add an extra year in without cancelling. Surely it can't be that hard rather than starting again?

OfflerCrocGod · 24-01-2017 2:31pm

I was told if you are buying as a group you must apply as a group. They put me on hold to check that out. Makes sense, they need to make sure you are all first time buyers.

bittihuduga · 24-01-2017 2:59pm

if you have paid the deposit in Dec 2016 and signed the contract, are you retrospective buyer?
confused which option to choose

morrga · 24-01-2017 3:12pm

bittihuduga wrote: »

if you have paid the deposit in Dec 2016 and signed the contract, are you retrospective buyer?
confused which option to choose

Retrospective.

lunamia · 24-01-2017 3:12pm

tbayers wrote: »

You sure? I have it in writing that I dont need to go and cancel to add my partner. I could be slightly different scenario though as I will be claiming the 100% tax rebate. Both our names are on the contract and mortgage. Also made a balls in selecting tax years and didn't select enough. So hoping they can add an extra year in without cancelling. Surely it can't be that hard rather than starting again?

they need to make sure you are all first time buyers.

already happened to someone here, that the Revenue refused the application and he had to do from scratch, that's why I did it before they would have told me.

I'm in the same situation, I rebate the 100% of taxes only on myself.

bittihuduga · 24-01-2017 3:54pm

myself/wife submitted the application now for retrospective buyer.
in the my enquiries section, i can see this message - We confirm that your tax affairs are in order and your application for the group with the below members was successful.

i also see access code and application code.
i have not uploaded form 11 or any other house documents yet.

what would be the next step?
uploading copy of contract?

morrga · 24-01-2017 7:04pm

speranza2 wrote: »

lunamia wrote: »

La speranza e' l'ultima a morire

congrats!
I had to cancel the application and re-do it from scratch because I didn't include my wife in the process, applying as a single and not as a group.

I did it last week and the number of application was like 14,000ish...
I think they will process my application next year :mad:

Finché c'è vita...c'è speranza

Are you sure the first application was 000000001?

davidsr20 · 24-01-2017 8:18pm

GDK_11 wrote: »

Apologies, a bit confusing I know.

Ok we have paid the full 10% of the deposit and signed a week or so before christmas. We have the full mortgage approval but have not drawn down as we won't be completing the purchase for a couple of weeks.

Weee in the same situation. Iv all the paperwork sent in. We signed and paid full deposite in November but not drawing down till the next 3 weeks. Does the money still go direct to me?

ShogunWarrior · 24-01-2017 8:51pm

You'll get the money directly if either:

You're buying from a developer and you signed contracts before end of Dec 31st
You're self-building and you drew down the first tranche of the mortgage before end of Dec 31st

Collyb101 · 24-01-2017 9:35pm

I have a question, help if you can please?:
Q: When adding your tax (for your refund) from the P21 forms, which section/totals do you add? I know this should be simple but the more I look at them the more complicated they are getting.

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

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