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

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    #3332
    Creamy Goodness
    Registered Users Posts: 26,558 ✭✭✭✭Creamy Goodness


    dpham178 wrote: »
    Thank you. Have you any idea if it is ok for a couple to do a single application (not a joint one) for HTB while the couple jointly get a bank mortgage?

    They need to match afaik. Otherwise it could be seen to flaunt the rules (I.e. both applicants need to be FTB to avail of the grant).


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    #3333
    Renjit
    Registered Users Posts: 949 ✭✭✭Renjit


    dpham178 wrote: »
    Thank you. Have you any idea if it is ok for a couple to do a single application (not a joint one) for HTB while the couple jointly get a bank mortgage?

    It should be joint application for HTB too in this case (joint mortgage).


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    #3334
    clongain
    Registered Users Posts: 7 ✭clongain


    dpham178 wrote: »
    Same question. Anyone knows if it's possible to include 2020 tax?

    I've been experiencing the 'Something went wrong and we are having trouble processing your request at this time... error message since yesterday. Not sure if it means there is some issue with our joint application or it is just a technical issue with the website...

    My wife was seeing the same thing on Friday evening after we submitted our application. When I logged in I could see the application number. I haven’t checked since Friday. Are you still getting the error?


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    #3335
    Icbaby
    Registered Users Posts: 128 ✭✭Icbaby


    IamMe33 wrote: »
    Currently sizing up to buy a new or used house in Limerick as a FTB.
    Many second-hand properties on Daft are priced in the ballpark of similar new houses on Daft when the HTB is taken into account.
    I've never bought property before so if the a glaringly obvious question only a newbie would ask please bear with me.

    If I pay the 10% deposit of €30k on a €300k house, will the HTB then pay the builder the €30k and the builder then keep my €30k also towards the total cost i.e. the builder now has a 20% deposit effectively?

    If your approved you won’t need to pay your 10% as the HTB scheme will pay that as your deposit so you can use the 10% you have for other areas like furnishings etc. If you wish to pay I’m sure it won’t be a problem and would bring your mortgage down for each month.


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    #3336
    dpham178
    Registered Users Posts: 20 ✭dpham178


    clongain wrote: »
    My wife was seeing the same thing on Friday evening after we submitted our application. When I logged in I could see the application number. I haven’t checked since Friday. Are you still getting the error?

    Well I think it was because I chose 1 year only while my husband chose 4 years. I tried again choosing 4 years from 2016-2019 (I only started working full time from mid 2019) and it sort of proceeded I think.


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    #3337
    Troula
    Registered Users Posts: 44 ✭Troula


    We made a group application in HTB scheme with my wife.
    On the acknowledgement page on one account we can see the application number, but on the other it doesn't show it. Is this normal?
    Most importantly from my understanding you get your max relief result available instantly.
    We didn't and instead it says under review.
    It doesn't show anything outstanding, and we have completed all of our tax forms for the past years that we have included in the application.
    Anyone has an idea why that might be?
    Do I need to contact revenue or will it be sorted?
    If someone had something similar, how long more or less did it take to get the application approved?
    Any insights will be highly appreciated.
    Thank you


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    #3338
    ParkyJiSung
    Registered Users Posts: 326 ✭✭ParkyJiSung


    Bank was looking for more info from me before loan offer was issued. They said to go through as if claiming and see if more information available, however when I did it said something about if my application was started pre 23rd July to cancel and re do a new application. this is even though my max relief available at the minute showing on my application is €30k. Has anyone who had an application done before 23rd july, that renewed automatically, went ahead and claimed? Be great to hear what experience ye had.


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    #3339
    B Rabbit
    Registered Users Posts: 227 ✭✭B Rabbit


    Troula wrote: »
    We made a group application in HTB scheme with my wife.
    On the acknowledgement page on one account we can see the application number, but on the other it doesn't show it. Is this normal?
    Most importantly from my understanding you get your max relief result available instantly.
    We didn't and instead it says under review.
    It doesn't show anything outstanding, and we have completed all of our tax forms for the past years that we have included in the application.
    Anyone has an idea why that might be?
    Do I need to contact revenue or will it be sorted?
    If someone had something similar, how long more or less did it take to get the application approved?
    Any insights will be highly appreciated.
    Thank you

    Hi,
    It'll take about 24 hours.


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    #3340
    ParkyJiSung
    Registered Users Posts: 326 ✭✭ParkyJiSung


    ParkyJiSung wrote: »
    Bank was looking for more info from me before loan offer was issued. They said to go through as if claiming and see if more information available, however when I did it said something about if my application was started pre 23rd July to cancel and re do a new application. this is even though my max relief available at the minute showing on my application is €30k. Has anyone who had an application done before 23rd july, that renewed automatically, went ahead and claimed? Be great to hear what experience ye had.

    Revenue Site Says: On the 23/07/2020 the government introduced increased limits to the reliefs which can be claimed from the HTB scheme. In order to avail of these increased limits your relief may need to be re-calculated. If you submitted your HTB application prior to 23/07/2020 but believe you satisfy the requirements for the increased limits, you should cancel this claim, then cancel your application, and then re-apply for the HTB scheme.


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    #3341
    Amouar
    Registered Users Posts: 1,223 ✭✭✭Amouar


    Hi all,

    I can't find the answer anywhere online therefore asking here in case someone knows:

    What's the minimum mortgage duration needed in order to qualify for the HTB scheme? I know that the LTV should be at least 70% and that we must live in the property for at least 5 years , but no information on the mortgage minimum duration or whether it is allowed to pay off a mortgage early or not.

    Thanks


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    #3342
    Creamy Goodness
    Registered Users Posts: 26,558 ✭✭✭✭Creamy Goodness


    Amouar wrote: »
    Hi all,

    I can't find the answer anywhere online therefore asking here in case someone knows:

    What's the minimum mortgage duration needed in order to qualify for the HTB scheme? I know that the LTV should be at least 70% and that we must live in the property for at least 5 years , but no information on the mortgage minimum duration or whether it is allowed to pay off a mortgage early or not.

    Thanks

    It is not specified, minimum 5 years as a primary residence, and minimum 70% LTV is allowed. As long as you're on a mortgage that allows paying off more then you're ok.

    even with the best of savings and luck you'd be doing well to pay off a 70% mortgage unless it's for a very low amount.


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    #3343
    8-10
    Registered Users Posts: 13,329 ✭✭✭✭8-10


    Creamy Goodness wrote: »
    It is not specified, minimum 5 years as a primary residence, and minimum 70% LTV is allowed. As long as you're on a mortgage that allows paying off more then you're ok.

    even with the best of savings and luck you'd be doing well to pay off a 70% mortgage unless it's for a very low amount.

    I the point being made is that if you are a first time buyer and a cash buyer (inheritance or whatever) you would be better off getting a mortgage to avail of the 30k HTB and paying it off in a lump after a few years than paying the lump up front


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    #3344
    Creamy Goodness
    Registered Users Posts: 26,558 ✭✭✭✭Creamy Goodness


    8-10 wrote: »
    I the point being made is that if you are a first time buyer and a cash buyer (inheritance or whatever) you would be better off getting a mortgage to avail of the 30k HTB and paying it off in a lump after a few years than paying the lump up front

    but surely at that point the help to buy isn't for you. yes whilst you can "technically" avail of it, it's this sort of behaviour that just has developers jack the price up whenever there's a change to the rules but in reverse.


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    #3345
    GingerLily
    Registered Users Posts: 4,767 ✭✭✭GingerLily


    8-10 wrote: »
    I the point being made is that if you are a first time buyer and a cash buyer (inheritance or whatever) you would be better off getting a mortgage to avail of the 30k HTB and paying it off in a lump after a few years than paying the lump up front

    It depends what you'd be paying in your interest payments over the 5 years!


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    #3346
    eoghan15
    Registered Users Posts: 7 ✭eoghan15


    Quick question regarding HTB. My partner and I just recently put a booking deposit down on a new build for next year from a developer. Am I right in assuming if I apply for HTB now I won't be able to include 2020's tax year under the 10% next year? (Like there is no way to start the application in 2020 when the 10% back is there but then just update it to include 2020 next year).

    TIA


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    #3347
    Shoden
    Registered Users Posts: 90 ✭✭Shoden


    eoghan15 wrote: »
    Quick question regarding HTB. My partner and I just recently put a booking deposit down on a new build for next year from a developer. Am I right in assuming if I apply for HTB now I won't be able to include 2020's tax year under the 10% next year? (Like there is no way to start the application in 2020 when the 10% back is there but then just update it to include 2020 next year).

    TIA

    Would probably wait until October to see if its extended in the budget.


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    #3348
    Sheeps
    Registered Users Posts: 2,762 ✭✭✭Sheeps


    eoghan15 wrote: »
    Quick question regarding HTB. My partner and I just recently put a booking deposit down on a new build for next year from a developer. Am I right in assuming if I apply for HTB now I won't be able to include 2020's tax year under the 10% next year? (Like there is no way to start the application in 2020 when the 10% back is there but then just update it to include 2020 next year).

    TIA


    You can claim the HTB at the 30k now, and once the contracts are signed you're good.


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    #3349
    eoghan15
    Registered Users Posts: 7 ✭eoghan15


    Shoden wrote: »
    Would probably wait until October to see if its extended in the budget.
    Yeah that is really what I'm hoping for. Fingers crossed now for it
    Sheeps wrote: »
    You can claim the HTB at the 30k now, and once the contracts are signed you're good.
    See I don't have enough tax over the last 4 years to claim much mor ethan the 5% but 2020's year alone will sort most of that and I will definitely have 10% with 2020 added to the mix


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    #3350
    CuriousKarl
    Registered Users Posts: 28 ✭CuriousKarl


    Guys, recently got my "your max relief available": amount of just over €27k, this amount we deducted from our 10% deposit when transferring funds to solicitor account etc.
    However, when logging in today to inform solicitor of final amount it now has both the "your max relief available" and the "application max relief available", which is a slightly higher amount at approx €150 more.

    Do I go off the latter figure? even though we already transferred funds based on the former figure..


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    #3351
    CuriousKarl
    Registered Users Posts: 28 ✭CuriousKarl


    Guys, recently got my "your max relief available": amount of just over €27k, this amount we deducted from our 10% deposit when transferring funds to solicitor account etc.
    However, when logging in today to inform solicitor of final amount it now has both the "your max relief available" and the "application max relief available", which is a slightly higher amount at approx €150 more.

    Do I go off the latter figure? even though we already transferred funds based on the former figure..


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    #3352
    Sheeps
    Registered Users Posts: 2,762 ✭✭✭Sheeps


    CuriousKarl wrote: »
    Guys, recently got my "your max relief available": amount of just over €27k, this amount we deducted from our 10% deposit when transferring funds to solicitor account etc.
    However, when logging in today to inform solicitor of final amount it now has both the "your max relief available" and the "application max relief available", which is a slightly higher amount at approx €150 more.

    Do I go off the latter figure? even though we already transferred funds based on the former figure..

    Contact revenue and see if it's possible. If the funds have been drawn down it might not be possible, but if not then you may be able to reapply, proceed with a new claim and hand over the access keys etc to the builder.


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    #3353
    passremarkable
    Registered Users Posts: 4,509 ✭✭✭passremarkable


    Why does this scheme end? Can I apply in jan of next year


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    #3354
    Sheeps
    Registered Users Posts: 2,762 ✭✭✭Sheeps


    passremarkable wrote: »
    Why does this scheme end? Can I apply in jan of next year

    The help to buy scheme increase is just temporary. Presumably the reason they wanted to keep it temporary is to see if it's possible to accommodate in this years budget given the fact we will be in recession.

    The increase from 20k to 30k is in Fianna Fáil's manifest so it could just be the case that they can now say they've delivered that and then cut it back in the budget this October as a measure to avoid running a deficit.

    Alternatively it could be renewed in this years budget. The only thing that is certain is that it is due to go back to 20k in 1st January 2021 unless something changes.


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    #3355
    GingerLily
    Registered Users Posts: 4,767 ✭✭✭GingerLily


    CuriousKarl wrote: »
    Guys, recently got my "your max relief available": amount of just over €27k, this amount we deducted from our 10% deposit when transferring funds to solicitor account etc.
    However, when logging in today to inform solicitor of final amount it now has both the "your max relief available" and the "application max relief available", which is a slightly higher amount at approx €150 more.

    Do I go off the latter figure? even though we already transferred funds based on the former figure..

    There are two sets of figures, the max relief for each applicant, and the max relief for the application, the first is based off your personal contributions and the max HTB amount, the latter is based off your applications max amount, taking into account the amount available between applicants and the value of the property.

    When you drawdown you will have to decide how much up claim back off each applicant (up to their max amount).


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    #3356
    Conrad83
    Registered Users Posts: 155 ✭✭Conrad83


    Just wondering does anyone know how to know if the builder has claimed the HTB? Do we get notified through revenue when it has been claimed?


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    #3357
    Sheeps
    Registered Users Posts: 2,762 ✭✭✭Sheeps


    Conrad83 wrote: »
    Just wondering does anyone know how to know if the builder has claimed the HTB? Do we get notified through revenue when it has been claimed?

    Not sure actually. The builder of the house I purchased was due to draw down the help to buy portion of the deposit last week and I haven't received any noticed as of yet.


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    #3358
    GingerLily
    Registered Users Posts: 4,767 ✭✭✭GingerLily


    Conrad83 wrote: »
    Just wondering does anyone know how to know if the builder has claimed the HTB? Do we get notified through revenue when it has been claimed?

    We got an email from revenue that there was a change in the application and when we went in I think there was a notification that they requested funds. We drew down HTB at closing though, not for deposit


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    #3359
    awec
    Administrators Posts: 53,438 Admin ✭✭✭✭✭awec


    Conrad83 wrote: »
    Just wondering does anyone know how to know if the builder has claimed the HTB? Do we get notified through revenue when it has been claimed?
    You don't get notified, but your developer's solicitor won't be long telling you if they have problems getting the money. :)


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    #3360
    board silly
    Registered Users Posts: 49 ✭board silly


    hello all.

    we were given land from mother-in-law to build on, we've contracted a builder to do the house.

    I understood that, for HTB, in our case the purchase value is the build cost as per the quote, and so the ratio is loan value/build cost.

    if we were self-building then the purchase value is sell on value as per auctioneer's valuation, and so the ratio is loan value/sell on.

    am I mistaken in any of that?

    thanks.


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    #3361
    fitzparker
    Registered Users Posts: 1,170 ✭✭✭fitzparker


    We bought a new house in 2017, I was never advised on help to buy by estate agent/builder, it was only recently I found out off a few neighbours that they claimed for it and got it.

    Is it too late for me to do so?


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