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Help to Buy scheme as part of deposit

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  • 09-06-2019 1:23pm
    #1
    Butterface
    Registered Users Posts: 731 ✭✭✭


    Hello,

    Apologies if this has been covered before but I couldn't find a clear answer.

    My Partner and I are planning to apply for a mortgage with AIB and should be approved for the Help to Buy scheme with Revenue once we apply.

    When we visited with a Mortgage Advisor in branch a few weeks ago, we queried whether the full 10% deposit is still required if we are approved for Help to Buy and are buying a new build.

    She advised that we would still need the full 10% deposit, and even cheekily asked if we could just ask our parents to make up the amount (we have about 7% deposit saved so far for our price range, but this does not include the additional savings required for stamp duty, solicitor, etc.).

    The reason we visited was because there are very few new developments within our price range in our preferred location, but there is phase 2 of one in particular that is coming up soon. If we have to wait to save the full 10% I guess we will miss out on it.

    Any ideas if any of the other banks take into account the HTB scheme as part of the 10% deposit?


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    #2
    Trish56
    Registered Users Posts: 1,256 ✭✭✭Trish56


    Hi, The advisor is completely wrong on this. I am a broker and put my mortgages through the Broker arm of AIB which is Haven Mortgages Ltd and when applying for a 90% mortgage you need to attach the Revenue Approved 5% and your savings should make up the balance of 10%. Lenders also usually require you to have stamp duty and Solicitors fees saved too. I'm presuming that you qualify for a 90% mortgage on Income etc. You need to apply on ROS online to get approved for the help to buy.

    Hope the above helps.
    Butterface wrote: »
    Hello,

    Apologies if this has been covered before but I couldn't find a clear answer.

    My Partner and I are planning to apply for a mortgage with AIB and should be approved for the Help to Buy scheme with Revenue once we apply.

    When we visited with a Mortgage Advisor in branch a few weeks ago, we queried whether the full 10% deposit is still required if we are approved for Help to Buy and are buying a new build.

    She advised that we would still need the full 10% deposit, and even cheekily asked if we could just ask our parents to make up the amount (we have about 7% deposit saved so far for our price range, but this does not include the additional savings required for stamp duty, solicitor, etc.).

    The reason we visited was because there are very few new developments within our price range in our preferred location, but there is phase 2 of one in particular that is coming up soon. If we have to wait to save the full 10% I guess we will miss out on it.

    Any ideas if any of the other banks take into account the HTB scheme as part of the 10% deposit?


  • Options
    #3
    Butterface
    Registered Users Posts: 731 ✭✭✭Butterface


    Hi Trish,

    Thanks, that is helpful! We were confused when we were told that we still needed to save up the remaining 10%. Maybe we took her up wrong, but I will book in with her again to discuss it.


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    #4
    revoke12
    Registered Users Posts: 391 ✭✭revoke12


    Butterface wrote: »
    Hi Trish,

    Thanks, that is helpful! We were confused when we were told that we still needed to save up the remaining 10%. Maybe we took her up wrong, but I will book in with her again to discuss it.

    Hi there just wondering some info on the Help to buy scheme is it for new builds do the revenue give you tax relief is it? Planning on building this year starting anyway and wondering can i apply?


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