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

fungie · 30-08-2019 5:42pm

awec wrote: »

fungie wrote: »

We haven't uploaded anything to revenue. Our solicitor hasn't mentioned anything about doing it. They just asked for the codes.

Your developer can't claim the grant until you upload signed contracts to revenue.

You'd think this is something the solicitor would mention.

Mitch Connor · 30-08-2019 6:31pm

fungie wrote: »

You'd think this is something the solicitor would mention.

Yup. I'm surprised your solicitor seems unaware of this.

It was one of the first things my solicitor said to us.

markyspark · 31-08-2019 10:14pm

Hi
The HTB scheme ends 31st December
We are approved for HTB but are only in the process of buying a site with planning
Can we use the HTB against the purchase of the site or is it primarily for 'building'
Conscious that we won't have a builder in place prior to the cut off date
Thanks

Motivator · 06-09-2019 5:10pm

I know this question has probably been asked 1 million times already but there are too many pages to trawl through to get the answer I’m looking for.

I’ve submitted an application that just included my tax certs, I presume it’s a provisional application for the Help To Buy. We’ve paid a booking deposit on the house and halve started the process of meeting with a solicitor to discuss things. Due to gambling activity on my account we’re going to push out the mortgage application until the new year to make sure everything is ok on my statements. The house won’t be ready until August 2020 so we’ve plenty of time to get things in order but I’m worried about the HTB scheme. The cut off date is looming and we won’t have mortgage approval until the new year, will we miss out on the HTB scheme if the mortgage isn’t approved by December 31st? We’ll have contracts signed on the basis of mortgage approved in principal.

fifth · 06-09-2019 5:12pm

Motivator wrote: »

I know this question has probably been asked 1 million times already but there are too many pages to trawl through to get the answer I’m looking for.

I’ve submitted an application that just included my tax certs, I presume it’s a provisional application for the Help To Buy. We’ve paid a booking deposit on the house and halve started the process of meeting with a solicitor to discuss things. Due to gambling activity on my account we’re going to push out the mortgage application until the new year to make sure everything is ok on my statements. The house won’t be ready until August 2020 so we’ve plenty of time to get things in order but I’m worried about the HTB scheme. The cut off date is looming and we won’t have mortgage approval until the new year, will we miss out on the HTB scheme if the mortgage isn’t approved? We’ll have contracts signed on the basis of mortgage approved in principal.

I am actually in a similar boat. I have approval from revenue for the HTB up to 20k. However I haven't finished saving up my portion of the deposit yet and won't have it until around March 2020.

I read here on this article:

Revenue has confirmed that if a first-time buyer submits an application by the end of this year, but doesn’t actually go ahead and purchase their property until 2020, then they will still be eligible for the rebate provided that they make their claim by March 31st, 2020.

Not sure if this is actually correct as my mortgage broker said I'd be better to confirm with revenue directly. It does seem like it would be unlikely for the govt not to extend the scheme, but you never know.

MrsHegsy · 10-09-2019 12:03pm

fifth wrote: »

I am actually in a similar boat. I have approval from revenue for the HTB up to 20k. However I haven't finished saving up my portion of the deposit yet and won't have it until around March 2020.

I read here on this article:

Not sure if this is actually correct as my mortgage broker said I'd be better to confirm with revenue directly. It does seem like it would be unlikely for the govt not to extend the scheme, but you never know.

You can "Sale Agree" on your new house, and process your help to buy as long as you have signed contracts and proof of mortgage approval. Talk to your builder and ask if they would be happy to receive your help to buy immediately and the remainder of your deposit in March 2020. The main thing would be signing your contracts and getting your mortgage approval I believe.

Inoyton · 14-09-2019 5:16pm

Hey lads,

I couldn't really find an answer, so decided to post it here. If I buy something with HTB (let's say apartment) and then in few years we have another kid - would I be able to switch to bigger place or I have to stick to this particular one for 5 years.

GingerLily · 14-09-2019 5:27pm

Inoyton wrote: »

Hey lads,

I couldn't really find an answer, so decided to post it here. If I buy something with HTB (let's say apartment) and then in few years we have another kid - would I be able to switch to bigger place or I have to stick to this particular one for 5 years.

https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-15/15-01-46.pdf

This has the information you need, in the clawback section, it's essentially 20% per year of the 5 years!

Inoyton · 14-09-2019 5:31pm

GingerLily wrote: »

https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-15/15-01-46.pdf

This has the information you need, in the clawback section, it's essentially 20% per year of the 5 years!

You are savior. Thank you very much.

raf25 · 15-09-2019 5:23pm

Hi all, I tried searching through the thread to find an answer and online with no help. Hopefully someone will have an answer.

Me and my partner, applied as a group for this scheme however, in the application itself, it shows on my account that she needs to confirm membership and, on her account, it shows that I do. The application itself shows that it's under review but it's been like this for a week. I'm unsure on how long this can take and the 'My enquiries' portal can take 25 working days for a response. Thanks in advance!

lpool2k05 · 15-09-2019 10:08pm

It may say 25 days but they usually reply within 2-3 days so send them a message..It may push the process as well!

stuey89 · 20-09-2019 9:20am

Hi all, me and my partner are approved for help to buy since last April and is due to expire on December 31st. What I want to know is would I be able to cancel it and reapply in October as I see if you apply for it in October it will keep until March 2020. We want to hold off in buying until the budget and brexit for obvious reasons. Many thanks.

Conor_DNG · 22-09-2019 9:27pm

Hi, I bought a house, first time buyer, in October. 2017. The house was built in 2010/2011 but unfinished at the time but the developer completed the house for the sale. I am the first owner of the house. The developer is approved under HTB and residents of newly built houses in the estate availed of this scheme. Would qualify as the house is not technically new? TIA

sarah88 · 26-09-2019 4:22pm

Hi all,

Would really appreciate if someone could offer advise on the following-If you are building a house- who does the HTB get paid to? Revenue sayes:

"If you self-build the property after 1 January 2017, the refund will be paid to a bank account you hold with your loan provider."

My mortgage broker was unsure but believed that the HTB is paid directly off the mortgage (i'm really hoping this is not true). I'm getting mixed information online.

If anyone could clarify, i would be really grateful

Many Thanks, Sarah

Tipsy McSwagger · 30-09-2019 2:28pm

Got my loan pack today from the bank. Do I just need to upload the letter of approval along with signed contracts?

stoves1 · 01-10-2019 10:10pm

My partner and i are putting a deposit on a new build house, we were abroad for a few years and are working and paying tax since jan 2019 total paid to now by both circa 9000eu, i cannot register for the HTB as it requires the previous years taxes paid, Is there any advice on how we can claim the HTB. if not any other advice as to our options please

GingerLily · 01-10-2019 10:37pm

stoves1 wrote: »

My partner and i are putting a deposit on a new build house, we were abroad for a few years and are working and paying tax since jan 2019 total paid to now by both circa 9000eu, i cannot register for the HTB as it requires the previous years taxes paid, Is there any advice on how we can claim the HTB. if not any other advice as to our options please

Unless the HTB is extended and I'll purchase next year, probably not a lot iou can do unfortunately.

Billythekid19 · 02-10-2019 2:31pm

Have successfully applied for HTB and given an access code , how do I find out how much exactly revenue will be giving me?

Blowfish · 02-10-2019 3:20pm

Billythekid19 wrote: »

Have successfully applied for HTB and given an access code , how do I find out how much exactly revenue will be giving me?

If you log into the application on revenue.ie, you can view the application details and it'll tell you the max amount.

murfilein · 02-10-2019 3:22pm

we recently bought a house - on the contract i saw the name of the developer, and the company does not appear on the HTB list of developers. does that disqualify me from the scheme?

Creamy Goodness · 02-10-2019 5:06pm

murfilein wrote: »

we recently bought a house - on the contract i saw the name of the developer, and the company does not appear on the HTB list of developers. does that disqualify me from the scheme?

They need to be registered, they could be under another name. ask them they'll know

Billythekid19 · 03-10-2019 8:29am

So on Revenue they tell me I qualify for 5% to the max amount of 20k. So will I get 5% of the value of the house or 5% of the value of the mortgage?

Brian201888 · 03-10-2019 8:32am

5% of the house

Tipsy McSwagger · 03-10-2019 8:38pm

Ok so I have uploaded the documents and got a claim code. Sent the code to the developer but they said they also need a password. I have not received any password just the claim code.

Edit- pretty sure it’s the access code

A Neurotic · 07-10-2019 6:57am

As we're just beginning the process of mortgage application, this was an unwelcome headline this morning: Government to consider lowering HTB scheme cap.

https://www.irishtimes.com/news/politics/government-to-consider-lowering-help-to-buy-scheme-cap-1.4042052?mode=amp

The Government’s help-to-buy scheme will be modified so that “couples who can already well afford to buy” will not be unfairly subsidised, Taoiseach Leo Varadkar has said.

It is expected that an altered version of the incentive will form part of Tuesday’s budget following talks between Fine Gael, Fianna Fáil and the Independent Alliance.

All parties have agreed that the scheme, which offers tax rebates of up to €20,000 to first-time buyers purchasing a new build worth up to €500,000, should continue. It had been due to end in December.

The Government has been examining lowering the cap from €500,000 to somewhere between €250,000 to €300,000. A senior source said there are still “mixed views” on the proposals but it is hoped that lowering the cap will incentivise developers to build more affordable homes in this price range.

tomister · 07-10-2019 10:30am

A Neurotic wrote: »

As we're just beginning the process of mortgage application, this was an unwelcome headline this morning: Government to consider lowering HTB scheme cap.

https://www.irishtimes.com/news/politics/government-to-consider-lowering-help-to-buy-scheme-cap-1.4042052?mode=amp

Should only take effect in Jan - so if you can get the approval done now

SelfBuild2019 · 07-10-2019 11:19am

What is the trigger for HTB approval? I have been approved on the initial application through ROS, but given the news that the terms are likely to change from 2020 on, I'm just wondering at what stage someone would have to be at to avail of the 2019 conditions. Hoping for planning approval in the next couple of weeks, and have already done a consultation with a mortgage broker. The broker ran our figures through the various institutions, so we will likely be ready to go to mortgage approval stage once the planning hopefully gets over the line.

charlietheminxx · 07-10-2019 11:26am

SelfBuild2019 wrote: »

What is the trigger for HTB approval? I have been approved on the initial application through ROS, but given the news that the terms are likely to change from 2020 on, I'm just wondering at what stage someone would have to be at to avail of the 2019 conditions. Hoping for planning approval in the next couple of weeks, and have already done a consultation with a mortgage broker. The broker ran our figures through the various institutions, so we will likely be ready to go to mortgage approval stage once the planning hopefully gets over the line.

You would have to draw down the first tranche of the mortgage before 31 December 2019 to be eligible for the current terms I think. More info here:

https://www.revenue.ie/en/property/documents/htb-summary-applicants.pdf

A Neurotic · 07-10-2019 11:32am

tomister wrote: »

Should only take effect in Jan - so if you can get the approval done now

Would love to know if this is true. Is it not possible they could announce immediate changes to the scheme this week?

Creamy Goodness · 07-10-2019 11:47am

A Neurotic wrote: »

Would love to know if this is true. Is it not possible they could announce immediate changes to the scheme this week?

Whilst I wouldn't put it past our Government, the majority of people who have HTB status now are seeing the cut off date of 31/12/2019 in revenue.ie. there'd be a whole lot of royally pissed off people if they announce something at the budget that takes immediate effect.

scabo33 · 07-10-2019 12:51pm

scabo33 wrote: »

Hi everyone, I run my p21s every year and they usually balance out. For this scheme it asked me to submit form 12 and for 2015 it now says I owe 1600 euro and this will be taken out of my tax credits over the next two years. How did this happen? My p21 at the time was fine. My employer I presume is responsible for making sure I pay tax and I’ve never earned more than 30k!

Finally sorted this. It was an error on my employers side. Still stuck on review and called them they told me to wait a few days. Its all luck with who you get on the phone at revenue. I had 2 amazing people but most of them will just fob you off.

tomister · 07-10-2019 1:11pm

Creamy Goodness wrote: »

Whilst I wouldn't put it past our Government, the majority of people who have HTB status now are seeing the cut off date of 31/12/2019 in revenue.ie. there'd be a whole lot of royally pissed off people if they announce something at the budget that takes immediate effect.

Exactly this. As I've approval until the 31/12/2019 I would imagine it should not come into affect until we are past this date.
I'm due to sign the contracts this week and submit the claim on Friday. If this was to be an instant change I would be short my deposit

Billythekid19 · 07-10-2019 3:11pm

Im buying a new build from a developer and the house is expected to be built in one year. The bank informed me I need to make mortgage payments as soon as the mortgage is drawn down. When typicially does a mortgage be drawn in this scenario?

Creamy Goodness · 07-10-2019 3:28pm

Billythekid19 wrote: »

Im buying a new build from a developer and the house is expected to be built in one year. The bank informed me I need to make mortgage payments as soon as the mortgage is drawn down. When typicially does a mortgage be drawn in this scenario?

The dwelling needs to be completed by the builder and snagging complete, the bank has to have a valuation done, you have to have a loan offer from same bank and usually a SEPA direct debit mandate (you request your bank to take the mortgage amount from your designated bank account on this date) Your solicitor will request the funds from the bank (drawdown). The first mortgage payment generally falls on the next calendar month, i.e. drawndown date the 12th Feb, the first payment is due 12th March.

Check out AIB's mortgage app, you don't need to go with them but they have a good checklist of everything you'll need.

wirelessdude01 · 07-10-2019 5:39pm

Where exactly does it give you the specific amount you are eligible for? I have an application and an access number.

tomister · 07-10-2019 6:27pm

wirelessdude01 wrote: »

Where exactly does it give you the specific amount you are eligible for? I have an application and an access number.

There's 2 ways to get this information:
1. Go into the Help To Buy section in your MyAccount. You'll see it will state that you have an active application and you can click there to access it. It'll bring up how much you're eligible for.

2. Open My Enquiries and you will have two mails from Revenue. The mail titled "Approved Help To Buy Application" will outline how much you are approved for

Creamy Goodness · 08-10-2019 2:00pm

Current scheme as it works now extended for two years according to new budget.

tomister · 08-10-2019 4:25pm

Creamy Goodness wrote: »

Current scheme as it works now extended for two years according to new budget.

Phew!! Can get everything signed off this week without worrying of changes

wolfyboy555 · 08-10-2019 5:13pm

How does the HTB scheme work of you were out of the country for a year? I spent time abroad 2018/19 and will have been back working for 7/8 months by the time I would like to apply for the HTB. Before I left I was in full time work for 6 years.

Billythekid19 · 08-10-2019 9:54pm

wolfyboy555 wrote: »

How does the HTB scheme work of you were out of the country for a year? I spent time abroad 2018/19 and will have been back working for 7/8 months by the time I would like to apply for the HTB. Before I left I was in full time work for 6 years.

It's based on the last 4 paye years. So if you were in full employment for 3 of the last 4 years its likely you'll be entitled to 75 per cent of the amount

myshirt · 08-10-2019 9:59pm

Billythekid19 wrote: »

It's based on the last 4 paye years. So if you were in full employment for 3 of the last 4 years its likely you'll be entitled to 75 per cent of the amount

Are you sure they are not barred?

tomister · 08-10-2019 10:18pm

wolfyboy555 wrote: »

How does the HTB scheme work of you were out of the country for a year? I spent time abroad 2018/19 and will have been back working for 7/8 months by the time I would like to apply for the HTB. Before I left I was in full time work for 6 years.

Billythekid19 wrote: »

It's based on the last 4 paye years. So if you were in full employment for 3 of the last 4 years its likely you'll be entitled to 75 per cent of the amount

While its based on tax paid over the last 4 years, you choose which tax years the rebate is to be based on.
If you are a high income earner and pay in excess of €20k in tax a year you could, in theory, only select that tax year and still be eligible for the max rebate.
However if you are a low income earner you can use 4 tax years to try reach the max rebate.

OP you could use 2015 - 2017 tax years in full and partially use the 2018 tax year for your calculation.

stoves1 · 09-10-2019 9:11am

My son and partner have put a deposit on a new house, 300k , both paying paye tax since january 2019 this year, were in australia for previous 5 years, they have paid circa 7k already in paye this year, cannot register for previous years as not in ireland so didnt pay tax, am i right if they can delay the purchase (contract) untill jan 2020, they could ge this €7 k plus ie tax paid this year towards the house purchase as part of the help to buy, or is this amount divided by 4 as past 4 years qualify, thank yo for answers

GingerLily · 09-10-2019 9:26am

stoves1 wrote: »

My son and partner have put a deposit on a new house, 300k , both paying paye tax since january 2019 this year, were in australia for previous 5 years, they have paid circa 7k already in paye this year, cannot register for previous years as not in ireland so didnt pay tax, am i right if they can delay the purchase (contract) untill jan 2020, they could ge this €7 k plus ie tax paid this year towards the house purchase as part of the help to buy, or is this amount divided by 4 as past 4 years qualify, thank yo for answers

They can't sign contracts until the new year to claim HTB, and I don't think the developers will wait 3 months for them to sign contracts, you would have to ask the developers.
For our new build, we had 21 days to sign contracts if we wanted to get our white goods for the kitchen, and 56 days to sign otherwise.
Theyll qualify for a full rebate of all the income tax (so excluding USC and PRSI) from 2019 in 2020.

stoves1 · 09-10-2019 9:37am

many thanks for reply, i notice your last line" Theyll qualify for a full rebate of all the income tax (so excluding USC and PRSI) from 2019 in 2020", does that mean they can retrospectively claim it back in 2020 ie 2019 income tax if they were to continue ie sign contracts before dec 2019, many thanks

Creamy Goodness · 09-10-2019 10:23am

no. you don't claim it, the developer does. anything but a clean claim for a developer is not going to fly and I wouldn't even waste their time getting them to entertain anything but a clean claim.

GingerLily · 09-10-2019 10:30am

stoves1 wrote: »

many thanks for reply, i notice your last line" Theyll qualify for a full rebate of all the income tax (so excluding USC and PRSI) from 2019 in 2020", does that mean they can retrospectively claim it back in 2020 ie 2019 income tax if they were to continue ie sign contracts before dec 2019, many thanks

No, I had already said they can't sign their contracts until 2020, and I should have a said after their HTB claim is approved.

I don't think they'll be able to claim HTB off any house they've already put a booking deposit on, although you'd have to talk to the developer, but I can't see them waiting that long.

The next tranche of houses could cost more than the rebate, so it's worth fully thinking through.

rachaelf750 · 09-10-2019 3:12pm

I will be purchasing the dwelling I live in currently (built 2005), I have never owned a house before.

I am hearing conflicting information regarding this scheme, can someone clarify if I can avail of the Help to Buy (HTB) Scheme?

Creamy Goodness · 09-10-2019 3:13pm

rachaelf750 wrote: »

I will be purchasing the dwelling I live in currently (built 2005), I have never owned a house before.

I am hearing conflicting information regarding this scheme, can someone clarify if I can avail of the Help to Buy (HTB) Scheme?

No

It’s help to buy but it’s also an incentive to get developers to build desperately needed housing.

You can avail of the bank offers though we’re you only require 10% loan to value even on second hand homes.

rachaelf750 · 09-10-2019 3:38pm

Creamy Goodness wrote: »

No

It’s help to buy but it’s also an incentive to get developers to build desperately needed housing.

You can avail of the bank offers though we’re you only require 10% loan to value even on second hand homes.

Ok,I have never purchased a property before and the only scheme on offer is not available to me as I am buying an older property, oh the fairness!

My only other choice is to purchase new or build or forgo any assistance.

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

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