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11-10-2016, 20:29   #31
awec
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Absolute bull that it's limited to 80% mortgages. Why should those with higher deposits not be able to benefit.

Wonder are thy actually going to means test it or could you get an 80% variable mortgage, avail of the scheme and then throw a big lump of money in to pay off a chunk of the mortgage.

It should also apply to all houses not just new builds but that's not even worth discussing.
They are hardly going to means test it, the government has no idea what's in your bank account, but if you reduce the amount of your deposit you are willing to spend then you are also probably reducing the amount you can borrow (unless you're getting a very small mortgage).
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11-10-2016, 20:31   #32
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Yeah get in very quick (possible now though?)or hold off 4 years or so, possibly prices will level out, i suspect this is the idea from the government!
Either way, you need the scheme or you've just been short changed. I worked for Central Bank Of Ireland around the time the new rules came into play. That's a load of ****e and so is this. Only good thing about it is that people who have not paid tax are screwed. Should have got out of their beds.
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11-10-2016, 21:24   #33
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Either way, you need the scheme or you've just been short changed. I worked for Central Bank Of Ireland around the time the new rules came into play. That's a load of ****e and so is this. Only good thing about it is that people who have not paid tax are screwed. Should have got out of their beds.
The scheme sounds good, but it's going to have limited application.

If you buy a house for 200k, you'll get a rebate of 10k against your previous four years income tax towards your deposit, which means you'll have to have paid 10k in PAYE to get it.

So for a single person on normal PAYE they would have to be earning a minimum of 37.5k to pay 5 k tax per year to get the 20% but on that salary they won't qualify for the 180k mortgage.

For a couple, they would have to have joint earnings as a married couple of probably close to 90k to have paid that level of tax to take advantage.

The people who will benefit from this the most will be those who are earning quite high salaries

It's going to do nothing for the worker earning the average wage of 36k
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11-10-2016, 21:29   #34
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Sounds fair enough really. They can hardly dish out 20k tax rebates to people who pay hardly any tax.
There's a shed load of taxes on new builds, this gives them the money for the rebate and why it is only on new builds.
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11-10-2016, 21:32   #35
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The scheme sounds good, but it's going to have limited application.

If you buy a house for 200k, you'll get a rebate of 10k against your previous four years income tax towards your deposit, which means you'll have to have paid 10k in PAYE to get it.

So for a single person on normal PAYE they would have to be earning a minimum of 37.5k to pay 5 k tax per year to get the 20% but on that salary they won't qualify for the 180k mortgage.

For a couple, they would have to have joint earnings as a married couple of probably close to 90k to have paid that level of tax to take advantage.

The people who will benefit from this the most will be those who are earning quite high salaries

It's going to do nothing for the worker earning the average wage of 36k
36k*3.5 =126, no one 36k will get a new build. You can't build a house for that
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11-10-2016, 21:34   #36
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36k*3.5 =126, no one 36k will get a new build. You can't build a house for that
Think you misread me, that's what I said probably put it badly
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11-10-2016, 21:37   #37
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I don't think it's designed to make new builds suddenly affordable for single applicants.

It seems to be geared toward helping those who could afford the mortgages but are struggling to get the deposit together due to the current rental prices, to effectively try and unblock the system. As well as the obvious financial benefits for builders to get them to actually build houses.
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11-10-2016, 21:42   #38
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Potentially dumb question: is this limited to one payout per mortgage application?

Can I claim back 20k from my income tax and my missus claim back 20k from hers and put that all together on one application?
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11-10-2016, 21:43   #39
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For self builds, the LTV needs to be 80% and you need to have made 1st drawdown after July 19 to be eligible - i get.
The query I have is, this 80% LTV, is this decided by the mortgage given to you by the Lender originally or by the final drawdown valuation? LTV could be different at end of build.
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11-10-2016, 21:45   #40
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Potentially dumb question: is this limited to one payout per mortgage application?

Can I claim back 20k from my income tax and my missus claim back 20k from hers and put that all together on one application?
As a recipient of the predessor of this (first time buyers grant) it was limited to 3k for each application, so you got just the 3k or in this case 20k rebate split between you
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11-10-2016, 21:49   #41
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As a recipient of the predessor of this (first time buyers grant) it was limited to 3k for each application, so you got just the 3k or in this case 20k rebate split between you
Make sense!
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11-10-2016, 21:50   #42
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Make sense!
Does, it was actually quite fair when I bought with my then OH back in 99 as it was just the one house we were buying.

And in the case of this rebate it makes it more achieveable! Especially if one partner earns more than the other, given how our taxation system is so progressive.
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11-10-2016, 21:55   #43
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For self builds, the LTV needs to be 80% and you need to have made 1st drawdown after July 19 to be eligible - i get.
The query I have is, this 80% LTV, is this decided by the mortgage given to you by the Lender originally or by the final drawdown valuation? LTV could be different at end of build.
Bit of a technical question but does anyone know what they mean by first drawdown after 19 July 2016. Our first drawdown hit the bank on 26th July 2016 however this application was sent to bank from solicitor on 12th July 2016!!
Wondering if I have money to spend or not ðŸ™ðŸ™ðŸ™ðŸ˜႒ðŸ˜႒ðŸ˜႒
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11-10-2016, 21:57   #44
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Bit of a technical question but does anyone know what they mean by first drawdown after 19 July 2016. Our first drawdown hit the bank on 26th July 2016 however this application was sent to bank from solicitor on 12th July 2016!!
Wondering if I have money to spend or not ðŸ™ðŸ™ðŸ™ðŸ˜႒ðŸ˜႒ðŸ˜႒
The Finance Bill next Thursday will clarify it more.
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11-10-2016, 21:58   #45
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For a couple, they would have to have joint earnings as a married couple of probably close to 90k to have paid that level of tax to take advantage.
Is it specified somewhere that you have to be married to be eligible?
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