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

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    #2912
    SelfBuild2019
    Registered Users Posts: 35 ✭SelfBuild2019


    Hi all,

    Quick query re HTB. We have applied for mortgage approval for €360k, but it's unlikely we'll draw down that much. How does the HTB work in this instance? Do i get €18k even though i may only draw down €340k for example?


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    #2913
    GingerLily
    Registered Users Posts: 4,767 ✭✭✭GingerLily


    SelfBuild2019 wrote: »
    Hi all,

    Quick query re HTB. We have applied for mortgage approval for €360k, but it's unlikely we'll draw down that much. How does the HTB work in this instance? Do i get €18k even though i may only draw down €340k for example?

    The minimum of 5%value of the house or the tax rebate available.
    17k is the maximum you can get for a house costing 340k

    Its based on the house price not the mortgage.


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    #2914
    SelfBuild2019
    Registered Users Posts: 35 ✭SelfBuild2019


    Apologies I forgot to mention that it's a self build, so I take it that it will be based on the banks valuation? I realise that with the 90% LTV rules, i need a €400k valuation, which I don't think will be an issue. So in that instance would i get the 18k or the 20k?


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    #2915
    colly10
    Registered Users Posts: 3,002 ✭✭✭colly10


    SelfBuild2019 wrote: »
    Apologies I forgot to mention that it's a self build, so I take it that it will be based on the banks valuation? I realise that with the 90% LTV rules, i need a €400k valuation, which I don't think will be an issue. So in that instance would i get the 18k or the 20k?

    You will get up to 5% of the purchase price up to a max of 20K. The size of the mortgage is irrelevant as long as you’re borrowing at least 70% of the price.
    The total of what’s paid including the deposit and mortgage is what matters.
    The valuation doesn’t matter


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    #2916
    Negative_G
    Registered Users Posts: 1,338 ✭✭✭Negative_G


    I need to get a tax clearance certificate to submit my application.

    What is the correct selection for applying through my ROS as there is no mention of the HTB scheme. Does it fall under "grant" and "other" and input HTB?


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    #2917
    A Neurotic
    Registered Users Posts: 3,779 ✭✭✭A Neurotic


    Negative_G wrote: »
    I need to get a tax clearance certificate to submit my application.

    What is the correct selection for applying through my ROS as there is no mention of the HTB scheme. Does it fall under "grant" and "other" and input HTB?

    In MyAccount, go to the bottom section 'manage my record' and click on Tax Clearance there. In my case it was a case of clicking that link and I had immediate clearance, hopefully it's as straightforward for you!


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    #2918
    Feder
    Registered Users Posts: 6 ✭Feder


    Hi all,
    I am buying a property and will avail of the HTB scheme. I have the Loan Offer from the Bank and I signed the contract and paid the deposit. I still don't have an exact completion date. If I am not wrong, the HTB funds will be deducted from the final balance when the property is ready, but when should I proceed to claim the funds?
    Also they ask to upload the house contract and mortgage contract, is this last one referred to the Loan offer? how long does it take to builders to get the funds after the claim stage?
    Thank you


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    #2919
    coff66
    Registered Users Posts: 163 ✭✭coff66


    Feder wrote: »
    Hi all,
    I am buying a property and will avail of the HTB scheme. I have the Loan Offer from the Bank and I signed the contract and paid the deposit. I still don't have an exact completion date. If I am not wrong, the HTB funds will be deducted from the final balance when the property is ready, but when should I proceed to claim the funds?
    Also they ask to upload the house contract and mortgage contract, is this last one referred to the Loan offer? how long does it take to builders to get the funds after the claim stage?
    Thank you

    In relation to this also, how does it work if the HTB comes off the final balance? Does that mean the amount you draw down is less than you applied for? We are in a similar situation but would want to use the HTB as part of our deposit so that we have cash available upon completion to furnish the house.


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    #2920
    tolow
    Registered Users Posts: 183 ✭✭tolow


    Finally got my application approved this morning after a delay with my statement of liability from 2019 since January.

    Silly question, it has two fields on the notification I received from revenue

    Maximum relief available to you: €20,000
    Maximum relief available to group: €20,000

    I'm guessing we are eligible for the maximum relief of €20,000?


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    #2921
    Creamy Goodness
    Registered Users Posts: 26,556 ✭✭✭✭Creamy Goodness


    coff66 wrote: »
    In relation to this also, how does it work if the HTB comes off the final balance? Does that mean the amount you draw down is less than you applied for? We are in a similar situation but would want to use the HTB as part of our deposit so that we have cash available upon completion to furnish the house.

    you pay your half of the deposit, and the builder claims the other 5%. You don't have to confirm the amount the you get from the bank until further in the process.
    tolow wrote: »
    Finally got my application approved this morning after a delay with my statement of liability from 2019 since January.

    Silly question, it has two fields on the notification I received from revenue

    Maximum relief available to you: €20,000
    Maximum relief available to group: €20,000

    I'm guessing we are eligible for the maximum relief of €20,000?

    It's just stating you as a single applicant can claim 20k, as you've paid that much tax over 4 years to get this relief. The group refers to you being a group application, think what these two fields would look like if you only had 10k available to you and your spouse had 5k.


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    #2922
    Mitch Connor
    Registered Users Posts: 45,019 ✭✭✭✭Mitch Connor


    I've seen cases where the 5% HTB has been refunded to the purchaser at a later date - that they had to pay the 10% deposit themselves and then the 5% was given back by the builder.

    Initially that is how our house purchase was going to be done, but our solicitor got the developer to use the 5% as part of the deposit starting off. Which was a relief.

    A friend of mine had to go the other route and pay the 10% deposit and get the 5% back after.


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    #2923
    Creamy Goodness
    Registered Users Posts: 26,556 ✭✭✭✭Creamy Goodness


    Mitch Connor wrote: »
    I've seen cases where the 5% HTB has been refunded to the purchaser at a later date - that they had to pay the 10% deposit themselves and then the 5% was given back by the builder.

    Initially that is how our house purchase was going to be done, but our solicitor got the developer to use the 5% as part of the deposit starting off. Which was a relief.

    A friend of mine had to go the other route and pay the 10% deposit and get the 5% back after.

    Same difference, you just won't have access to the funds until the HTB is refunded to you, and I wouldn't draw down until that was completed.


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    #2924
    Mitch Connor
    Registered Users Posts: 45,019 ✭✭✭✭Mitch Connor


    Creamy Goodness wrote: »
    Same difference, you just won't have access to the funds until the HTB is refunded to you, and I wouldn't draw down until that was completed.

    Its the same at the end, but in my cases it was the difference between having 19k in my bank account after signing the contract and paying remaining deposit and 0 in my bank account, having to wait some unknown period of time for that money to be returned.

    Draw down came way after that point. It was months and months. Think it was October when I paid the deposit and March when I drew down.


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    #2925
    NeitherJohn
    Registered Users Posts: 623 ✭✭✭NeitherJohn


    Can anyone shed light for me on the "apportion the tax relief" bit of the HTB scheme?

    I'm close to getting contracts for a new build and just wanted to know what it means in terms of the claim process.

    Is it as simple as dividing the total relief for the application by two and putting that figure in for each of the applicants?

    Why would it matter if the apportion was say 70:30 instead of 50:50?


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    #2926
    The Sniggles
    Registered Users Posts: 4 ✭The Sniggles


    Does anyone know if there is a minimum rebate?
    Example, applicant has paid 5k over 3 years out of college.
    Can they claim that 5 k as a rebate? It's likely 2% of the mortgage.

    Thank you!


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    #2927
    Feder
    Registered Users Posts: 6 ✭Feder


    Hi All,
    would anyone be able to help? In the HTB scheme claim stage in the field "deposit payable", do they mean the initial deposit (usually 10\20% of purchase price) or the all balance that needs to be paid to the seller after we drawdawn the mortgage?
    Thank you


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    #2928
    Creamy Goodness
    Registered Users Posts: 26,556 ✭✭✭✭Creamy Goodness


    Feder wrote: »
    Hi All,
    would anyone be able to help? In the HTB scheme claim stage in the field "deposit payable", do they mean the initial deposit (usually 10\20% of purchase price) or the all balance that needs to be paid to the seller after we drawdawn the mortgage?
    Thank you
    it's the usual deposit 10-20%, don't include the balance of what you'll be paying if paying more out of your pocket to fulfil the LTV to 100%


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    #2929
    colly10
    Registered Users Posts: 3,002 ✭✭✭colly10


    Hi, I put in a claim for HTB in December last year. The house still isn't completed and i'm getting an extension of the offer from the bank at the moment.
    When that's available, do I need to cancel my claim and do it again so the offer letter uploaded to the claim is the current one?


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    #2930
    fifth
    Registered Users Posts: 3,135 ✭✭✭fifth


    colly10 wrote: »
    Hi, I put in a claim for HTB in December last year. The house still isn't completed and i'm getting an extension of the offer from the bank at the moment.
    When that's available, do I need to cancel my claim and do it again so the offer letter uploaded to the claim is the current one?

    Is your HTB still approval still valid? I remember having to get approval again in January this year. Not 100% sure but you might want to check that and reapply ASAP if your approval has expired.


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    #2931
    colly10
    Registered Users Posts: 3,002 ✭✭✭colly10


    fifth wrote: »
    Is your HTB still approval still valid? I remember having to get approval again in January this year. Not 100% sure but you might want to check that and reapply ASAP if your approval has expired.

    When I go in and view it, it all shows up as it did previously. No sign of it expiring. Thought it only expired if ye didn’t have it fully completed and contracts etc uploaded by year end


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    #2932
    eoghan15
    Registered Users Posts: 7 ✭eoghan15


    Hey there,

    Apologies if this has been asked already but there are so many posts to go through.

    So my partner and I will be going for our first home soon. We have a particular house in mind (new build from a developer). We were hoping to use the HTB to supplement our deposit with the bank. I'm just wondering how does this work. Do I submit AIP to Revenue or do the bank issue Approval with terms that HTB must be drawn to gather the deposit? Also how is the HTB then paid? Will it go to the bank or to my solicitor?

    Thanks for any help you can give.


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    #2933
    cython
    Registered Users Posts: 4,757 ✭✭✭cython


    eoghan15 wrote: »
    Hey there,

    Apologies if this has been asked already but there are so many posts to go through.

    So my partner and I will be going for our first home soon. We have a particular house in mind (new build from a developer). We were hoping to use the HTB to supplement our deposit with the bank. I'm just wondering how does this work. Do I submit AIP to Revenue or do the bank issue Approval with terms that HTB must be drawn to gather the deposit? Also how is the HTB then paid? Will it go to the bank or to my solicitor?

    Thanks for any help you can give.

    Not being smart, but this is all documented here and on nearby pages on the same site, so there's no point in copy/pasting essentially that verbiage here. If you haven't read that, then I'd suggest that as your starting point.

    If you have read it and are still unclear, then you might get better answers by asking more specific questions, as this goes through application and where the money goes/how it is paid.


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    #2934
    Rock77
    Closed Accounts Posts: 1,123 ✭✭✭Rock77


    Hi all,

    So problem with the bank re help to buy if anyone can put me straight it would be much appreciated.

    On my help to buy application (it’s a group application, me and my wife) it says the following


    Your max relief available 11,240
    Application max relief available 20,000

    On my wife’s account it says...


    Your max relief available 12,500
    Application max relief available 20,000

    The problem is we want to claim 5% of the purchase price which is 16,500. The lady at the bank thinks we can only claim 12,500.

    I thought my wife could claim 12,500 on her own and I could claim 11,240 on my own but together we could claim up to 20,000....

    Please tell me the lady in the bank is mistaken?

    Thanks a million


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    #2935
    fguinan
    Registered Users Posts: 250 ✭✭fguinan


    Rock77 wrote: »
    Hi all,

    So problem with the bank re help to buy if anyone can put me straight it would be much appreciated.

    On my help to buy application (it’s a group application, me and my wife) it says the following


    Your max relief available 11,240
    Application max relief available 20,000

    On my wife’s account it says...


    Your max relief available 12,500
    Application max relief available 20,000

    The problem is we want to claim 5% of the purchase price which is 16,500. The lady at the bank thinks we can only claim 12,500.

    I thought my wife could claim 12,500 on her own and I could claim 11,240 on my own but together we could claim up to 20,000....

    Please tell me the lady in the bank is mistaken?

    Thanks a million

    The bank is 100% mistaken.
    I had the same when applying HTB.


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    #2936
    Rock77
    Closed Accounts Posts: 1,123 ✭✭✭Rock77


    fguinan wrote: »
    The bank is 100% mistaken.
    I had the same when applying HTB.

    That is great to hear.. it doesn’t really make sense what she is saying, I would have thought there would be a way for the bank to verify exactly how much we can avail of.

    Thanks a million by the way


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    #2937
    fguinan
    Registered Users Posts: 250 ✭✭fguinan


    Rock77 wrote: »
    That is great to hear.. it doesn’t really make sense what she is saying, I would have thought there would be a way for the bank to verify exactly how much we can avail of.

    Thanks a million by the way

    There is a webpage that banks can enter your application number and access code to verify how much you can claim... but when I used it I had to print a screenshot.

    https://www.ros.ie/help-to-buy-web/queryTool?execution=e1s1


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    #2938
    Rock77
    Closed Accounts Posts: 1,123 ✭✭✭Rock77


    fguinan wrote: »
    There is a webpage that banks can enter your application number and access code to verify how much you can claim... but when I used it I had to print a screenshot.

    https://www.ros.ie/help-to-buy-web/queryTool?execution=e1s1

    Yep that’s perfect, I’ll send the screenshot and the link to the lady in the bank.

    Problem solved thanks to you fguinan!

    Thank you.


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    #2939
    cronos
    Registered Users Posts: 2,717 ✭✭✭cronos


    I'm curious for the 5 year rule to hold the house for, when will be the earliest it's possible for someone to sell assuming they signed a contract on the first day in mid 2016 when this became available. I'm basically wondering what day exactly is used, is it the moving in day, the day all the money was sent? I assume it's the day the contracts were signed as that's the document revenue would have from the application process. So mid 2021?


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    #2940
    eoghan15
    Registered Users Posts: 7 ✭eoghan15


    Hi,

    Just a quick question. My partner and I will be hoping to use HTB but I have enough tax paid on my own to cover the 5%. Does my partner need to apply for HTB or can I just apply for the HTB for myself even though we are applying for the mortgage together?


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    #2941
    awec
    Administrators Posts: 53,365 Admin ✭✭✭✭✭awec


    eoghan15 wrote: »
    Hi,

    Just a quick question. My partner and I will be hoping to use HTB but I have enough tax paid on my own to cover the 5%. Does my partner need to apply for HTB or can I just apply for the HTB for myself even though we are applying for the mortgage together?

    You need to put both names on it as they need to ensure your wife is also a FTB.


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