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

26-08-2020 4:52pm

Apologies if this has been answered already. My partner and I have submitted a joint application. When I log into my account it says "Your max relief available" is €26k and when she logs into her account it says €24k.
The application number is identical and its saying that "application max relief available is €30k"

Am I right in assuming that they combine our totals and cap it at €30k?

dalex15 · 26-08-2020 5:28pm

Deleted User wrote: »

Apologies if this has been answered already. My partner and I have submitted a joint application. When I log into my account it says "Your max relief available" is €26k and when she logs into her account it says €24k.
The application number is identical and its saying that "application max relief available is €30k"

Am I right in assuming that they combine our totals and cap it at €30k?

Your part is 24k and your partner part is 26K

But the joint application is capped at 30k, total max relief.

Rock77 · 26-08-2020 6:30pm

[Deleted User] wrote: »

Apologies if this has been answered already. My partner and I have submitted a joint application. When I log into my account it says "Your max relief available" is €26k and when she logs into her account it says €24k.
The application number is identical and its saying that "application max relief available is €30k"

Am I right in assuming that they combine our totals and cap it at €30k?

Yes you are correct.

26-08-2020 7:32pm

dalex15 wrote: »

Your part is 24k and your partner part is 26K

But the joint application is capped at 30k, total max relief.

Rock77 wrote: »

Yes you are correct.

Thank you both.

pandaa · 26-08-2020 7:53pm

Only moved to Ireland in early part of 2019. Possibly around 10k

What happens to 2020 Tax ? Will that be considered for HTB or have to wait until Dec 20 and filing of return for 2020 in 2021.

GardaTrainee · 27-08-2020 2:30pm

Hi All,

We have been Approved HTB 20k initially back in Feb 2020, since the new HTB rules came in it has auto calculated to €23,750.00

We signed our contracts with the developers on the 8th of July and the new HTB came into effect on 23rd of July. We only got mortgage approved this week. Is there anything we can do to avail of the new HTB amount?

ParkyJiSung · 27-08-2020 2:50pm

GardaTrainee wrote: »

Hi All,

We have been Approved HTB 20k initially back in Feb 2020, since the new HTB rules came in it has auto calculated to €23,750.00

We signed our contracts with the developers on the 8th of July and the new HTB came into effect on 23rd of July. We only got mortgage approved this week. Is there anything we can do to avail of the new HTB amount?

I would think the contract you signed on the 8th was only for a booking deposit or a conteact subject to loan approval. A lot of builders doing these now.
As far as I know, once you are mortgage approved you will be signing a new contract with the developer. You should ask your solicitor to be sure, and try as hard as you can to get a contract dated post 23rd to satisfy the new rules. Its in the developers interest too as theyll be getting access to that too.

dalex15 · 27-08-2020 3:05pm

GardaTrainee wrote: »

Hi All,

We have been Approved HTB 20k initially back in Feb 2020, since the new HTB rules came in it has auto calculated to €23,750.00

We signed our contracts with the developers on the 8th of July and the new HTB came into effect on 23rd of July. We only got mortgage approved this week. Is there anything we can do to avail of the new HTB amount?

Are you sure you signed the building contract before you got mortgage approved?
As far as I know solicitors would not do such thing.

Maybe you refer in paying a booking deposit?

GardaTrainee · 27-08-2020 3:40pm

dalex15 wrote: »

Are you sure you signed the building contract before you got mortgage approved?
As far as I know solicitors would not do such thing.

Maybe you refer in paying a booking deposit?

We got AIP at the time, we paid deposit €13,750 for the house and signed a contract issued by the developers not the banks. Loan offer only came in this week from EBS

dalex15 · 27-08-2020 7:14pm

GardaTrainee wrote: »

We got AIP at the time, we paid deposit €13,750 for the house and signed a contract issued by the developers not the banks. Loan offer only came in this week from EBS

I guess your contract was marked with subject to loan clause, I can’t see how a solicitor would let you sign otherwise.

Regarding the HTB question, I don’t think you can avail of the increase as the building contract was signed prior 23 July.

If contract was not uploaded on revenue, it’s worth asking your solicitor if the developer signed the contract on their end. If not there’s a chance they can understand the circumstances.

If I’m wrong, someone please correct me.

Mathieu1985 · 03-09-2020 12:32pm

I got approved in March '20. I wonder if I claim H2B now it will be calculated according to the new rules or I have to reapply from the beginning to get a new approval and then claim according to the new rules? What do you think Guys?

dalex15 · 04-09-2020 9:57am

Mathieu1985 wrote: »

I got approved in March '20. I wonder if I claim H2B now it will be calculated according to the new rules or I have to reapply from the beginning to get a new approval and then claim according to the new rules? What do you think Guys?

If you got approved for HTB in March, but did not claim it, your application should automatically update for the new scheme, of course if you avail of the increase.

My understanding is that, only the date when you signed the contracts will affect you availing of new scheme, therefore if you got approved for HTB in March, but only signing contract in September, you should avail of the new HTB scheme increase.

JohnK · 04-09-2020 1:52pm

I had to cancel mine and reapply but when I reapplied it was approved instantly

Mathieu1985 · 04-09-2020 8:39pm

dalex15 wrote: »

If you got approved for HTB in March, but did not claim it, your application should automatically update for the new scheme, of course if you avail of the increase.

My understanding is that, only the date when you signed the contracts will affect you availing of new scheme, therefore if you got approved for HTB in March, but only signing contract in September, you should avail of the new HTB scheme increase.

"application should automatically update for the new scheme" - someone earlier was suggesting the same. Did you check it by yourself or received such an information from Revenue? This would be much easier since approval time for a new application can be very long and if it's like you said I would just claim straight

Mathieu1985 · 04-09-2020 8:46pm

JohnK wrote: »

I had to cancel mine and reapply but when I reapplied it was approved instantly

I saw in one Irish Times or The Journal article that people approved for H2B before increase should cancel the application and apply again so basically as you did. Did you try, however, to claim and it didn't show the increased value or you were informed by the Revenue that you need to cancel and reapply?

QuiteInterestin · 06-09-2020 12:29pm

Just about to apply for the Help to Buy scheme. Does anyone know if there is a minimum mortgage term when availing of the HTB? I know the mortgage must be 70% of the house value and you must live there for 5 years but is there any rules about how long it takes you to pay off your mortgage? Couldn't see it mentioned anywhere on the Revenue site

Creamy Goodness · 06-09-2020 12:34pm

QuiteInterestin wrote: »

Just about to apply for the Help to Buy scheme. Does anyone know if there is a minimum mortgage term when availing of the HTB? I know the mortgage must be 70% of the house value and you must live there for 5 years but is there any rules about how long it takes you to pay off your mortgage? Couldn't see it mentioned anywhere on the Revenue site

Nope there’s no rules on the term of the mortgage.

Daniogroove · 06-09-2020 12:45pm

QuiteInterestin wrote: »

Just about to apply for the Help to Buy scheme. Does anyone know if there is a minimum mortgage term when availing of the HTB? I know the mortgage must be 70% of the house value and you must live there for 5 years but is there any rules about how long it takes you to pay off your mortgage? Couldn't see it mentioned anywhere on the Revenue site

If you pay it off or sell it within 5 years (rings a bell) they can claw the money back.

IamMe33 · 06-09-2020 1:11pm

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?

WhatsUp2014 · 06-09-2020 1:47pm

Hello,

I was hoping to get a bit of information if possible.

My partner only began to work in 2018 officially on paper, she's young.... We are looking to apply as a couple now I have the qualifying years built up but would we still qualify with her only having 2 years, or are both parties involved required to have the full 4 years of tax built up.

Also we are renting at the moment a quite large amount for the past 2 years. We do not have a deposit , would the help to buy qualify as the 10% needed to get a mortgage or would you also need a certain % to contribute. Any info would be great.

IamMe33 · 06-09-2020 2:56pm

WhatsUp2014 wrote: »

Hello,

I was hoping to get a bit of information if possible.

My partner only began to work in 2018 officially on paper, she's young.... We are looking to apply as a couple now I have the qualifying years built up but would we still qualify with her only having 2 years, or are both parties involved required to have the full 4 years of tax built up.

Also we are renting at the moment a quite large amount for the past 2 years. We do not have a deposit , would the help to buy qualify as the 10% needed to get a mortgage or would you also need a certain % to contribute. Any info would be great.

From what I have read having paid tax less than the four years doesn't render a claimant ineligible. It will only impact the amount of the HTB entitlement if the total tax paid within the previous four years is less than the 10% for which you could qualify.

Your second question is a variant on mine above, I suppose. From my research it seems you pay the builder a deposit, then the builder can claim the HTB. Whether or not you have to pay the full 10% deposit is my question.

WhatsUp2014 · 06-09-2020 4:33pm

IamMe33 wrote: »

From what I have read having paid tax less than the four years doesn't render a claimant ineligible. It will only impact the amount of the HTB entitlement if the total tax paid within the previous four years is less than the 10% for which you could qualify.

Your second question is a variant on mine above, I suppose. From my research it seems you pay the builder a deposit, then the builder can claim the HTB. Whether or not you have to pay the full 10% deposit is my question.

Yes I'm just wondering can the help to buy contribute as your 10% from what I think it will.

Renjit · 06-09-2020 10:23pm

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?

You should only pay the the percentage remaining after taking the mortgage. Maximum mortgage for FTB (purchase or self-build a new house or apartment) is 90% of the property value. If you get 90% mortgage then you should only pay 10% as deposit to the builder in this case.

uncle-mofo · 06-09-2020 10:42pm

Our house is currently being built and was due to be finished in November/December. With delays in material due to Covid-19, it's a possibility that the house might not be ready before the end of the year.

Do we have any options in terms of cashing in our HTB with the builder before the end of the year with the expanded scheme if the house is not fully finished?

8-10 · 07-09-2020 7:33am

uncle-mofo wrote: »

Our house is currently being built and was due to be finished in November/December. With delays in material due to Covid-19, it's a possibility that the house might not be ready before the end of the year.

Do we have any options in terms of cashing in our HTB with the builder before the end of the year with the expanded scheme if the house is not fully finished?

Yes I'd imagine it's unlikely they're going to wait until after its built to take a deposit if you're already signed!

JohnK · 07-09-2020 12:03pm

Mathieu1985 wrote: »

I saw in one Irish Times or The Journal article that people approved for H2B before increase should cancel the application and apply again so basically as you did. Did you try, however, to claim and it didn't show the increased value or you were informed by the Revenue that you need to cancel and reapply?

I hadn't tried to claim but when I viewed my existing application online it still had the max relief down as 20k so I canceled and reapplied at which point it went up to the 30k.

dpham178 · 12-09-2020 3:07am

pandaa wrote: »

Only moved to Ireland in early part of 2019. Possibly around 10k

What happens to 2020 Tax ? Will that be considered for HTB or have to wait until Dec 20 and filing of return for 2020 in 2021.

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...

Cutielaide · 12-09-2020 3:51am

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...

You can't include the current year.

Renjit · 12-09-2020 1:47pm

dpham178 wrote: »

Same question. Anyone knows if it's possible to include 2020 tax?

It's only applicable until last year end. Current year is not included. For 2020. you have to apply again in 2021 then.

dpham178 · 12-09-2020 3:45pm

Renjit wrote: »

It's only applicable until last year end. Current year is not included. For 2020. you have to apply again in 2021 then.

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?

Creamy Goodness · 12-09-2020 11:13pm

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).

Renjit · 13-09-2020 2:46am

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).

clongain · 13-09-2020 7:33am

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?

Icbaby · 13-09-2020 8:03am

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.

dpham178 · 14-09-2020 1:13pm

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.

Troula · 14-09-2020 4:57pm

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

ParkyJiSung · 14-09-2020 8:57pm

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.

B Rabbit · 14-09-2020 8:58pm

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.

ParkyJiSung · 14-09-2020 9:00pm

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.

Amouar · 18-09-2020 11:21am

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

Creamy Goodness · 18-09-2020 12:51pm

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.

8-10 · 18-09-2020 1:05pm

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

Creamy Goodness · 18-09-2020 1:19pm

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.

GingerLily · 18-09-2020 2:08pm

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!

eoghan15 · 20-09-2020 6:26am

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

Shoden · 20-09-2020 9:06am

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.

Sheeps · 20-09-2020 3:11pm

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.

eoghan15 · 20-09-2020 7:47pm

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

CuriousKarl · 22-09-2020 2:11pm

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..

CuriousKarl · 22-09-2020 2:11pm

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..

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

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