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

arelyn

PTO wrote: »

Can anyone tell me if its only worth your while cancelling and reapplying for HTB if you were awarded the full amount? Me and the Mrs were awarded just under 19k last time. Would it stay the same if we went again under the updated HTB?

There is a way you can access your P60 for the last four years, you will only be entitled to receive the total amount of income tax you have paid in those period. Except this is above €30000 then you will receive just that

GingerLily

Creamy Goodness wrote: »

What I’m hearing here is it’s of no use to you which is quite different. I’ve been on this thread for the guts of three years, availed of the HTB two years ago on a single income and seen a lot of people avail of the HTB it’s far from useless.

I've not seen such widespread moaning about the HTB since I started looking on these pages in 2017, not sure what's changed to cause that.

GingerLily

PTO wrote: »

Can anyone tell me if its only worth your while cancelling and reapplying for HTB if you were awarded the full amount? Me and the Mrs were awarded just under 19k last time. Would it stay the same if we went again under the updated HTB?

If your claiming of the same years then I don't think there's any point in reapplying. Just make sure if it's a joint application that you are looking at the sum of the both applications to get your max amount.

PTO

GingerLily wrote: »

If your claiming of the same years then I don't think there's any point in reapplying. Just make sure if it's a joint application that you are looking at the sum of the both applications to get your max amount.

So are you saying we add them together? This comes up to over 30k though?

Rock77

PTO wrote: »

So are you saying we add them together? This comes up to over 30k though?

Yes you add them together!

Mine was 11500 ish

My wife’s was 12500 ish

So previously The cap was 20,000 and 5% of the purchase price so 16,500 is what we would get.

Now the cap is 30,000 and 10%

Now we qualify for 24,000.. ish!


Once 10% of the purchase price isn’t over 30k you qualify for 30k

PTO

Rock77 wrote: »

Yes you add them together!

Mine was 11500 ish

My wife’s was 12500 ish

So previously The cap was 20,000 and 5% of the purchase price so 16,500 is what we would get.

Now the cap is 30,000 and 10%

Now we qualify for 24,000.. ish!


Once 10% of the purchase price isn’t over 30k you qualify for 30k

Thanks for that info. We were wondering why we got two different offers and our mortgage broker was no help at all. It seems so hard to get a clear picture! Thanks

awec

PTO wrote: »

Can anyone tell me if its only worth your while cancelling and reapplying for HTB if you were awarded the full amount? Me and the Mrs were awarded just under 19k last time. Would it stay the same if we went again under the updated HTB?

It depends if the limiting factor was on your taxes, or the purchase price of the property you're buying.

If 19k was combined sum of taxes you've paid, there's no point. If 19k was 5% of the purchase price, then reapply as you could now be eligible for more.

8-10

Website still not updated... Applications saying max of 20k

What reason do they have now for not updating this?

Billythekid19

8-10 wrote: »

Website still not updated... Applications saying max of 20k

What reason do they have now for not updating this?

A lot of civil servants and revenue employees are off this week. Should be updated in a few weeks

Conrad83

8-10 wrote: »

Website still not updated... Applications saying max of 20k

What reason do they have now for not updating this?

Saw on a FTB Facebook group that they have advised today the 'system update' will be carried out over the weekend and website updated by or on Monday. A full week to update the website...

newboard

How are you supposed to check your eligibility for the grant? Is there a way to calculate what you can be given? Thanks

thekingof60

Conrad83 wrote: »

Saw on a FTB Facebook group that they have advised today the 'system update' will be carried out over the weekend and website updated by or on Monday. A full week to update the website...

Seems pretty ridiculous for people who are needing this to get contracts signed etc.

dalex15

thekingof60 wrote: »

Seems pretty ridiculous for people who are needing this to get contracts signed etc.

I'm in the same situation. Hopefully developers will understand that.
Not even sure if once revenue updated, and incentive increased, do we have to update this with the bank and wait for a new letter of offer?

I assume if we get a new access and application code, we must update this with the bank?

Miaconn1234

I applied last Friday, and still 'under review' and 'awaiting membership confirmation'..... how long more should it take?

Miaconn1234

I sent application in last Friday. Still 'under review' and 'awaiting membership confirmation'.....how long more should this take?

vinay

Call up Revenue on their line, if the application is under review it means there are/is some pending payments to be made. I was under same case and had to pay underpayment for 2018 after which a new application went through immediately.

Miaconn1234

Rang, and they said it was assigned to a case worker yesterday.

ructions

Just got this back from revenue.

Dear Sir,


Where applicants have made a Help to Buy application with Revenue but believe they satisfy the requirements of the enhanced Help to Buy relief, when the Revenue system is updated to cater for the new enhanced relief, the applicants may cancel their original Help to Buy application and reapply to avail of the increased relief.

Please be advised that Revenue systems will need a software update in order to effectuate the changes to the scheme.

This update will be in place no earlier than 10th August 2020.

Therefore, customers are advised to wait until after this date before contacting Revenue in order to make a claim for the additional relief.

Revenue will publish updated guidance on www.revenue.ie in relation to these measures as soon as possible following enactment of the Finance Bill.

Kind regards,

L O Donovan
On Behalf of J.Christie
Inspector of Taxes

Miaconn1234

Is this including new first time applications too ya think?

RedXIV

Miaconn1234 wrote: »

Is this including new first time applications too ya think?

Can't see them excluding them to be honest

Miaconn1234

Even new applications since HTB scheme was raised to 30k will have to wait until 10th or later

received this response :
Dear Madam,

In reply to your query, I wish to confirm that your application has been received, is under review and will be processed in due course.

However, Revenue systems have yet to be updated to reflect the recent changes to the HTB scheme; these updates will not be in place until August 10th at the earliest.

Please advise if you wish your application to be processed before the updates


Kind regards
M. O'Hanlon
Help To Buy Team

NaasOz

I rang Revenue on 05/08 to inquire about the increase in the HTB being applied as we have an application approved but have not signed our contract as yet.

Like everyone else we were advised that the increase will not be reflected on Revenue until the 10/08 at the earliest.

I asked if we needed to reapply to get the increase or if it would be automatically applied to our application. I was told that we did not need to reapply and that the increase would automatically be applied once the system was updated. The only issue would be if you had signed a contract prior to the 24/07. In this case the increase would not be applied.

dalex15

NaasOz wrote: »

I rang Revenue on 05/08 to inquire about the increase in the HTB being applied as we have an application approved but have not signed our contract as yet.

Like everyone else we were advised that the increase will not be reflected on Revenue until the 10/08 at the earliest.

I asked if we needed to reapply to get the increase or if it would be automatically applied to our application. I was told that we did not need to reapply and that the increase would automatically be applied once the system was updated. The only issue would be if you had signed a contract prior to the 24/07. In this case the increase would not be applied.

This would be the best solution and probably the easiest one for all of us who are ready to sign contracts.
Unfortunately, too different responses from Revenue, so will have to wait and see how they are going to handle this.

chiloutus

Miaconn1234 wrote: »

I sent application in last Friday. Still 'under review' and 'awaiting membership confirmation'.....how long more should this take?

I think this means the person you're sharing the HTB scheme with has to go on to their revenue account to confirm they are ok with joining the HTB scheme with you

thekingof60

Anyone been able to reapply successfully yet?

NaasOz

dalex15 wrote: »

This would be the best solution and probably the easiest one for all of us who are ready to sign contracts.
Unfortunately, too different responses from Revenue, so will have to wait and see how they are going to handle this.

I agree about Revenue. Called them this morning as the HTB claim value has not changed and they advised they are still testing the changes and it should be updated by COB today. I then asked about whether or not the existing applications would be automatically get updated and was advised that I would need to cancel and then reapply. This is a different story than last week of course.

build19

NaasOz wrote: »

I agree about Revenue. Called them this morning as the HTB claim value has not changed and they advised they are still testing the changes and it should be updated by COB today. I then asked about whether or not the existing applications would be automatically get updated and was advised that I would need to cancel and then reapply. This is a different story than last week of course.

I wonder how we'll be able to tell whether their system has been updated, if they're not automatically updating existing applications. Presumably, by looking at their "How much can you claim" page, for updated figures?

Gone Drinking

I applied again today and got approval for only 20k. So no update yet that I can see.

Miaconn1234

chiloutus wrote: »

I think this means the person you're sharing the HTB scheme with has to go on to their revenue account to confirm they are ok with joining the HTB scheme with you

where is this section to confirm?

ParkyJiSung

Theye themselves covered as it said no earlier than monday the 10th. Reckon could be end of week before its updated